Making Money

In 1923 at the Edgewater Beach Hotel in Chicago, some of the world’s greatest business leaders and financiers met to discuss mutual interests. Among them were: Charles Schwab, president of the largest independent steel company; Samuel Insull, president of the greatest utility company; Howard Hopson, president of the largest gas company; Arthur Cutton, the greatest wheat speculator; Richard Whitney, president of the New York Stock Exchange; Albert Fall, member of the U.S. president’s cabinet; Jesse Livermore, greatest ‘bear’ on Wall St.; Ivar Krueger, head of the then greatest business monopoly; and Leon Fraser, president of the Bank of International Settlement.

In 1948 research was conducted to see how these same men had fared over the last 25 years.

Charles Schwab lived on borrowed money for 5 years before dying penniless.

Samuel Insull died a fugitive from justice and penniless in a foreign land.

Howard Hopson became insane.

Arthur Cutton died abroad insolvent.

Richard Whitney had recently been released from Sing Sing Penitentiary.

Albert Fall was pardoned from prison so he could die at home.

Jesse Livermore, Ivar Krueger and Leon Fraser had all committed suicide.

 

While there are those who use wealth wisely and honestly, the following saying fits well.

“Do not let the good things of life rob you of the best things.” M.D. Babcock

The sunny side offers much more to life than business success.

Henry Wiebe