His reasons were these: A flood was about to rise. He adduced evidence on that point. Money, materials and labor were plenty and cheap. Never again would it be possible to increase the railroad’s capacity at a cost so low. And a railroad that made itself ready to receive the flood would reap a rich harvest. Finally, the spending of fifty million dollars in this way would give business the impulse it was waiting for,--the little push that sends a great vessel down the ways into the water. The moment was rare and propitious. “Is it true,” asked Mr. Valentine, “that the chairman on his own responsibility, without consulting the president or the board of directors, has already placed contracts for engines, cars, rails and construction work, before the money has been voted for that purpose, before anybody knows whether it can be raised or not? I have heard so.” Everyone was startled by the question. Galt was not expecting it. “That is true,” he said, and waited. “So we are committed to this expenditure whether we approve it or not?” “That’s the predicament,” said Galt, recklessly. Valentine, wholly deceived by his manner, came heavily on. “Have you any idea what it will cost us to get out of these contracts,--to cancel them?” “The construction contracts,” Galt said very slowly, “are subject to cancellation without penalty until this midnight. The contracts for engines, cars and rails cannot be cancelled. I’ve baked this pie for the Great Midwestern. If it doesn’t want it I’ll give the company’s treasurer my check for one hundred thousand dollars and eat it myself.” “What do you mean?” Horace Potter asked. “I mean that in consideration of placing the orders when and as I did, on the equipment makers’ empty stomach, I got a special discount of ten per cent. The idea was that the news of our buying as it got around would start a general buying movement. That has happened. Other roads have placed orders behind ours at full prices. We started a stampede. Nobody has been buying equipment for two or three years. Everybody needs some. These contracts can be sold today for at least one hundred thousand dollars.” “Can we sell fifty millions of bonds?” asked Potter, looking at Mordecai. “Ve vill guarantee to zell zem,” said Mordecai. “Mr. Gald iss righd. Iv ve reap ve musd zow.” With no further discussion they voted with Galt, and the feud between Valentine and Galt was openly established.