“In anticipation of that eight per cent. dividend,” said Galt reminiscently, “I began to buy Great Midwestern stock ... let me see ... nine years ago at ten dollars a share. It went down, and I bought it at five dollars a share, at two dollars, at a dollar-and-a-half. The road went into the hands of a receiver, and I stuck to it. I bought it all the way up again, at fifteen dollars a share, at fifty dollars, at a hundred-and-fifty, and I’m buying still.” Goldfuss was bored. He seemed to be saying to the audience: “Well, so much for fun. Now we get down to the hard stuff.” He took time to think, stirred about in his papers and produced a certain document. “Mr. Galt, I show you a certified list of the investments of the Security Life Insurance Company. You are a director of that institution, are you not?” “Yes.” “You used some of your farming profits to buy a large interest in the Security Life Insurance Company?” “Yes.” “You are chairman of its finance committee?” “Yes.” “In fact, Mr. Galt, you control the investments of the Security Life. You recommend what securities the policy holders’ money shall be invested in and your suggestions are acted upon. Is that true?” “Something like that,” said Galt. “Now, Mr. Galt, look at this certified statement, please. The investments amount to more than four hundred millions. I call your attention to the fact that nearly one quarter of that enormous total consists of what are known as Galt securities, that is, the stocks and bonds of railroad companies controlled by Henry M. Galt. Is that correct?” “Substantially,” said Galt. “Did you, as chairman of the finance committee of the Security Life, recommend the purchase of those securities?” “Yes.” “And at the same time, as head of the Great Midwestern railway system, you were interested in selling those securities, were you not?” “We need a great deal of capital,” said Galt. “We are selling new securities all the time. We sell all we can and wish we could sell more. There is always more work to do than we can find the money for.” “So, Mr. Galt, it comes to this: As head of a great railroad system you create securities which you are anxious to sell. In that rôle you are a seller. Then as chairman of the finance committee of the Security Life Insurance Company, acting as trustee for the policy holders, you are a buyer of securities. In that position of trust, with power to say how the policy holders’ money shall be invested, you recommend the purchase of securities in which you are interested as a seller. Is that true?” “I don’t like the way you put it, but let it stand,” said Galt. “How can you justify that, Mr. Galt? Is it right, do you think, that a trustee should buy with one hand what he sells with the other?” Galt leaned over, beating the table slowly with his fist.