“I hate to do it,” he said. “I like Old Dog Tray, here. But he won’t stay off the track. If he wants to get run over I can’t help it.... Those agreements he speaks of,--without saying how he got hold of them,--they are true. I had a lot of G. M. stock when the company went busted. The stock records will show it. I was in a tight place and went to Gates for money to hold on with. He laughed at me. Didn’t believe the stock was worth a dollar, he said. I spent hours with him telling him what I knew about the property, showing him its possibilities. I had made a study of it. I spoke of the Orient & Pacific as a road the G. M. would have to control. ‘That would suit me,’ he said. ‘I’ve just had to take over a large block of that stock for a bad debt.’ I said, ‘All the better. With your stock accounted for it will be easier to buy the rest.’ And so it was. But that’s ahead of the story. Gates said one trouble with the G. M. was Valentine. I knew that, too. The end of it was that I persuaded him. He took everything I had and loaned me the money. The agreement was that the stuff I pledged with him for the loan could be redeemed _only_ provided my plans for the development of the G. M. were realized and certain results appeared. Otherwise he was to keep it. It was the devil’s own bargain. I was in a hole, remember, ... had the bear in my arms and couldn’t let go, ... and you all knew Gates.” Valentine interrupted. He spoke without looking around. “One of your plans for the development of the Great Midwestern was the elimination of the president.” “Exactly,” said Galt. “The president at that time was not president, but receiver. He was receiver for a property he had managed into bankruptcy.... Well, that part of the agreement has been kept. There ain’t any doubt about who’s running the G. M. I’m running it, subject to the approval of the directors. Five minutes after I was elected chairman of this board I took the traffic manager’s resignation in that room out there under threat of having him indicted for theft. He was the president’s friend. I did this without the president’s sanction or knowledge. The place was rotten with graft. We were paying extortionate prices for equipment and materials because the equipment makers and the material men were our friends. Our pockets were wide open. Listen to this!” From typewritten sheets he read a wrecking indictment of the old Valentine management, setting out how money had been lost and wasted and frittered away, how the company had been overcharged, underpaid and systematically mulcted. He gave exact figures, names, dates and ledger references. “She’s all right now,” he said. “Clean as a grain of wheat. I’m telling you what was. I don’t intimate that the president took part in plucking the old goose. I don’t say that. He was too busy making public speeches on the miseries of railroads to know what was going on.”