The building of the American Museum at the corner of Broadway and Ann Street was owned by Francis W. Olmsted, a retired merchant, and the Museum collection was owned by the estate of Scudder, administered for Scudder’s daughters by John Heath. Barnum’s first step was to approach Mr. Olmsted, but he did not know that gentleman, and he knew no one who did. He dared not visit this important person, who had a suite of rooms in Park Place. In a letter he told Mr. Olmsted that he wished to buy the Museum collection, and though he had no money, he knew that by devotion to business, and because of his past experience as a showman, he would be able to make it successful, if it could be purchased on reasonable credit. In his letter Barnum asked Mr. Olmsted to purchase the Museum collection in his own name from the Scudder estate, and to give him twelve dollars and a half per week out of the profits to support his family. All the rest of the profits were to be Olmsted’s until the cost of the collection and the rent of the Museum building were paid. Barnum only asked in addition for an agreement in writing that the Museum would be his property as soon as he had made all the payments to Mr. Olmsted. If Barnum failed to meet any instalments, the property reverted to Mr. Olmsted, Barnum would forfeit all his payments to date, and withdraw from the management. His letter ended with this earnest appeal: “In fact, Mr. Olmsted, you may bind me in any way, and as tightly as you please--only give me a chance to dig out, or scratch out, and I will either do so or forfeit all the labor and trouble which I may have incurred.” Barnum added that by means of his plan Mr. Olmsted would have a permanent tenant for his Museum building, while the present indications were that the Museum would fail and the building would become vacant.