The event chosen for this illustration dates back to1900， when the United States Steel Corporation wasbeing formed. As you read the story， keep in mindthese fundamental facts and you will understandhow IDEAS have been converted into huge fortunes.
First， the huge United States Steel Corporation wasborn in the mind of Charles M. Schwab， in the formof an IDEA he created through his IMAGINATION！
Second， he mixed FAITH with his IDEA. Third， heformulated a PLAN for the transformation of hisIDEA into physical and financial reality. Fourth， heput his plan into action with his famous speech atthe University Club. Fifth， he applied， and followedthroughon his PLAN with PERSISTENCE， and backedit with firm DECISION until it had been fully carriedout. Sixth， he prepared the way for success by aBURNING DESIRE for success.
If you are one of those who have often wonderedhow great fortunes are accumulated， this story of thecreation of the United States Steel Corporation willbe enlightening. If you have any doubt that men canTHINK AND GROW RICH， this story should dispelthat doubt， because you can plainly see in the storyof the United States Steel， the application of a majorportion of the thirteen principles described in thisbook.
This astounding description of the power of anIDEA was dramatically told by John Lowell， in theNew York World-Telegram， with whose courtesy itis here reprinted.
A PRETTY AFTER-DINNER
SPEECH FOR A BILLION DOLLARS
“When， on the evening of December 12， 1900，some eighty of the nation’s financial nobilitygathered in the banquet hail of the University Clubon Fifth Avenue to do honor to a young man fromout of the West， not half a dozen of the guestsrealized they were to witness the most significantepisode in American industrial history.
“J. Edward Simmons and Charles Stewart Smith，their hearts full of gratitude for the lavish hospitalitybestowed on them by Charles M. Schwab during arecent visit to Pittsburgh， had arranged the dinnerto introduce the thirty-eight-year-old steel man toeastern banking society. But they didn’t expect himto stampede the convention. They warned him， infact， that the bosoms within New York’s stuffedshirts would not be responsive to oratory， and that， ifhe didn’t want to bore the Stilhnans and Harrimansand Vanderbilts， he had better limit himself to fifteenor twenty minutes of polite vaporings and let it go atthat.
“Even John Pierpont Morgan， sitting on the righthand of Schwab as became his imperial dignity，intended to grace the banquet table with his presenceonly briefly. And so far as the press and public wereconcerned， the whole affair was of so little momentthat no mention of it found its way into print thenext day.
“So the two hosts and their distinguished guests atetheir way through the usual seven or eight courses.
There was little conversation and what there was ofit was restrained. Few of the bankers and brokers hadmet Schwab， whose career had flowered along thebanks of the Monongahela， and none knew him well.
But before the evening was over， they—and withthem Money Master Morgan—were to be swept offtheir feet， and a billion dollar baby， the United StatesSteel Corporation， was to be conceived.
“It is perhaps unfortunate， for the sake of history，that no record of Charlie Schwab’s speech at thedinner ever was made. He repeated some parts of itat a later date during a similar meeting of Chicagobankers. And still later， when the Government broughtsuit to dissolve the Steel Trust， he gave his ownversion， from the witness stand， of the remarks thatstimulated Morgan into a frenzy of financial activity.
“It is probable， however， that it was a ‘homely’
speech， somewhat ungrammatical （for the niceties oflanguage never bothered Schwab）， full of epigramand threaded with wit. But aside from that it hada galvanic force and effect upon the five billionsof estimated capital that was represented by thediners. After it was over and the gathering was stillunder its spell， although Schwab had talked forninety minutes， Morgan led the orator to a recessedwindow where， dangling their legs from the high，uncomfortable seat， they talked for an hour more.
“The magic of the Schwab personality had beenturned on， full force， but what was more importantand lasting was the full-fledged， clear-cut programhe laid down for the aggrandizement of Steel. Manyother men had tried to interest Morgan in slappingtogether a steel trust after the pattern of the biscuit，wire and hoop， sugar， rubber， whisky， oil or chewinggum combinations. John W. Gates， the gambler，had urged it， but Morgan distrusted him. TheMoore boys， Bill and Jim， Chicago stock jobberswho had glued together a match trust and a crackercorporation， had urged it and failed. Elbert H. Gary，the sanctimonious country lawyer， wanted to fosterit， but he wasn’t big enough to be impressive. UntilSchwab’s eloquence took J. P. Morgan to the heightsfrom which he could visualize the solid results of themost daring financial undertaking ever conceived，the project was regarded as a delirious dream ofeasy-money crackpots.
“The financial magnetism that began， a generationago， to attract thousands of small and sometimesinefficiently managed companies into large andcompetition-crushing combinations， had becomeoperative in the steel world through the devices ofthat jovial business pirate， John W. Gates. Gatesalready had formed the American Steel and WireCompany out of a chain of small concerns， andtogether with Morgan had created the Federal SteelCompany. The National Tube and American Bridgecompanies were two more Morgan concerns， and theMoore Brothers had forsaken the match and cookiebusiness to form the ‘American’ group—Tin Plate，Steel Hoop， Sheet Steel—and the National SteelCompany.