estimated at quite a sum--three
million dollars, I think it was. We had talked it over and over again,
and with several other associates discussed all the pros and cons; and
we had used every argument we could command to show why the plan would
not only be profitable, but was indeed necessary to maintain the lead
we had. Our old partner was obdurate, he had made up his mind not to
yield, and I can see him standing up in his vigorous protest, with his
hands in his pockets, his head thrown back, as he shouted "No."

It's a pity to get a man into a place in an argument where he is
defending a position instead of considering the evidence. His calm
judgment is apt to leave him, and his mind is for the time being
closed, and only obstinacy remains. Now these improvements had to be
made--as I said before, it was essential. Yet we could not quarrel
with our old partner, but a minority of us had made up our minds that
we must try to get him to yield, and we resolved to try another line
of argument, and said to him:

"You say that we do not need to spend this money?"

"No," he replied, "it will probably prove to be many years before such
a sum must be spent. There is no present need for these facilities you
want to create, and the works are doing well as they are--let's let
well enough alone."

Now our partner was a very wise and experienced man, older and more
familiar with the subject than some of us, and all this we admitted to
him; but we had made up our minds, as I have said, to carry out this
idea if we could possibly get his approval, and we were willing to
wait until then. As soon as the argument had calmed down, and when the
heat of our discussion had passed, the subject was brought up again. I
had thought of a new way to approach it. I said:

"I'll take it, and supply this capital myself. If the expenditure
turns out to be profitable the company can repay me; and, if it goes
wrong, I'll stand the loss."

That was the argument that touched him. All his reserve disappeared
and the matter was settled when he said:

"If that's the way you feel about it, we'll go it together. I guess I
can take the risk if you can."

It is always, I presume, a question in every business just how fast it
is wise to go, and we went pretty rapidly in those days, building and
expanding in all directions. We were being confronted with fresh
emergencies constantly. A new oil field would be discovered, tanks for
storage had to be built al