The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-01
EMBARRASSMENT OF RICHES

AT one time in his life the late Andrew Carnegie had
accumulated $500O00O0o, and before passing hence he gave away
residue of his estate, amounting to ~$25,000000, he left to his wife
The greater part of this vast fortune was obtained in one
transaction. When the late j. ?. Morgan undertook to consoh-
date the steel interests Of the country he went ahead as if
Carnegie did not exist, on the theory that the Pittsburgh IRON
monger, rather than be left out in the cold, would come in on
whatever terms were offered him. The canny Scot sat steady
in the boat, encouraging the merger, and when it was complete
Morgan found that with Carnegie out he was nowhere, and when
he essayed to take him in he was himself taken in.
The Carnegie interests were great, and could have gone
ahead making steel and competing in the markets of the world
with the united interests. When a price was offered Carnegie
the P~ittsburgher did not appear anxious to SELL and he demanded
two hundred million, and, some say, three hundred million more
than he was Offered.
Morgan had some uneasy days and nights. He had gone so
far that he could not turn back. lie was caught IN his own
trap. To go ahead he had to concede Carnegies terms, which
he did, and the Scot, feeling that he had gathered in enough,
concluded that it was a good, tme to quit, and ne Withdrew from
the anxieties of active business.
He fad an embarrassment Of riches. and he came to the con
clusion that to die possessed of this great wealth would be a
shame. He proceeded to give it away to industrial and otner
schools, to Libraries and other public institutions. =,
He made such progress that at the time OF making his will
he had twenty-five millions left, and this sum he lett TO ms
wife. At the zenith of his power and opulenee he felt like the
boy who had spent the day gathering shells on the seashore, ana
in the evening threw them one by one away"
Multiplied millionsl What are they, after all! Everybody
wants them, yet not to many OF the few that nave them q they
bring contentment or qualification
Money means responsibility and VIGILANCE, Many men who
have accumulated great fortunes have said that 1t is more AMI
cult to hold money than to get it. The mooneyed man is te prey
of those who would get it away from him, and the oniy way
he can protect himself is by secluding himself and denying mn7
self to visitors.
The widow with S25,OC00O0 to herself may have been given
more bane than blessing. II requires q strong man to manage
successfully one million dollars. A larger sum in the hands OF
an inexperienced woman will prove a burden hard to bear Some
women develop great financial ability when put to it The late
Hetty Green was left a potential fortune in stocks and bonds that
had small value. but she took hold Of the business and soon
gave par value and more to her securities. She held to her mil
lions and multiplied them. Few women or men could nave
done sd.
The burden Of riches is one that almost anyone is willing
to try to bear, no matter what failure may await them. The
Widow Carnegie, with her twenty-five millions, will be an object
Of interest to predatory exploters and %plunderers, among them
the profane and sanctinonious. She is not to be envied because
Of her wealth. She has it and it has her.