By the time the morning sun came through the windows Morgan had been convinced.

"Go and ask him what he will sell for," he said to Schwab.

In a brief period Schwab came back to Morgan with a letter which contained the following figures--five per cent gold bonds $303,450,000; preferred stock $98,277,100; common stock $90,279,000--a total of over $492,000,000.

Carnegie demanded no cash; he preferred to hold a huge first mortgage on a business whose golden opportunities he knew so well.

Morgan, who had been accustomed all his life to dictate to other men, had now met a man who was able to dictate to him.