“You objected to the stand I took that the public is morally entitled to an equal division.  Personally, I still maintain that this obligation exists, but now I am endeavoring to convince you that to continue this is an act of supreme business wisdom.  Mr. Litchfield made reference, in the course of his remarks, to the adverse legislation with which the Companies is threatened.  I am, and have always been, in the closest touch with the situation, and I tell you, gentlemen, this danger is a real one.  I have seen Senator Kenmore within a few days, and his information is most alarming.  Next week I expect to be in Washington again to fight the battle not only for the future of the Consolidated Companies, but for its very life.  We have powerful allies, and I believe that we can win, but, in the words of the Attorney-General himself, only provided that we can show our hands to be clean in our future intentions as well as in our present practices.”

“Suppose we postpone any action whatever until after the present crisis in Washington has passed,” suggested one of the Directors.

“The action must be taken at once,” insisted Gorham.  “I told you, gentlemen, that I had awakened from my Utopian dream.  I shall make no more promises until I am absolutely certain that they will be made good to the letter.”

“How far do you carry this ‘Utopian’ policy of yours, Mr. Gorham?” asked Litchfield.  “Would you even go so far as to deny the right of any officer of the corporation to make profit for himself as a result of inside information gained in his official capacity?”

“Most assuredly.”

Covington watched his chief critically as the blow began to fall.  What a crash this idol would make when it fell from its self-created pedestal!

“Would you criticise an officer of this corporation who invested in stock about to be acquired by the Companies, thus taking advantage of the certain rise in value which he knew would come to it?”

“I should consider such an official as absolutely false to his trust.  Is there one of us present who would feel otherwise?”

Litchfield smiled.  “There is no one present who does not regret the lack of friendliness which prevented our president from giving him an equal chance with himself in the purchase of stock in the New York Street Railways Company.”

Gorham seemed not to comprehend the charge against him.  “You will have to enlighten me further,” he said, coldly.

Litchfield drew some papers from his pocket and handed them to Gorham.  “We don’t undertake to criticise you for making the most of this opportunity,” he said, “but out of respect to your ridiculous ‘code,’ we have ourselves refrained.  Next time we shall expect you to give us a chance too; and, incidentally, don’t you think we can now come to a mutual understanding regarding the morality basis of the Consolidated Companies?”

“Where did you get these papers?” Gorham demanded.