The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1894-05-24
HOW FORTUNES AREM MADE
Carnegie, Flower, Pratt, Plllsbury and
Others Give Advice.
SAYINGS BANKS AND REAL ESTATE.
10th Yield slow but sure and Large
Returns and In the Long Run
Are che Very Best Investments
TO Be made.

thrift and industry had accumulated $500,
desired to invest It to the best advantage.
He addressed a letter to several million
aires, all OF whom, with one exception,
were the architects OF their own fortunes,
and all but one Of whom came Of humble
stock. These millionaires are Andrew
Carnegie, the Pittsburg manufacturer;
William Waldorf Aston, OF the rich family
of that name; Gov. Flower, Claus
Spreckles, the sugar king; Enoch Pratt,
the Baltimore millionaire; Charles A.
Pillsbury, the Minneapolis flour king,
and Henry Clews, the Wall street banker
and broker.
They were asked for advice as to the
best investment for small savings with
view to making them the nucleus OF q
great fortune; or, in other words, how
to get rich. Their advice was also asked
as to whether it is best for the small in
weston to keep his money on deposit in
savings bank, to place it in real estate or
in stocks and bonds.
Andrew Csrnegie's reply was as fol-
lows: "Put what money you have and
all you may save hereafter at interest
where it will be we'll secured. Real es-
tate lie the most tangible and safe OF all
investments. Even if buildings are de-
stroyed by storm or fire, the land they
covered still remains. Money at interest
is the most faithful OF all servants. II
will never strike for eight hours day,
but will work right straight on for you
every minute in the twenty-four hours,
day in and day out, and never utter n
complaint.
Never have two many irons in the fire
at once. There is nothing truer than the
saying that no man can serve two mas
tiers, and nothing to which it applies
more forcibly than to engaging in two
kinds Of business at the same time. De-
vote all your energies to one avocation
until you have made success or
have fully determined that you never can
make success in that line of effort.
Hard work and thrifty habits are power
full factors in the accumulation OF wealth. q"
William Waldorf Astor's reply was
this: "Statisticians tell us that during
the past fifty years all the improved real
estate in many Of our most fourishing
American cities has paid its interest and
taxes and has largely increased in value,
!, while durins the same period large
!. percentage OF the merchants and other
, business men have failed, and an equally
, large percentage OF the business corpora
tons have either failed or passed out oil
ex istence, SO that their stock has become
extinct. These facts seem to prove that
! there is no better investment for savings
, than real estate"
Gov. Flower in his reply advised the
! young mechanic to invest in real estate
, His letter was as follows:
at seems to me that were in your
/ position would buy real estate in YOU
city. Real estate cannot be duplicated
while every other form OF securities can
= Therefore. as the country grows, real es
, tate must increase in value. You coulC
J doubtless buy a small piece of property
that would rent for more than enough t.
5 pay the taxes on it, and the interest OF
= the mortgage you would have to give
t This surplus you could save in addition
0 to what you are now saving out of you
h wages, and you could apply it to payini
, off the mortgage. Therefore, my answe
n to the first question contained in you
i letter is that real estate is the best in
= vestment for small savings with view t
= making them the basis Of a fortune.
8 81 know of no better way for youni
= man, Just starting in life, to become ricl
It than 10 be always sober, honest, indus
s trious and economical; to be true to hi
# employers and himself; to save all he cal
o without being parsimonious and to inves
l. his savings judiciously in the way hav
o indicated"
g Claus spreckels, the sugar king, re
% piled as follows; "Your favor has BEEF
" duly received. In reply would say tina
1t would recommend good saving
1t bank"
Is Enoch Pratt, the Baltimore millionair
T. and philanthropist, wrote as follows
- "My advice to a young man just startin
D. in life and ambitious to become wealth
10 to take good care of his health, to shu
all bad habits and to save at least 81 OF
OF every IS he earns and Immediately q
|, that 81 out at interest. man must hay
:, good health to put forth his powers to ii
I best advantage. To make money h
y brain must be clear and not clouded /
y rum or tobacco.
a. az have spoken OF the importance
,s getting your savings ont at interest imm
~ diately. Few people have any idea OF Il
es rapidity with which money at intere
he grows, and there is no better, safer W,
~ to get it out at interest than to buy son
40 small piece OF real estate that is improve
h and pays rent sufficient to yield a 81
or plus that viii pay the taxes, the intere
u on the mortgage you will have to 81
and something on the principal ea'
o. year. Continue 10 work hard and sa'
all you can from your earnings, and app
all you save to paying off the mortgag
u, In this way you will soon have goo
Ill and perfectly safe investment"
a Charles A. Pillsbury, the Minneapol
:. millionaire. is the king pin of the flo
"a manufacturers OF the world, turning on
~ ten thousand barrels of the bread makir
:. product per day from his Mastodon mill
:. His reply was as follows:
nj 81 am in receipt OF your questions wi
= reoarh 10 the hest c,.nrse for a vnnnp M,