Some of the conditions on which he had made this investment and venture are set forth in the following letter to his friend, Mr. John H. Hall:
“New York, 14th May, 1877.
“My dear Mr. Hall,—It is possible that I may purchase a majority of the stock of the Elevated Railroad, but before deciding I wish to ascertain whether, if I do, you will remain in the board with Mr. David Dows, myself, and some other gentlemen of character and financial strength, and also whether you will take bonds at sixty cents for the debt now due you. If I have anything to do with the company I want it free from all floating debt, and everything purchased at the lowest price for cash.
“Mr. Dows has told me this morning that he will remain in the board and will take bonds for the $25,000 due him, provided I make the purchase and accept the presidency of the company.
“Will you have the kindness to see our mutual friend, Mr. A. S. Barnes, and ascertain whether he will take bonds for the debt due him and remain as a director. If I go into the concern I shall be willing to be president, but without salary, for the enterprise, to be a success, must be managed in every way with the greatest economy.
“An early answer will oblige.
“Very truly your friend,
“Cyrus W. Field.”