He agreed, in consideration of my services, to give me a sixty-days option to take his five millions of bonds at the desired ninety cents on the dollar.

I laid the matter before Mr.Thomson and suggested an exchange, which that company was only too glad to make, as it saved one per cent interest on the bonds.
I sailed at once for London with the control of five millions of first mortgage Philadelphia and Erie Bonds, guaranteed by the Pennsylvania Railroad Company--a magnificent security for which I wanted a high price.

And here comes in one of the greatest of the hits and misses of my financial life.
I wrote the Barings from Queenstown that I had for sale a security which even their house might unhesitatingly consider.

On my arrival in London I found at the hotel a note from them requesting me to call.

I did so the next morning, and before I had left their banking house I had closed an agreement by which they were to bring out this loan, and that until they sold the bonds at par, less their two and a half per cent commission, they would advance the Pennsylvania Railroad Company four millions of dollars at five per cent interest.