And here again Mr. Stone is treating me as a child. Of the total bonds the big insiders control nine-tenths. Of the total number of votes cast at elections, they control five-sixths. A successful rebellion is thus obviously impossible; and the penalty of an unsuccessful rebellion, as I shall presently show, is annihilation; yet Mr. Stone feels virtuous because nobody rebels! Let Mr. Stone pay off his debts for office furniture, and place all the nine-hundred-odd members of the Associated Press on an equality as regards votes, and then let him boast that the bonds have no effect upon elections! Ten years ago Mr. Kittle made a study of the fifteen directors of the Associated Press. They were all publishers of large newspapers, and from these newspapers could be judged. Just one was a “liberal,” Nelson, of the “Kansas City Star”—and he has since died. All the other fourteen were classified as “conservative or ultra-conservative.” Said Mr. Kittle: The other fourteen papers are huge commercial ventures, connected by advertising and in other ways with banks, trust companies, railway and city utility companies, department-stores and manufacturing enterprises. They reflect the system which supports them. There have been many changes of personality in the Associated Press in the last ten years, but there has been no change in this respect; the statement of Mr. Kittle’s remains the truth about the fifteen directors. And likewise there has been no change in the policy of the organization, as Mr. Kittle reported it: