s. Neither had we exchanged
endorsements with others. Besides this we could show a prosperous
business that was making money every year.

I was thus enabled to laugh away the fears of my partners, but none of
them rejoiced more than I did that the necessity for opening our lips
to anybody about our finances did not arise. Mr. Coleman, good friend
and true, with plentiful means and splendid credit, did not fail to
volunteer to give us his endorsements. In this we stood alone; William
Coleman's name, a tower of strength, was for us only. How the grand
old man comes before me as I write. His patriotism knew no bounds.
Once when visiting his mills, stopped for the Fourth of July, as they
always were, he found a corps of men at work repairing the boilers. He
called the manager to him and asked what this meant. He ordered all
work suspended.

"Work on the Fourth of July!" he exclaimed, "when there's plenty of
Sundays for repairs!" He was furious.

When the cyclone of 1873 struck us we at once began to reef sail in
every quarter. Very reluctantly did we decide that the construction of
the new steel works must cease for a time. Several prominent persons,
who had invested in them, became unable to meet their payments and I
was compelled to take over their interests, repaying the full cost to
all. In that way control of the company came into my hands.

The first outburst of the storm had affected the financial world
connected with the Stock Exchange. It was some time before it reached
the commercial and manufacturing world. But the situation grew worse
and worse and finally led to the crash which involved my friends in
the Texas Pacific enterprise, of which I have already spoken. This was
to me the severest blow of all. People could, with difficulty, believe
that occupying such intimate relations as I did with the Texas group,
I could by any possibility have kept myself clear of their financial
obligations.

Mr. Schoenberger, president of the Exchange Bank at Pittsburgh, with
which we conducted a large business, was in New York when the news
reached him of the embarrassment of Mr. Scott and Mr. Thomson. He
hastened to Pittsburgh, and at a meeting of his board next morning
said it was simply impossible that I was not involved with them. He
suggested that the bank should refuse to discount more of our bills
receivable. He was alarmed to find that the amount of these bearing
our endorsement and under discount, was so large. Pr