“It don’t make a damned bit of difference what they thought.  We paid ’em their price.”

“And the stockholders of the New York Street Railways Company thought you were buying this stock to be merged with theirs, didn’t they?”

“We used our own money to buy that stock.  You can’t find a thing about it that ain’t straight.”

“Very good.  Now I’ll name my price for the three lines.  The Consolidated Companies will pay you fifty thousand dollars for them.”

“Fifty thousand!” gasped Brady.  “Why, we paid two hundred thousand.”

“Thank you.  I had wondered what you did pay for them, and this information is no doubt authentic.  The stockholders made a better thing out of it than you will.”

“But we won’t sell at anything like that figure.”

“Oh, yes, you will if you sell at all,” Gorham rejoined.  “One method by which the Consolidated Companies has succeeded is that of taking the public into its confidence whenever there is need of it.  To-morrow we shall announce the birth of the Manhattan Traction Company, explaining its inception and its intentions.  We shall show that, although we have paid an enormous price for the purchase of the properties, we shall capitalize at one-half the amount originally planned by those who would have carried through the merger if our Companies had not stepped in.  We shall announce an increase of transfer privileges and a reduction of fares.  We shall guarantee better equipment and better service.  We shall also carefully explain that one of the reasons we can do this is that the company will be run in the interests of the public and the stockholders instead of in the interests of a few individuals; and we shall quote, in proof of this, that we purchased the three lines referred to for fifty thousand dollars when it was originally planned to have them cost the Companies something over two millions.”

“They will still cost the Companies ‘something over two millions,’” shouted Brady, “and the public be damned.”

“Our slogan is, ‘The public be pleased,’” smiled Gorham.  “The offer of the Consolidated Companies will hold for twenty-four hours only,” he continued, rising.  “The franchise, you will perhaps remember, grants full privileges for the construction of further subway connections.  Under these circumstances, we do not urge you to accept our offer—­we merely invite your consideration.  Now, gentlemen”—­Gorham placed a peculiar emphasis on the word—­“I believe our business is completed.  The time limit on our offer will expire at noon to-morrow.”

Covington was an interested spectator throughout the conference, and Gorham’s supreme command of the situation won from him his silent but profound admiration.  He rejoiced that this force was directed against others rather than himself, and he realized more than ever the importance of taking no chances of coming into conflict with this man who swept everything before him.  He had enjoyed watching the faces