Andrew Carnegie：Autobiography of Andrew Carnegie, Additional Excerpt 256

Soon after being deposed as president of the Union Pacific, Mr. Scott[31] resolved upon the construction of the Texas Pacific Railway. He telegraphed me one day in New York to meet him at Philadelphia without fail. I met him there with several other friends, among them Mr. J.N. McCullough, vice-president of the Pennsylvania Railroad Company at Pittsburgh. A large loan for the Texas Pacific had fallen due in London and its renewal was agreed to by Morgan & Co., provided I would join the other parties to the loan. I declined. I was then asked whether I would bring them all to ruin by refusing to stand by my friends. It was one of the most trying moments of my whole life. Yet I was not tempted for a moment to entertain the idea of involving myself. The question of what was my duty came first and prevented that. All my capital was in manufacturing and every dollar of it was required. I was the capitalist (then a modest one, indeed) of our concern. All depended upon me. My brother with his wife and family, Mr. Phipps and his family, Mr. Kloman and his family, all rose up before me and claimed protection.

Source： https://www.gutenberg.org/ebooks/17976
Locator：Additional excerpt 256 · Verified：2026-10-19 · Verification：Short excerpt

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