Andrew Carnegie：Autobiography of Andrew Carnegie, Additional Excerpt 245

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. 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.

Source： https://www.gutenberg.org/ebooks/17976
Locator：Additional excerpt 245 · Verified：2026-10-19 · Verification：Short excerpt

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