In 1923 a very important meeting was held at the Edgewater Beach Hotel in Chicago. Attending this meeting were nine of the world's most successful financiers: Charles Schwab, steel magnate: Samuel Insull, president of the largest utility company: Howard Hopson , president of the largest gas company; Arthur Cotton, the greatest wheat speculator; Richard Whitney, president of the New York Exchange; Albert Fall, a member of the President's Cabinet; Leon Frazier, president of the Bank of International Settlements; Jesse Livermore, the great "bear" on Wall Street; and Ivar Krueger, head of the most powerful monopoly.
Twenty-five years later, Charles Schwab had died in bankruptcy, having lived on borrowed money for five years before his death; Samuel Insull had died a fugitive from justice and penniless in a foreign land; Howard Hopson was insane; Arthur Cotton had died abroad, insolvent; Richard Whitney had spent time in prison; Albert Fall had been pardoned so that he could die at home; Jesse Livermore, Ivar Krueger, and Leon Frazier had all died by suicide.
All of these men had learned well the art of making a living, but none of them had learned HOW TO LIVE!
- Precept Austin