Covington had never from the first sympathized with Gorham’s altruistic policies except as a means to an end, nor did he for a moment imagine that Gorham himself had adopted them for any other reason than their intrinsic business value.  The whole scheme of the Consolidated Companies, when first unfolded before him, appealed to his appreciation of business cleverness, and he instinctively recognized Gorham as his master.  During the few years they had been associated in the same corporation, Covington had seen his chief’s genius demonstrated in organization and administration as well as in conception, and he had not been slow to take advantage of the lessons he was given such ample opportunity to learn.  He had expected this demonstration, but, with a consummate confidence in his own ability to assimilate, he had also counted on gradually lessening the gap between Gorham and himself.  Here it was that he had made a mistake, for during this same period the development of the older man had been far greater than his own.  Covington to-day was, perhaps, as able a business man as Gorham had been when the Consolidated Companies was born, but Gorham in the mean time, by sheer display of extraordinary genius, had become an international figure.  The business relations between the two men were closer than ever, but never once was there any question as to which was the master.  Covington would not have been Covington had he not resented this; Covington would not have been Covington had he not succeeded in concealing this resentment from all the world.

With the knowledge that he could not hope to share with Gorham upon equal terms in the control of the Consolidated Companies, there came to him a realization of the necessity of strengthening himself on every possible side in order to be prepared to take advantage of the first opportunity, whatever that might be or whenever it might come, to alter the present relations.  His marriage to Alice would be a step of prime importance, but this alone was not enough.  As Gorham’s son-in-law he would still be his subordinate, and Covington’s nature demanded an opportunity to stand at least on a basis of equality with his present chief, sharing with him the arrogance of the prerogatives and the absolute autocracy now assumed alone by Gorham in dominating the policy of the business.

In Covington’s opinion, Gorham was carrying the principles upon which the Consolidated Companies was based beyond all reason.  The corporation had passed the experimental stage, and now possessed ample strength to take advantage with safety of its unique position.  Gorham was right, he admitted, in his idea that public necessities ought to be reduced in price when once controlled by the Companies.  The public approval and general confidence which this established were of distinct value, but there was absolutely no reason for continuing to give the public so large a share of the saving.  It was not so much the amount that was saved as the fact that a saving was actually accomplished which served to advertise the Consolidated Companies.  Gorham’s real motive could be only to strengthen his personal prestige.  Several of the other directors shared this conviction with Covington, and he made it his business to discover just where each one stood against the time when this information should serve him in good stead.