Lived from 1862-1939
President of US Steel Corporation, Bethlehem Steel,
Mr. Andrew Carnegie's right hand man.

Mr. Schwab

* Not to be confused with Charles R. Schwab, the financial services entrepreneur born in 1937 (read his Wikipedia). 

Memorable Quotes:

"A man can succeed at almost anything for which he has unlimited enthusiasm."

"I never criticize anyone. I believe in giving a person incentive to work. So I am anxious to praise but loath to find fault. If I like anything, I am hearty in my appreciation and lavish in my praise."

"I consider my ability to arouse enthusiasm among my people the greatest asset I possess, and the way to develop the best that is in a person is by appreciation and encouragement."

History:

-Studied in college for two years before beginning an entry-level career with one of Andrew Carnegie's steel concerns. He was slowly promoted to assistant manager, and then manager.

-In what would be a pivotal point in his career, he was asked by Carnegie to repair relationships between management and labor following a dispute. His abilities in managing people brought a reunion between labor and management, and led to a sharp increase in the steel plant's efficiency.

-He was asked to serve as president of Carnegie Steel Corporation at the age of 35.

-Four years later he assisted in the sale of Carnegie Steel to a group led by J.P. Morgan. A new company was formed called, US Steel Corporation, and he was once again asked to serve as president of the company.

-Schwab left US Steel a few years later to become president of Bethlehem Steel. Schwab undertook the revolutionary risk of developing the "H-Beam", which was a modification to the then existing, "I-Beam". He bet the farm on the new product, saying to his secretary, "I've thought the whole thing over, and if we are going bust, we will go bust big."

-The h-beam changed the faced of modern construction, allowing builders to build skyscrapers. This resulted in Bethlehem Steel becoming the second largest steel company in the world.

Mr. Schwab's once summer estate

-Built and owned some of the most extravagant homes in the world, including the "Immergrün", a 44 room summer estate, complete with a 9-hole golf course and stunning gardens.

-Thomas Edison once famously called him the "Master Hustler".

-Became known as a high-stakes gambler, spending and losing most of his fortune ahead of the great depression.

-Following the stock market crash of 1929, his stock holdings in Bethleham Steel were nearly worthless, and he found himself $300k in debt.

-He spent the last few years of his life in a small apartment, living on borrowed money. He ultimately died bankrupt in a modest apartment.

(Photo sources - from Top: first, second, third)

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