8/28 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. 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. |