“In spite of the reduced rates,” Gorham added, significantly.

“But they would have been larger still if the old rates had prevailed,” Litchfield insisted.

“I cannot agree with you,” Gorham said, firmly.  “Your concern had been standing still for six years when we took hold of it—­the business had even gone backward the last year—­yet in two years’ time, under our administration, it shows a gross gain of thirty-three and one-third per cent. and a net gain of twenty-five.  I am enlarging on Mr. Litchfield’s case because, in a measure, it is an answer to you all, and a full justification of the basis upon which I have rested and shall continue to rest the operations of the Companies.  It has been my pride that it was possible to administer the affairs of this corporation in such a way that not only could we boast that during the five years of our business existence we had lived up to the principles on which we originally built, but also that we have proved it a sound financial proposition.  Never before in the history of the world has any body of men associated themselves in business with the avowed purpose of making their organization an advantage to the people, without either failing signally in their undertaking or proving themselves false to their responsibilities.  We have reached a point where failure is impossible; we find ourselves receiving greater returns upon our investment than is yielded by any other organization in existence.  Can it be possible that there is one man among us who wishes to take away from the Companies the unique position which it has now gained?”

It was evident that Litchfield had been appointed the spokesman for the committee, as he immediately assumed the responsibility of replying to Gorham’s remarks.

“May I not ask our president if he does not overestimate the importance of standing up so straight that there is danger of falling over backward?  There is no difference of opinion as to the commercial value of the great asset which he has established for the Companies, in so completely winning the confidence of the people at large as well as those who hold high positions of trust.  We should stultify ourselves were we to take any such stand, for the profits of the Companies are an irrefutable argument.  The question before us, then, is not one of fact, but rather of degree.  Why should we spend these further millions to gain that which we have already secured?  We should still so administer the affairs of the Companies as to hold this great advantage, but I maintain that we should pay no more to hold it than is absolutely necessary.”

Gorham glanced around to see if any one else was disposed to add to what Litchfield had said, but the silence which prevailed indicated more clearly than words that the speaker had expressed the consensus of opinion.