My Memories of Eighty Years [140]
against him and left him under great obligations. The shock sent Sage to bed, and he declared that he was ruined. Mr. Gould and Mr. Cyrus W. Field became alarmed for his life and went to see him. They found him broken-hearted and in a serious condition. Gould said to him: "Sage, I will assume all your obligations and give you so many millions of dollars if you will transfer to me the cash you have in banks, trust, and safe-deposit companies, and you keep all your securities and all your real estate." The proposition proved to be the shock necessary to counteract Sage's panic and save his life. He shouted, "I won't do it!" jumped out of bed, met all his obligations and turned defeat into a victory.
Sage could not personally give away his fortune, so he left it all, without reservations, to his wife. The world is better and happier by her wise distribution of his accumulations.
One of Mr. Sage's lawyers was an intimate friend of mine, and he told me this story. Sage had been persuaded by his fellow directors in the Western Union Telegraph Company to make a will. As he was attorney for the company, Sage came to him to draw it.
The lawyer began to write: "I, Russell Sage, of the City of New York, being of sound mind" . . . (Sage interrupted him in his quick way by saying, "Nobody will dispute that") "do publish and devise this to be my last will and testament as follows: First, I direct that all my just debts will be paid." . . . ("That's easy," said Sage, "because I haven't any.") "Also my funeral expenses and testamentary expenses." ("Make the funeral simple. I dislike display and ostentation, and especially at funerals," said Sage.) "Next," said the lawyer, "I give, devise, and bequeath" . . . (Sage shouted: "I won't do it! I won't do it!" and left the office.)
Nothing is so absorbing as the life of Wall Street. It is more abused, misunderstood, and envied than any place in the country. Wall Street means that the sharpest wits from every State in the Union, and many from South America and Europe, are competing with each other for the great prizes of development, exploitation, and speculation.
I remember a Wall Street man who was of wide reading and high culture, and yet devoted to both the operation and romance of the Street. He rushed into my room one night at Lucerne in Switzerland and said: "I have just arrived from Greece and have been out of touch with everything for six weeks. I am starving for news of the market."
I enlightened him as well as I could, and then he remarked: "Do you know, while in Athens our little party stood on the Acropolis admiring the Parthenon, and one enthusiastic Grecian exclaimed: 'There is the wonder of the world. For three thousand years its perfection has baffled and taught the genius of every generation. It can be copied, but never yet has been equalled. Surely, notwithstanding your love of New York and devotion to the ticker, you must admire the Parthenon.' I answered him, if I could be transported at this minute to Fifth Avenue and Broadway and could look up at the Flatiron Building, I would give the money to rebuild that old ruin."
While conditions in the United States because of the World War are serious, they are so much better than in the years following the close of the Civil War, that we who have had the double experience can be greatly encouraged. Then one-half of our country was devastated, its industries destroyed or paralyzed; now we are united and stronger in every way. Then we had a paper currency and dangerous inflation, now we are on a gold standard and with an excellent banking and credit system. The development of our resources and wonderful inventions and discoveries since the Civil War place us in the foremost position to enter upon world commerce when all other nations have come as they must to co-operation and co-ordination upon lines for the preservation of peace and the promotion of international prosperity.
Many incidents personal to me occur which illustrate conditions following the close of the war between the
Sage could not personally give away his fortune, so he left it all, without reservations, to his wife. The world is better and happier by her wise distribution of his accumulations.
One of Mr. Sage's lawyers was an intimate friend of mine, and he told me this story. Sage had been persuaded by his fellow directors in the Western Union Telegraph Company to make a will. As he was attorney for the company, Sage came to him to draw it.
The lawyer began to write: "I, Russell Sage, of the City of New York, being of sound mind" . . . (Sage interrupted him in his quick way by saying, "Nobody will dispute that") "do publish and devise this to be my last will and testament as follows: First, I direct that all my just debts will be paid." . . . ("That's easy," said Sage, "because I haven't any.") "Also my funeral expenses and testamentary expenses." ("Make the funeral simple. I dislike display and ostentation, and especially at funerals," said Sage.) "Next," said the lawyer, "I give, devise, and bequeath" . . . (Sage shouted: "I won't do it! I won't do it!" and left the office.)
Nothing is so absorbing as the life of Wall Street. It is more abused, misunderstood, and envied than any place in the country. Wall Street means that the sharpest wits from every State in the Union, and many from South America and Europe, are competing with each other for the great prizes of development, exploitation, and speculation.
I remember a Wall Street man who was of wide reading and high culture, and yet devoted to both the operation and romance of the Street. He rushed into my room one night at Lucerne in Switzerland and said: "I have just arrived from Greece and have been out of touch with everything for six weeks. I am starving for news of the market."
I enlightened him as well as I could, and then he remarked: "Do you know, while in Athens our little party stood on the Acropolis admiring the Parthenon, and one enthusiastic Grecian exclaimed: 'There is the wonder of the world. For three thousand years its perfection has baffled and taught the genius of every generation. It can be copied, but never yet has been equalled. Surely, notwithstanding your love of New York and devotion to the ticker, you must admire the Parthenon.' I answered him, if I could be transported at this minute to Fifth Avenue and Broadway and could look up at the Flatiron Building, I would give the money to rebuild that old ruin."
While conditions in the United States because of the World War are serious, they are so much better than in the years following the close of the Civil War, that we who have had the double experience can be greatly encouraged. Then one-half of our country was devastated, its industries destroyed or paralyzed; now we are united and stronger in every way. Then we had a paper currency and dangerous inflation, now we are on a gold standard and with an excellent banking and credit system. The development of our resources and wonderful inventions and discoveries since the Civil War place us in the foremost position to enter upon world commerce when all other nations have come as they must to co-operation and co-ordination upon lines for the preservation of peace and the promotion of international prosperity.
Many incidents personal to me occur which illustrate conditions following the close of the war between the