Once upon a time (in Loretto, Pa.) humble little St. Francis College had a rich neighbor and alumnus who lived across the road in a $3,000,000 mountain castle called Immergrun (German for Evergreen). He was the late Steel Tycoon Charles M. Schwab. Often Mr. Schwab promised his alma mater a $2,000,000 endowment, but he never got around to it. Instead, when he died three years ago, bankrupt Mr. Schwab left the college holding the bag to the tune of $25,000, which he borrowed from it in 1932 and never repaid.
One day a month...
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