For the western extension he could speak from personal knowledge of the region to be penetrated.  Apart from the new line’s prime object—­that of providing an outlet for the system—­there was a goodly heritage of local business awaiting the first railroad to reach the untapped territory.  Mines, valueless now for the lack of transportation facilities, would become abundant producers; and there were many fertile valleys and mesas to attract the ranchman, who would find on the western slopes of the mountains an unfailing water supply for his reservoirs and ditches.  Ford did not hesitate to predict that within a short time the extension would earn more, mile for mile, than the grain-belt portion of the system.

When he sat down he felt that his cause was lost.  There was no enthusiasm, no approval, in the faces of his auditors.  After a short and informal discussion, in which the engineer was called on to explain his plans and estimates in detail to one and another of the members, Magnus, the bank president, sufficiently summed up the sense of the meeting when he said: 

“There is no question about the ingenuity of your plan, Mr. Ford.  You must have given a great deal of time and thought to it.  But it is rather too large for us, I’m afraid, and there are too many contingencies.  Your province, I understand, is the building and operating of railroads, and it is nothing to your discredit that you are unfamiliar with the difficulties of financing an undertaking as vast as this proposal of yours.”

“I don’t deny the difficulties,” said Ford.  “But they wouldn’t seem to be insuperable.”

“Not from your point of view,” rejoined the banker suavely.  “But you will admit that they are very considerable.  The opposition on the part of the competing systems would be something tremendous.  No stone would be left unturned in the effort to dismount us.  To go no further into the matter than the proposed purchase of the majority stocks in the three short roads:  at the first signal in that field you would find those stocks flying skyward in ten-point advances, and your five millions wouldn’t be a drop in the bucket.  In view of the difficulties, I think I voice the conviction of the board when I say that the plan is too hazardous.”

The nods of assent were too numerous to leave Ford any hope of turning the tide in his favor.  He rose, gathered up his papers, and reached for his hat.

“It is very pointedly your own funeral, gentlemen,” he said curtly.  “‘Nothing venture, nothing have’ is an old proverb, but it is as true now as it was when it was coined.  With P. S-W. stock at thirty-eight and steadily declining; with another dividend about to be passed; and with the certainty that the July interest on the bonds will have to be defaulted unless some compromise can be effected with the bondholders—­”

“What’s that you’re saying?” broke in Mackie, whose P. S-W. holdings were large.