"Before complying with Mr. Gorham's request," he began, "I wish to say that nothing is further from my intentions than to cast aspersions either upon our president or his motives. During the time I have served on this committee I have been amazed by the increasing realization which has come to me of the marvellous success he has achieved in developing the Consolidated Companies to the point it has reached to-day. Many of us have contributed in a smaller or greater degree to its success, but it has been his master mind which has anticipated the conditions and provided the means to make the most of them. But it is also true that in doing this Mr. Gorham has, in my opinion, deliberately neglected to secure for the Companies as large returns as might have been gained. In the Philadelphia Lighting Company, for example, with which I am naturally more familiar than with any of the other ramifications of the Consolidated Companies, Mr. Gorham has voluntarily reduced the rates when the consumers had expressed no general discontent with the former prices. It is true that the consolidation effected great economies in the production, but it is entirely obvious that the profits to the company would be greater if we were receiving the full advantage of the economies by still selling our product at the old rates. And this case which I have cited is, I understand, a fair sample of Mr. Gorham's policy in all other directions. I can appreciate the desirability in the past of giving the people the advantage in a few transactions in order to create public confidence; but to continue to make a practice of so doing appears to me to be unnecessary and, I may say, unbusinesslike." After Litchfield sat down Gorham called upon several others, some of whom expressed themselves, with more or less frankness, along the same line. "Then it all sums itself up in this," he said at length, after having invited remarks from those who cared to take part in the discussion: "Your president has been guilty of not making the most of the opportunities which he himself has created." This seemed to be the sense of the meeting. "Then let me ask a few questions," continued Gorham. "Mr. Litchfield has told us of the reduced cost of production in his plants as a result of our consolidation. Will he not further state how great that economy is?" "Thirty-three and one-third per cent.," was the prompt reply. "And we have reduced the rate how much?" "Fifteen per cent." "How much has the business increased during the past year?" "About twenty per cent." "And the balance-sheet shows what as to profits?" "About twenty-five per cent. larger than any previous year." "In spite of the reduced rates," Gorham added, significantly. "But they would have been larger still if the old rates had prevailed," Litchfield insisted.