Another lesson awaited him. On the following morning every paper in the city blazed with the disquieting information that the Consumers' Electric Light and Power Company and the United Illuminating and Fuel Company were to be consolidated! Out of the two old concerns a fifty-million-dollar corporation was to be formed, and a certain portion of the stock was to be sold in small lots, as low, even, as one share each, so that the public should be given a chance to participate in this unparalleled investment. Oh, it was to be a tremendous boon to the city! Bobby, much worried, went straight to Chalmers. "So far as I can see you have all the best of the bargain," Chalmers reassured him. "The Consumers', already four times watered and quoted at about seventy, is to be increased from two to five million before the consolidation, so that it can be taken in at ten million. The Union, already watered from one to nine million in its few brief years, takes on another hydraulic spurt and will be bought for twenty million. Of the thirty million dollars which is to be paid for the old corporation, nineteen million represents new water, the most of which will be distributed among Stone and his henchmen. The other twenty million will go to the dear public, who will probably be given one share of common as a bonus with each share of preferred, and pay ten million sweaty dollars for it. Do you think this new company expects to pay dividends? On their plants, worth at a high valuation, five million dollars, and their new capital of ten million, a profit must be earned for fifty million dollars' worth of stock, and it can not be done. Within a year I expect to see Consolidated Illuminating and Power Company stock quoted at around thirty. By that time, however, Stone and his crowd will have sold theirs, and will have cleaned up millions. Brightlight Electric was probably too small a factor to be considered in the consolidation. Did you pay off that mortgage? Then Stone has his hundred thousand dollars; the back salary list of Stone's henchmen has been paid up with your money; Sharpe and Williams have converted their stock and Stone's into cash at a fancy figure; Eastman is to be taken care of in the new company and they are satisfied. In my estimation you are well rid of the entire crowd, unless they have some neat little plan for squeezing you. But I'll tell you what I would do. I would go direct to Stone, and see what he has to say."