ii
The new equipment had only just begun to move on the new rails when he went before the board with a proposal to raise one hundred millions for more equipment, more rails, elimination of curves and reduction of grades.
“My God, man!” exclaimed Horace Potter. “Do you want to nickel plate this road?”
“It will nickel plate itself if we make it flat and straight,” said Galt.
He was in a stronger position this time. His predictions were coming true. The flood tide was beginning. Everybody saw the signs. Great Midwestern’s earnings were rising faster than those of any competitor, and at the same time its costs were falling because of the character of the new equipment. Therefore profits were increasing. On the other hand, Valentine now was openly hostile, and Jonas Gates whom Galt could have relied upon, was ill. There were nine at the board table.
He argued his case skillfully. For the first time he produced his profile map of the road, showing where the bad grades were and how on account of them freight was hauled at a loss over two divisions of the right of way. To flatten here a certain grade,—selected for purposes of illustration,—would cost five millions of dollars. The cost of moving freight over that division would be thereby reduced one-tenth of a cent per ton per mile. This insignificant sum multiplied by the number of tons moving would mean a saving of a million dollars a year. That was twenty per cent. on the cost of reducing the grade. It was certain.
“Are the contracts let?” asked Valentine, ironically.
“They are ready to be let,” said Galt. “That’s how I know for sure what the cost will be.”
“Let’s vote,” said Potter, suddenly. “He’ll either make or break us. I vote aye.”
The ayes carried it. There were no audible noes. Valentine did not vote.