Mindset Mastery 91 – Schwab’s Legacy Continues

Mindset Mastery eBookWe’ll jump right back into Charles Schwab’s story, because the message is really in the telling of it.

Old-School Economic Stimulation

“It is perhaps unfortunate, for the sake of history, that no record of Charlie Schwab’s speech at the dinner ever was made. He repeated some parts of it at a later date during a similar meeting of Chicago bankers. And still later, when the Government brought suit to dissolve the Steel Trust, he gave his own version, from the witness stand, of the remarks that stimulated Morgan into a frenzy of financial activity.

“It is probable, however, that it was a ‘homely’ speech, somewhat ungrammatical (for the niceties of language never bothered Schwab), full of epigram and threaded with wit. But aside from that it had a galvanic force and effect upon the five billions of estimated capital that was represented by the diners. After it was over and the gathering was still under its spell, although Schwab had talked for ninety minutes, Morgan led the orator to a recessed window where, dangling their legs from the high, uncomfortable seat, they talked for an hour more.

Daring Magic

“The magic of the Schwab personality had been turned on, full force, but what was more important and lasting was the full-fledged, clear-cut program he laid down for the aggrandizement of Steel. Many other men had tried to interest Morgan in slapping together a steel trust after the pattern of the biscuit, wire and hoop, sugar, rubber, whisky, oil or chewing gum combinations. John W. Gates, the gambler, had urged it, but Morgan distrusted him. The Moore boys, Bill and Jim, Chicago stock jobbers who had glued together a match trust and a cracker corporation, had urged it and failed. Elbert H. Gary, the sanctimonious country lawyer, wanted to foster it, but he wasn’t big enough to be impressive. Until Schwab’s eloquence took J. P. Morgan to the heights from which he could visualize the solid results of the most daring financial undertaking ever conceived, the project was regarded as a delirious dream of easy-money crackpots.

Aligning The Players

The next step to realizing Schwab’s magic was to align all the essential players. That entailed first knowing who those essential players were, which Schwab did. This story will continue there in our next Mindset Mastery post.

Sean Rasmussen
Success Communicator
SeanRasmussen.com © 2004 – 2009

About Sean Rasmussen

Sean Rasmussen is a passionate blogger and has been a full time internet marketer since 2005. When he's not with his family, or dog Buddy, Sean is usually blogging or doing something related to the internet.


  1. Jazz Salinger says:

    Hi Sean,

    It is a shame that no record of Schwab’s speech was ever recorded . I, for one, would have liked to read it. The great orators who have the ability to captivate an audience have a very special gift.

    Schwab was clearly able to convey his vision to J.P. Morgan in such a way that made him see the enormous potential and to believe that it could be achieved.

  2. I guess Schwab was showing a lot of passion and knowledge of the subject, because how else could he have kept the full interest of everybody (and especially JP Morgan) for 90 minutes.

    I will have to read on to get the full story …
    .-= Renee´s last blog ..Secrets Of The Millionaire Mind by T Harv Eker – Book review =-.

  3. Where was YouTube when we needed it…
    .-= Lina Nguyen´s last blog ..Richard Branson Business School: A day visit =-.

  4. I think the ‘puller’, as described above was the “Full fledged, clear-cut program”, along with the presentation, that commenced this story of legend. there are many great ideas formed, and the ones that are masterfully executed are those formulated with a distinctly defined plan. We do this now, in many and varied forms already with our day to day activities, so perhaps translating those skills to apply to our own goals will serve us well.
    .-= Jo Carey-Bradshaw´s last blog ..Empowering Mindset – Mastering Self =-.

  5. Schwab, too, probably didn’t want to align himself with those selling their grandmothers to the highest bidder, even outside of Ebay 🙂

    I purpose, with all your studies of Schwab, that you Sean write what may have been his speech at the time. I’d love the challenge but have too much on my plate already 🙂
    .-= Sarah Butland´s last blog ..You Are the Reason I Know It Will Happen =-.

  6. Schwab was obviously a very clever and charismatic man. Maybe if he were alive today people would be comparing him to Richard Branson. Sometimes you can have the best product in the world but without the personal qualities to sell it, it goes largely unknown.
    .-= Wal Heinrich´s last blog ..Think And Grow Rich Mindset Mastery =-.


  1. […] were seeing the promise and success of affiliations, and so they all could see just how promising Schwab’s plan was. But there was an elemental piece to the puzzle that needed to be […]

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