I wish it distinctly understood that I am in no sense
committed to his plan. The policy of this company under the present
administration has been uniformly cautious and prudent: Mr. Ford would
throw caution and prudence to the winds. Our best efforts have been
directed toward the saving of the ultimate dollar of expense: Mr. Ford
urges us to spend millions. We have been trying to dispose of some of
our non-paying branches: Mr. Ford would have us acquire others and build
new lines."

While Mr. Colbrith was speaking, Adair was rapidly characterizing the
members for Ford, checking them off upon his fingers.

"The little man at Uncle Sidney's right is Mackie, and the miserly
looking one next to him is McVeigh," he whispered. "One of them will
furnish your coffin, and the other will drive the nails into it. The big
man with the beard is Brewster--a multimillionaire; and the one who
looks like Senator Bailey is Magnus, president of the Mohican National.
Connolly, the fat Irishman, is a politician--wads of money, but not much
interest in the game. The other three--"

But now the president had made an end and was beckoning to Ford.

The young engineer rose, feeling much as if a bucket of ice-water had
been suddenly emptied down the back of his neck. But one of his saving
qualities was the spring-like resilience which responds instantly to a
shock. Spreading his papers on the table, he began with a little
apology.

"I didn't come here this morning prepared to make a promoter's speech;
and perhaps it is just as well, since my gift, if I have one, lies in
doing things rather than in talking about them. But I can lay a few
facts before you which you may deem worthy of consideration."

From this as a beginning he went on swiftly and incisively. The Pacific
Southwestern, in its present condition, was a failure. It was an
incomplete line, trying vainly to hold its own against great and
powerful systems overlapping it at either end. The remedy lay in
extension. The acquisition of a controlling interest in three short
roads, which, pieced together, would bridge the gap between the Missouri
River and Chicago, would place the Pacific Southwestern upon an equal
footing with its competitors as a grain carrier. By standardizing the
Plug Mountain narrow gauge and extending it to Salt Lake and beyond, the
line would secure a western outlet, and would be in a position to demand
its share of transcontinental business.

To finance these t