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Rh settled into an expectant silence. Then he removed his cigar and began to unfold his scheme for consolidating all the iron and steel plants of the region into one immense corporation.

The amazement with which Floyd listened was not shown by any of the others. They were all paying the careful, unsurprised attention of men who had already been made cognizant of the plan. Colonel Halket was expressing correct sentiments, to the effect that in union there is strength, that united we stand, divided we fall, etc. "Think of the waste entailed by the competition among us who are gathered in this room!" he urged. "Waste effort, waste labor, waste product. I have figures here to show that by joining forces we can so diminish the cost of production and so increase profits that our earnings will in four years equal our total fixed capital."

After reading these figures, he brought forward his main proposition, which was that on the basis of these prospective earnings they should capitalize the new organization at five times the actual capital of the mills which should compose it, sell the stock at par, and do a great thing for the industry, the public, and themselves.

"Eventually," he said, "we shall find ourselves strong enough to extend our organization. Avalon is already the most vital spot, industrially, in America. It is already the great radiating centre of manufactures. Gradually and naturally we shall absorb all the iron-mills of importance in the country; we shall control the iron industry of the continent."

He dwelt with fond oratory upon the benefits to be derived by the public and by the workingmen from such a consolidation, and during this part of his speech the studious, concentrated expression on the faces of his auditors became more marked. He brought in one or two apt quotations—one about the truly good citizen who cares not to be great but as he saves and serves the state—"and for the word great we might substitute rich," de-