HOUSE OF CARDS

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Ever since I was very young, my mind has been creative, innovation perhaps my greatest strength; perhaps my greatest weakness. What I discovered was never motivated by money and once in place, simply set aside; on to something else. As a home builder, I created a small electric shovel to spread gravel; dangerous, but effective. I also designed and build metal construction devices to help make home-building faster and stronger. At the same time, I founded an electric paint roller and an electric wheelbarrow.

Many nights were sleepless, so excited I was over a new find. For 60 years, my mind has never ceased to marvel at seeing what others do not. After 40, I no longer spent time on stuff, but devoted my effort to mathematical phenomenon. I can’t get enough. Here is a small number of examples:

In the early 80’s, when interest rates were sky-high, I found a way to increase the rates on bonds, from 14% to 21%, never having bought a single bond or stock. I was so excited that I took my theory to a friend who worked as a securities broker at a major Pittsburgh firm. He failed to grasp its meaning, so asked me to explain it in front of his whole office. In front of everyone, I outlined my theory on a chalk board.  Most sat bewildered. I left the brokerage disappointed that the brokers had failed to understand me.

All the same, in a matter of days, I received a phone call, in fact, several, from some New York lawyers, they said. Their message was clear: You have stumbled onto something you should not have and if you continue, your life will be made extremely miserable. Maybe what I really discovered was one reason why Wall Street is awash in wealth.

In a connected matter, I made the front page of the business section of a Pittsburgh newspaper telling how I had put forth a mathematical theory about no-interest financing. Evidently, this was a first. Several months later, someone in California ironically discovered the same theory?

For a business client years ago, I formulated a way to dramatically increase equity to help pre-sell commercial condominiums, a real estate notion that had not yet been widely accepted. My basic thought was to simply reverse controlled profits back into the financing package. When I developed it for residential real estate sales, I was invited to teach the theory at a variety of real estate offices. Nothing bad ever came of it, except it gained little notoriety. Although it radically decreased the interest paid by buyers, at that time, real estate was hot and needed no further incentives to sell. Unfortunately, as recently noticed, had my process been widely acclaimed, we may not have had our current real estate crisis.

When I look at other things I did, several stand out. I really enjoyed being on Borough Council where I contributed to the Wilmerding Strategic Plan and the enforcement of certain codes necessary for the future well-being of the Borough. In the mid-90’s, I founded Wilmerding World Wide which primarily publicized the small borough of Wilmerding, Pennsylvania on the Internet. In the mid-90’s, when few knew what the Internet was, the Wilmerding website was believed to be the first small town in Cyberspace.

I am also proud of my involvement in the restoration of the building which once housed “The First Methodist Church”, Wilmerding’s first church congregation. Nothing came about from this effort; maybe too little, too late.

And, as Chairman of the George Westinghouse Museum Foundation, I was part of a movement to merge with the Heinz History Center in Pittsburgh. Unpopular with a small, but fierce faction of the Borough, most people realized that the merger contributed to the wider recognition of one of history’s most inventive businessmen.

With the exception of a little time spent in Ohio, the National Guard and college, I have lived my life in Wilmerding, mostly in two homes on Card Avenue. Card Avenue was named after W.W. Card, a railroad man who allowed twenty year old George Westinghouse to test his early air brake invention on several of his railroad cars.

My wife, Lillian, and I, have a combined seven children and over 20 grandchildren. For years, we resided in the very home that has been in my family from about the time it was built on Card Avenue in 1890. Now, we are retired and live in Florida.

... Richard Shumaker

Copyright 2010 Richard Shumaker. All Rights Reserved.