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." "Well," he said, "what would you take ?" I said I believed that a statement recently rendered to me showed that there were already fifty thousand dollars to my credit, and I would take sixty thousand.

Next morning when I called Mr.Morgan handed me checks for seventy thousand dollars.
"Mr.Carnegie," he said, "you were mistaken.