We’ve been building up to this point, and you’ve held on patiently to hear it, so without further intrusion from me, let’s get on with the story of how Hill’s principles, put into action, translate into historical success. This is the story of how Charles Schwab turned an after-dinner speech into one of the biggest successes of the American Industrial Revolution.
A Pretty After-Dinner Speech For A Billion Dollars
When, on the evening of December 12, 1900, some eighty of the nation’s financial nobility gathered in the banquet hail of the University Club on Fifth Avenue to do honor to a young man from out of the West, not half a dozen of the guests realized they were to witness the most significant episode in American industrial history.
Meet The Society, Mr. Schwab
“J. Edward Simmons and Charles Stewart Smith, their hearts full of gratitude for the lavish hospitality bestowed on them by Charles M. Schwab during a recent visit to Pittsburgh, had arranged the dinner to introduce the thirty-eight-year-old steel man to eastern banking society. But they didn’t expect him to stampede the convention. They warned him, in fact, that the bosoms within New York’s stuffed shirts would not be responsive to oratory, and that, if he didn’t want to bore the Stilhnans and Harrimans and Vanderbilts, he had better limit himself to fifteen or twenty minutes of polite vaporings and let it go at that.
“Even John Pierpont Morgan, sitting on the right hand of Schwab as became his imperial dignity, intended to grace the banquet table with his presence only briefly. And so far as the press and public were concerned, the whole affair was of so little moment that no mention of it found its way into print the next day.
Picking The Moment
“So the two hosts and their distinguished guests ate their way through the usual seven or eight courses. There was little conversation and what there was of it was restrained. Few of the bankers and brokers had met Schwab, whose career had flowered along the banks of the Monongahela, and none knew him well. But before the evening was over, they—and with them Money Master Morgan — were to be swept off their feet, and a billion dollar baby, the United States Steel Corporation, was to be conceived.
Billion Dollar Baby
That’s all we have time for today, and yes I’ve done it again—left you at the edge of the precipice, and teased you into coming back for the next post. Of course, if your impatience gets the best of you, you could always download Mindset Mastery and read the story for yourself. If you do, I do hope you’ll come back anyway to share your thoughts on it with us all.
SeanRasmussen.com © 2004 – 2009