Reply #65: Mark Twain's Financial troubles

[Demeter]

Twain made a substantial amount of money through his writing, but he squandered much of it in bad investments, mostly in new inventions, particularly the Paige typesetting machine. It was a beautifully engineered mechanical marvel that amazed viewers when it worked, but was prone to breakdowns. Twain spent $300,000 (equal to $7,518,462 today) on it between 1880 and 1894, but before it could be perfected, it was made obsolete by the Linotype. He lost not only the bulk of his book profits but also a large portion of the inheritance of his wife.

Twain also lost money through his publishing house, which enjoyed initial success selling the memoirs of Ulysses S. Grant but went broke soon after, losing money on the idea that the public would be interested in a biography of Pope Leo XIII. Fewer than two hundred copies were sold.

Twain's writings and lectures, combined with the help of a new friend, enabled him to recover financially In 1893, he began a 15-year-long friendship with financier Henry Huttleston Rogers, a principal of Standard Oil. Rogers first made Twain file for bankruptcy. Then Rogers had Twain transfer the copyrights on his written works to his wife, Olivia, to prevent creditors from gaining possession of them. Finally, Rogers took absolute charge of Twain's money until all the creditors were paid.

Twain embarked on an around-the-world lecture tour in 1894 to pay off his creditors in full, although he was no longer under any legal obligation to do so. In mid-1900, he was the guest of newspaper proprietor Hugh Gilzean-Reid at Dollis Hill House. Twain wrote of Dollis Hill that he had "never seen any place that was so satisfactorily situated, with its noble trees and stretch of country, and everything that went to make life delightful, and all within a biscuit's throw of the metropolis of the world". He returned to America in 1900, having earned enough to pay off his debts.

Speaking engagements

Twain was in demand as a featured speaker, and appeared before many men's clubs, including the White Friars, the Vagabonds, the Authors, the Monday Evening Club of Hartford, and the Beefsteak Club. He was made an honorary member of the Bohemian Club in San Francisco. In the late 1890s, he spoke to the Savage Club in London and was elected honorary member. When told that only three men had been so honored, including the Prince of Wales, he replied "Well, it must make the Prince feel mighty fine." In 1897, Twain spoke to the Concordia Press Club in Vienna as a special guest, following diplomat Charlemagne Tower. In German, to the great amusement of the assemblage, Twain delivered the speech "Die Schrecken der deutschen Sprache" ("The Horrors of the German Language").