The Edgewater Beach Hotel was a famous resort hotel complex near Lake Michigan on the North side of Chicago. It was known for its “sunrise yellow” color. Every notable Hollywood star stayed there as did Presidents Franklin D. Roosevelt and Dwight D. Eisenhower. It closed in 1967 due to bankruptcy and was soon demolished.
But in 1923 eight of the most powerful money-magnates in the world gathered for a meeting at the Edgewater Beach Hotel. These eight men, if they combined their resources and their assets, controlled more money than the U.S. Treasury controlled.
In that group were Charles Schwab. He was the president of Carnegie Steel and then Bethlehem Steel. Richard Whitney was the president of the New York Stock Exchange and Arthur Cutton was a wheat speculator.
Albert Fall was a presidential cabinet member, personally a very wealthy man. Jesse Livermore was the greatest bear on Wall Street in his generation. Leon Fraser was the president of the International Bank of Settlements. Ivan Krueger headed the largest monopoly, controlling three-fourths of the worldwide production of matches. He was the “Match King.” Quite an impressive group of people!
Let’s look at the same group later in life. Charles Schwab died penniless. Richard Whitney spent the rest of his life serving a sentence in Sing Sing Prison. Arthur Cutton, that great wheat speculator, became insolvent. Albert Fall was pardoned from a federal prison so he might die at home. Leon Fraser, the president of that big international bank? He committed suicide. Jesse Livermore? He committed suicide. Ivan Krueger? He committed suicide. Seven of those eight great big money magnates had lives that were total disasters before they left planet Earth.
What mistake did they all make? The same mistake that so many people with a great amount of money are making today. They think that what they have and what they control belongs to them. They have totally forgotten about THE COMMON GOOD!
What is YOUR definition of THE COMMON GOOD. What are YOUR thoughts about the importance of THE COMMON GOOD?
IN A SOCIETY THAT HAS YOU COUNTING YOUR MONEY, YOUR POUNDS AND YOUR CALORIES, BE A REBEL AND COUNT YOUR BLESSINGS!
Not far from the old Edgewater Beach Hotel site is Wrigley Field. If you enjoyed Hall of Famer Andre Dawson hitting homers for the Chicago Cubs, please Register TODAY to see the interview I do with “The Hawk” on Thursday, September 16th at 7:00 PM CST. Please go to www.foodforthepoor.org/buildingdreams. and make a FREE EVENT RSVP registration. You will love the topics Andre Dawson and I get into.