He had pressing need for two hundred and fifty thousand dollars, and this Mr.Thomson, of the Pennsylvania Railroad, could not give him.

The Allegheny bonds were seven per cents, but they were payable, not in gold, but in currency, in America.

They were therefore wholly unsuited for the foreign market.
But I knew that the Pennsylvania Railroad Company had a large amount of Philadelphia and Erie Railroad six per cent gold bonds in its treasury.

It would be a most desirable exchange on its part, I thought, to give these bonds for the seven per cent Allegheny bonds which bore its guarantee.
I telegraphed Mr.Thomson, asking if the Pennsylvania Railroad Company would take two hundred and fifty thousand dollars at interest and lend it to the Allegheny Railway Company.

Mr.Thomson replied, "Certainly." Colonel Phillips was happy.