ii
Historically it is noted that a stake set in the wet sand on the morning after the Great Midwestern’s confession of insolvency would have indicated the extreme low water mark of that strange ebb tide in the economic affairs of this country the unnatural extent and duration of which was owing to the moon of a complex delusion. There was first a time of slack before the flood began to run,—a time of mixed omens, of alternating hope and doubt. Yet all the time unawares the country grew richer because people worked hard, consumed less than they produced and stored the surplus in the form of capital until the reservoirs were ready to overflow.
As for the Great Midwestern, everything came to pass as Galt predicted. Valentine was appointed by the court to work the railroad as receiver. In that rôle he returned to his desk. The word “president” was erased from the glass door of his office; the word “receiver” was painted there instead. That was the only visible sign of the changed status. We paid our way with receiver’s certificates, issued under the direction of the court. Dust settled in the Board Room, where formerly the directors met. Trains continued to move as before.