A price
might be offered for these bonds which might tempt the company to sell
them, and that at the moment there appeared to be such a demand for
American securities that no doubt they could be floated. I would write
a prospectus which I thought would float the bonds. After examining
the matter with his usual care he decided that he would act upon my
suggestion.
Mr. Thomson was then in Paris and I ran over there to see him. Knowing
that the Pennsylvania Railroad had need for money I told him that I
had recommended these securities to Mr. Morgan and if he would give me
a price for them I would see if I could not sell them. He named a
price which was then very high, but less than the price which these
bonds have since reached. Mr. Morgan purchased part of them with the
right to buy others, and in this way the whole nine or ten millions of
Allegheny bonds were marketed and the Pennsylvania Railroad Company
placed in funds.
The sale of the bonds had not gone very far when the panic of 1873 was
upon us. One of the sources of revenue which I then had was Mr.
Pierpont Morgan. He said to me one day:
"My father has cabled to ask whether you wish to sell out your
interest in that idea you gave him."
I said: "Yes, I do. In these days I will sell anything for money.
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