Talks to Young Men. I: Counsels of Successful Men

TALKS TO YOUNG MEN.

I.— COUNSELS OF SUCCESSFUL MEN.

If a young man is wise, he will not treat lightly counsels by men of experience. If you wish business counsel, business men are most competent to give it; and so in other matters, the men

who succeed in any line are not to be disregarded, but rather sought for and listened to by the young man seeking advice. So the writer asked the counsel of a successful, leading Salt Lake business man, on how to win material success how to make — money. He was too busy to write on the subject, but handed me a collect of maxims, which he said he had gathered at odd times, of men of affairs who had made millions. "There are some splendid truths in them," said he, "and I wish, if you print them, that you would just add that my counsel to our young men is to read them once, and then again and again, until they have learned to practice what they read." I now hasten to comply, and caution you, dear reader, that mere knowledge is very useless without ability and good common sense to put it into practice in some useful way, for the good of others and yourselves. Some ability and common sense are born with all men, but they may be cultivated or neglected according to the determination of the individual. You determine right, then. Now as to maxims. I once asked the late Hon. D. H. Peery what was his advice as to investing in a certain enterprize. "Fine; can't do better, but be sure you get the control. I never invest in any business in which I can't have a controling voice." On second thought, I asked: "But how am I to get a controling voice in a $50,000 business with $200 to invest? He replied in his peculiar

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way: "That is another question," and I was left to do the best I could with the problem. Now the young reader should remember that, maxims are good only as your circumstances will permit their practice. But you must also keep in mind that to succeed, circumstances must be overcome. Don't let simple circumstance stand in the way of your succeeding in a just and rightful cause. Before coming to the maxims, let us consider this quotation from a recent address on success by A. B. Farquhar, a member of the National Manufacturers Association. It contains some interesting reminiscences. He says: I decided when quite young to enter upon a business career, and recognizing that the battle of life is a hard one, that every step of progress,must be attained by a triumph over difficulties, and that a thorough knowledge of the way was all important, I visited New York, then as now the commercial center, in order to interview the great financiers there, and to learn what I could from them. It did not enter my head that any of them would refuse to see me, and it was probably owing to the sublime assurance of youth and my earnestness (for I was very much in earnest) that I did succeed in seeing all on my list. The wealthy New Yorkers of those days, nearly half a century ago, were W. B. Astor, A. T. Stewart, the great dry-goods merchant; Commodore Vanderbilt, and James Gordon Bennett, founder and editor of the Herald. I — had also a list of able financiers John J. Cisco, subtreasurer; Pascault president of the Board of Brokers; Stevens, president of the Bank of Commerce; George S. Coe, president of the American Exchange Bank, and others. I saw them all before returning. My first call was on Mr. Astor. I found him at 7:30 a. m. hard at work in a shabby uptown office (it would be called far downtown now); succeeded in running the gauntlet of his old clerk, stood by his chair, until, looking up, he snapped out, "Well boy, what do you want?" I answered briefly that I wished to know how to make a million dollars- After staring at me a moment he was apparently satisfied of my sanity, and said: "What do you want a million dollars for? To make yourself a miserable slave as I am, not a moment's peace of mind night or day, always watching to keep someone from stealing what I have, or cheat- ing me out of rent? You could not do a more absurd thing than make a million dollors; but if you are determined on it, my advice would be, work hard and spend nothing, and you will be rich before you know it." This is about all I learned from him, that I remember. My next call was upon the great merchant, Mr. Stewart. He was

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access, but when I succeeded in attracting his attention, he difficult of

was very courteous, and gave much useful advice, telling me thoroughly to understand what I was engaged in, keep my whole mind on it, and try to do my work better than anyone else; in business to trust no one until I had investigated his credit; if I found him energetic, persevering, economical and temperate, with reasonable ability, I might pretty safely trust him, and if I cultivated those qualities, I should find that people would trust me. He especially extolled economy as an es- sential to success, adding that economy did not mean not spending, but spending to the best advantage, and wasting nothing. My next visit was to Mr. Stevens, of the Bank of Commerce; a lovely old gentleman. He told me he did not know much about making money, only about taking care of it, but he gave me a letter of introduction

to Mr. Coe, a risingyoung financier. This gentleman received me as a brother, inviting me to meet his bank board at the close of its session, when he introduced me to the several members. I met there Mr. Cisco and Mr. Pascault among others, and received many valuable suggestions. One old gentleman — did not learn I his name —placing his hand on my shoulder, said: " Young man, wealth consists in character. You must necessarily keep your own company as long as you live. That company is in your control. Have it the best, keep it pure; be a gentleman always, honorable, honest, frank, manly; do not waste your time; take your enjoyments intelligently. You say you love books. That is well; never value a dollar above a book. The love of reading is the greatest blessing that can come to a man, especially when he grows old." What he said made a lasting impression. The next morning at about seven, I called at the office of the Herald, and saw Mr. Bennett. I shall never forget that interview. Looking at me intently for a moment, he said: "Have you had your breakfast?" My reply was negative. He answered, "I thought as much; no one should go out before breakfast; he can't do himself justice on an empty stomach. Go across to the Astor House and get yourself a good break- fast, and when you come back I will talk to you." I wonderingly fol-

lowed his advice. When I returned, he said: "Now, you look better. 1 am a very busy man; if you are not, you ought to be, and my advice will be short: "The most important thing in this world is to take care of your health. You can store up your health as you do a bank account. If you have good health you can do far more work and do it better than your neighbors without it. I owe my success to my good health more than anything else."

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maxims: RUSSELL SAGE.

Russell Sage, the dean of American financiers, set out in pur- suit of his present one hundred million dollars as an errand boy in a country grocery store. His maxims are: 1. Be temperate and — you will be happy. 2. Plain food, an easy mind, and sound sleep make a man young at eighty-six. 3. Opportunities are disgusted with men who don't recognize them. 4. Despair is the forerunner of failure. Next to a fat purse is a "stiff upper lip." 5. When a man "loses his head" he mustn't complain about the other fellow taking advantage. Keep cool and freeze out the enemy.

CHARLES B. ROUSS.

The late Charles Broadway Rouss, who was worth six million dollars, and who began his career as a clerk in a small store, suggested the following seven maxims as embracing the essentials of a successful business career: — The dignity of labor 1.

is the greatest of all dignities; the genius of work is the greatest

of all geniuses. 2. Industry, integrity, economy, and promptness,

are cardinal requisites to certain and honorable success. 3. Merit

is the trade-mark of success; quality the true test of value. 4. Success is not in time, place, or circumstances, but in the man. 5. Credit and partnerships are the scourge of commercial history, and the bane of commercial experience. 6. Beware of the gifts of the Greeks; they allure that they may destroy; credit is tempt-

ing, but ruin surely follows in its path. 7. Burn the ledger, and learn to say No; this is best for both buyer and seller.

HENRY CLEWS.

Henry Clews began life as a messenger boy in an English woolen factory. He is now worth eight million dollars, and attributes his rise in life to his belief in these simple mottoes: — 1. It requires other things than ambition to become a millionaire;

making everything count for something is one of the other things. 2. Sobriety, honesty, and industry are the three graces of a suc- cessful business career. 3. Save without parsimony; spend with- out lavishness. 4. Sound health, a clear head, wise economy, and work, work, work will declare big dividends for any one who looks

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well after the original investment. 5. Shun wild speculations, and be satisfied with slow but sure returns for money invested.

DARIUS 0. MILLS.

Darius 0. Mills, financier and philanthropist, started on his road to fortune with nothing but a good physique and a large de- termination. He is now worth twenty-five million dollars, and he has acquired that amount of money by observing these rules: — 1. Work develops all the good there is in a man; idleness all the evil, therefore work if you would be good — and successful. 2. Sleep eight hours, work twelve, and pick your recreations with an eye to their good results. 3. Save one dollar out of every five you earn. It is not alone the mere saving of money that counts; it is the intellectual and moral discipline the saving habit enforces. 4. Be humble, not servile, or undignified, but respectful in the pre- sence of superior knowledge, position or experience. 5. Most

business projects fail owing to poor business management and that means a poor man at the helm. 6. Success is measured by the good one does, not by the number of his millions or by the extent of his power.

COLLIS p. HUNTINGTON.

Collis p. Huntington laid the foundation of his fortune of fifty million dollars, by peddling hardware in California during the feverish days of 1849. His business maxims were: — 1. Don't talk too much during business hours. 2. Listen attentively; an- swer cautiously; decide quickly. 3. Do what you think is right and stand by your own judgment. 4. Teach others, by your con- duct, to trust you implicitly. 5. Never let your competitor know

what your next move will be; time enough to talk after you have acted. 6. Have a definite aim and keep your eye on the objective

point. 7. Be bold with caution, prudent with boldness.

GEORGE G. WILLIAMS. George G. Williams, president of the Commercial National Bank, of New York, who is worth five million dollars, has worked his way from a clerkship to the head of one of the soundest financial institutions in the country by conduct founded upon the

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principles in his five favorite dictums: —1. There is no royal road

to success. Work is the key-note. 2. Learn to do one thing well, and do it thoroughly. 3. Ambition and common sense will win suc- cess for any one along legitimate lines. 4. The really successful man is made, not born. 5. Determination is the lever of the great machine of life.

D. K. PEARSONS.

Mr. D. K. Pearsons, millionaire, philanthropist, and patron of colleges, says that the rules of life can be summed up as follows: — 1. Practice steady economy. Do not spend until you have it to spend. Be strictly honest, and never take advantage of men. Avoid show and extravagance. Use your money to educate the poor. 2. Be your own executive. Trust no man to administer your own estate. You cannot carry out of this world any amount with your dead hands. There is no use for money beyond the grave.

JOHN J. MITCHELL. President John J. Mitchell, of the Illinois Trust and Savings Bank, and a financier of the first rank, simplifies his code of busi- ness ethics as follows: — 1. There is no question that the golden

rule is the best one to apply to business transactions. 2. I put myself in the place of the man with whom I am dealing and govern my actions accordingly. 3. Success has attended my efforts be- ause of dealing with others as I would be dealt with. 4. My rule in investments has always been: Look to the principal rather than the interest.

C. L. HUTCHINSON.

Says Mr. C. L. Hutchinson, another millionaire: — 1. The busi- ness man should not forget that there is much in life outside of mere business. It is a mistake for one to devote himself to it so exclusively that in time he loses all power to find enjoyment or in- terest outside of it. 2. Business is a means to an end, and the best of life is to be found outside its daily routine.

JOHN D. ROCKEFELLER. John D. Rockefeller, the "Oil King," whose wealth touches the four hundred million dollar mark, and whose income on

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oil investments alone is three million dollars per month, at present, won his first start in a business way by workmg on a New York farm twelve hours out of the twenty-four, for twenty-five cents a day. He has earned his position as a multi-millionaire by adhering to the principles of the fol- lowing maxims: — 1, It should be every man's duty to get all the money he can, keep all he can, and give away all he can. 2. Buy only what can be paid for, and look upon debt as an ogre that first paralyzes and then kills. 3. Live within your means, and don't think too much of your neighbor's good fortune. 4. Keep a record of all expenditures and receipts so that at the end of the year you can tell whether you are saving enough money to provide against the inevitable rainy day. Any one can make money; few can save it. 5. "Live as though every act of yours was under the scrutiny of your bitterest enemy."

MAYER ANSHELM ROTHSCHILD. MayerAnshelm Rothschild, founder of the famous banking house, adopted the following maxims which also form a part of his will :

1. Seriously ponder over and thoroughly examine any project to
   

which you intend to give your attention. 2 Reflect a long time, then decide promptly. 3. Go ahead. 4. Endure annoyances patiently and fight bravely against obstacles. 5. Consider honor as a sacred duty. Never lie about a business affair. 7. Pay 6.

your debts promptly. 8. Learn how to sacrifice money when necessary. 9. Do not trust too much to luck. 10. Do not pretend to be more important than you really are. 11. Never be- come discouraged; work zealously and you will surely succeed.