A. T. Stewart, a poor boy in New York, had $1.50 to begin life on. He lost 87.5 cents of that on the very first venture. How fortunate that young man who loses the first time he gambles. That boy said, “I will never gamble again in business,” and he never did. How came he to lose 87.5 cents? You probably all know the story how he lost it—because he bought some needles, threads, and buttons to sell which people did not want and had them left on his hands, a dead loss. Said the boy, “I will not lose any more money in that way.” Then he went around first to the doors and asked the people what they did want. Then when he had found out what they wanted, he invested his 62.5 cents to supply a known demand. Study it wherever you choose—in business, in your profession, in your housekeeping, whatever your life, that one thing is the secret of success. You must first know the demand. You must first know what people need, and then invest yourself where you are most needed. A. T. Stewart went on that principle until he was worth what amounted afterward to forty millions of dollars. . . . His fortune was made by his losing something, which taught him the great lesson that he must only invest himself or his money in something that people need. When will you salesmen learn it? When will you manufacturers learn that you must know the changing needs of humanity if you would succeed in life? Apply yourselves, all you Christian people, as manufacturers or merchants or workmen to supply that human need. It is a great principle as broad as humanity and as deep as the Scripture itself.

The best illustration I ever heard was of John Jacob Astor. . . . He made the money of the Astor family when he lived in New York. He came across the sea in debt for his fare. But that poor boy with nothing in his pocket made the fortune of the Astor family on one principle. . . . If you read the [statistical] account, you will see that out of the 107 millionaires only seven made their money in New York. Out of the 107 millionaires worth ten million dollars in real estate then, 67 of them made their money in towns of less than 3,500 inhabitants. The richest man in this country today, if you read the real estate values, has never moved away from a town of 3,500 inhabitants. . . .

Suppose I were to go through this audience tonight and ask you in this great manufacturing city [of Philadelphia] if there are not opportunities to get rich in manufacturing. “Oh yes,” some young man says, “there are opportunities here still if you build with some trust and if you have two or three millions of dollars to begin with as capital.” Young man, the history of the breaking up of the trusts by that attack upon “big business” is only illustrating what is now the opportunity of the smaller man. The time never came in the history of the world when you could get rich so quickly manufacturing without capital as you can now.

But you will say, “You cannot do anything of the kind. You cannot start without capital.” Young man, let me illustrate for a moment. I must do it. It is my duty to every young man and woman, because we are all going into business very soon on the same plan. Young man, remember; if you know what people need, you have gotten more knowledge of a fortune than any amount of capital can give you.

There was a poor man out of work living in Hingham, Massachusetts. He lounged around the house until one day his wife told him to get out and work, and, as he lived in Massachusetts, he obeyed his wife. He went out and sat down on the shore of the bay and whittled a soaked shingle into a wooden chain. His children that evening quarreled over it, and he whittled a second one to keep peace. While he was whittling the second one a neighbor came in and said: “Why don’t you whittle toys and sell them? You could make money at that.” “Oh,” he said, “I would not know what to make.” “Why don’t you ask your own children right here in your own house what to make?” “What is the use of trying that?” said the carpenter. “My children are different from other people’s children.” (I used to see people like that when I taught school.) But he acted upon the hint, and the next morning when Mary came down the stairway, he asked, “What do you want for a toy?” She began to tell him she would like a doll’s bed, a doll’s washstand, a doll’s carriage, a little doll’s umbrella, and went on with a list of things that would take him a lifetime to supply. So, consulting his own children, in his own house, he took the firewood, for he had no money to buy lumber, and whittled those strong, unpainted Hingham toys that were for so many years known all over the world. That man began to make those toys for his own children, and then made copies and sold them through the boot-and-shoe store next door. He began to make a little money, and then a little more. . . . And that man is worth hundred millions of dollars today and has been only thirty-four years making it on that one principle—that one must judge that what his own children like at home, other people’s children would like in their homes, too; to judge the human heart by oneself, by one’s wife, or by one’s children. It is the royal road to success in manufacturing. “Oh,” but you say, “didn’t he have any capital?” Yes, a penknife, but I don’t know that he had paid for that.