But in all subsequent negotiations I made it a rule to give the first offer to Junius S.Morgan, who seldom permitted me to leave his banking house without taking what I had to offer.

If he could not buy for his own house, he placed me in communication with a friendly house that did, he taking an interest in the issue.

It is a great satisfaction to reflect that I never negotiated a security which did not to the end command a premium.

Of course in this case I made a mistake in not returning to the Barings, giving them time and letting the panic subside, which it soon did.

When one party to a bargain becomes excited, the other should keep cool and patient.
As an incident of my financial operations I remember saying to Mr.
Morgan one day: "Mr.Morgan, I will give you an idea and help you to carry it forward if you will give me one quarter of all the money you make by acting upon it." He laughingly said: "That seems fair, and as I have the option to act upon it, or not, certainly we ought to be willing to pay you a quarter of the profit." I called attention to the fact that the Allegheny Valley Railway bonds which I had exchanged for the Philadelphia and Erie bonds bore the guarantee of the Pennsylvania Railroad Company, and that that great company was always in need of money for essential extensions.