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.  Prompt action on my part was necessary to prevent serious trouble.  I took the first train for Pittsburgh, and was able to announce there to all concerned that, although I was a shareholder in the Texas enterprise, my interest was paid for.  My name was not upon one dollar of their paper or of any other outstanding paper.  I stood clear and clean without a financial obligation or property which I did not own and which was not fully paid for.  My only obligations were those connected with our business; and I was prepared to pledge for it every dollar I owned, and to endorse every obligation the firm had outstanding.