The business man has no rock more dangerous to encounter in his career than this very one of endorsing commercial paper. It can easily be avoided if he asks himself two questions: Have I surplus means for all possible requirements which will enable me to pay without inconvenience the utmost sum for which I am liable under this endorsement? Secondly: Am I willing to lose this sum for the friend for whom I endorse? If these two questions can be answered in the affirmative he may be permitted to oblige his friend, but not otherwise, if he be a wise man. And if he can answer the first question in the affirmative it will be well for him to consider whether it would not be better then and there to pay the entire sum for which his name is asked. I am sure it would be. A man's means are a trust to be sacredly held for his own creditors as long as he has debts and obligations. Notwithstanding my refusal to endorse the Morgan renewal, I was invited to accompany the parties to New York next morning in their special car for the purpose of consultation. This I was only too glad to do. Anthony Drexel was also called in to accompany us. During the journey Mr. McCullough remarked that he had been looking around the car and had made up his mind that there was only one sensible man in it; the rest had all been "fools." Here was "Andy" who had paid for his shares and did not owe a dollar or have any responsibility in the matter, and that was the position they all ought to have been in. Mr. Drexel said he would like me to explain how I had been able to steer clear of these unfortunate troubles. I answered: by strict adherence to what I believed to be my duty never to put my name to anything which I knew I could not pay at maturity; or, to recall the familiar saying of a Western friend, never to go in where you couldn't wade. This water was altogether too deep for me. Regard for this rule has kept not only myself but my partners out of trouble. Indeed, we had gone so far in our partnership agreement as to prevent ourselves from endorsing or committing ourselves in any way beyond trifling sums, except for the firm. This I also gave as a reason why I could not endorse.