Twain's Financial Troubles and Bankruptcy

Twain made a substantial amount of money through his writing, but he lost a great deal through investments. Twain invested mostly in new inventions and technology, particularly the Paige typesetting machine. It was considered a mechanical marvel that amazed viewers when it worked, but it was prone to breakdowns. Twain spent $300,000 on it between 1880 and 1894, but before it could be perfected it was rendered obsolete by the Linotype. He lost the bulk of his book profits, as well as a substantial portion of his wife's inheritance. Twain also lost money through his publishing house, Charles L. Webster and Company, which enjoyed initial success selling the memoirs of Ulysses S. Grant but failed soon afterward, losing money on a biography of Pope Leo XIII. Fewer than 200 copies were sold. Twain and his family closed down their expensive Hartford home in response to the dwindling income and moved to Europe in June 1891. William M. Laffan of The New York Sun and the McClure Newspaper Syndicate offered him the publication of a series of six European letters. Twain, Olivia, and their daughter Susy were all faced with health problems, and they believed that it would be of benefit to visit European baths. The family stayed mainly in France, Germany, and Italy until May 1895, with longer spells at Berlin (winter 1891–92), Florence (fall and winter 1892–93), and Paris (winters and springs 1893–94 and 1894–95). During that period, Twain returned to New York four times due to his enduring business troubles. Twain rented 'a cheap room' in September 1893 at $1.50 per day at The Players Club, which he had to keep until March 1894; meanwhile, Twain became 'the Belle of New York', in the words of biographer Albert Bigelow Paine. Twain's writings and lectures enabled him to recover financially, combined with the help of his friend Henry Huttleston Rogers. In 1893, Twain began a friendship with the financier, a principal of Standard Oil, that lasted the remainder of his life. Rogers first made Twain file for bankruptcy in April 1894, then had him transfer the copyrights on his written works to his wife to prevent creditors from gaining possession of them. Finally, Rogers took absolute charge of Twain's money until all his creditors were paid.