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The Edgewater Beach Hotel
In 1923, at the Edgewater Beach Hotel in
Chicago, eight of the world’s wealthiest financiers met. These eight men controlled more money than the United States’ government at that time. They included:
The president of the largest independent steel
company;
The president of the largest gas company;
The greatest wheat speculator;
The president of the New York Stock Exchange;
A member of the President’s cabinet;
The greatest “bear” on Wall Street;
The head of the world’s greatest monopoly;
The president of the Bank of International Settlement. Certainly, one would have to admit, that a group of the world’s most successful men was gathered in that place; at least, men who had found the secret of “earning money.”

Now let’s see where these men were twenty-five
years later:
• The president of the largest independent steel
company, Charles Schwab, lived on borrowed money for five years before he died bankrupt.
• The president of North America’s largest gas
company, Howard Hopson, went insane.
The greatest wheat speculator, Arthur Cutton,
died abroad, insolvent.
• The president of the New York Stock
Exchange, Richard Whitny, was sent to Sing Sing
Penitentiary.
• A member of the President’s cabinet, Albert
Fall, was pardoned from prison so he could die at home.
• The greatest “bear” on Wall Street, Jesse
Livermore, died a suicide.
• The head of the greatest monopoly, Ivar
Krueger, killed himself.
• The president of the Bank of International
Settlement, Leon Fraser, also died a suicide.


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