One of the greatest surprises in our practice was when Judge Horace Russell retained me as a business lawyer to advise him what to do about the affairs of Hilton, Hughes & Company, who had succeeded to the business of A. T. Stewart & Company, and who, in turn, were later succeeded by John Wanamaker. Judge Russell’s brother-in-law, Mr. Hilton, had been increasing the volume of the business rapidly, but his expense ratio was increasing much faster in proportion, so that, at the end of the year, he showed a tremendous loss. Some of the biggest banks in New York were refusing to renew the notes, even though Judge Hilton was willing to endorse them. They said they felt safe on all the paper they had then with Judge Hilton’s endorsement and collateral, but they feared that if they permitted the losses to continue much longer, it might even engulf Judge Hilton in the unavoidable catastrophe. I finally advised him that he should sell out the business and take his loss. He retained Mr. Elihu Root as counsel. The three of us went over the whole situation. I explained that, owing to the very large general expenses due primarily to the excessive salaries which Hilton had agreed to pay under five-year contracts to his buyers, heads of departments, and even the superintendent of the engine room, and the bad credit in which the firm then stood, the only wise course was to sell out the business. We concluded to do so, but in the meantime decided that it would be necessary to make a general assignment to preserve the assets and secure a reasonable settlement with the men who held long contracts. When the assignment was finally prepared, it had to be executed the following day, and Root, Russell, and I first dined together, and then remained in Russell’s office until five minutes past midnight, when young Hilton, in our presence and that of Mr. Wright, the assignee, and a notary, executed the document. While waiting, Mr. Root told us of several cases in which he had recently been retained, where the younger generation dissipated big fortunes in a very short time. He laid particular stress on the case of Cyrus W. Field, who, in his lifetime, prided himself that he had an income of $1,000 a day, which at that time was enormous. I also recall Root telling me that night that it was unwise for any lawyer to devote himself entirely to politics, that he should, when called upon, render a public service, complete it, and then return to his profession, but be ready for any further calls that might be made upon him. Root has pursued that course most successfully.