The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-22

which probably hundreds of young law
yers in this city have been looking. but
which no other one who had the chance
possessed the courage to grasp. He,
therefore, now is reaping the rewards,
and If his payment in this particular case
is chiefly in reputation 1t is certain to oe
followed by highly remunerative retain
erS.
When William Nelson Cromwell ac-
cepted the post of receiver for firm OF
brokers that had been, through no fault
OF theirs, compelled to suspend his judg-
ment and his courage indicated to him
a method of procedure as receiver which
was unprecedented. The rule had been
for the receiver in a bankruptcy liquida-
ton that promised if long drawn out
to yield a steady income, to act SO as
to made procrastination certain. But
Mr.. Cromwell, instead of doing that,
hquidated this bankruptcy within three
weeks, put the firm upon its feet, paid
off creditors in full and the courts al
lowed him for that service fee of $780,
600, going so far as to say that the SER
vice was cheap, even at that magnificent
remuneration, and the general opinion
at the bar and in financial circles here
was that this, at that time unprecedented,
fee was well earned.
Judgment Won Wealth.
Several other recent instances of the
possession of what Senator Depew calls
the money bug" which is a combina-
ton of judgment and courage, have oc-
CURED in this city, especially in real es-
tate transactions. Mr.. Morgenthau, who
is now in Europe, and who is president
of corporation whose speciality is real
estate, was called upon not long ago
to decide on the instant with respect to
the purchase of a certain business build
ing on lower Broadway. Others had the
opportunity that came to Morgenthau,
but they had hesitated. One of them
said that he wanted to null over the
proposition. Another wanted a week S
time. Mr.. Morgenthau wanted no time
at all. He made in almost the same
breath that the proposition came to him
an offer for this building: the offer was
accepted on the spot and in little while
Mr.. Morgenthau sold the building at a
profit commonly reported to be nearly
$4,000.
The other day an opportunity came to
two young men who had organized a
corporation for dealing in real estate to
purchase a building within pistol shot
of Wall street at price not far from
$4,000. Judgment and courage were re-
quired to accept this proposition, but the
young men possessed these qualities and
used them and in less than a month sold
that building at a profit sufficient to
pay the first years dividend at 6 per
cent. upon the capital stock of the cor
poration which they had created. That
is to say within a month after the or
ganization of that company they had
by a venture which required daring, the
daring being, backed by judgment, earn
ed enough to pay the contemplated year
ly dividend upon the capital stock.
Value of Courage.
For years the corner at Thirty-fourth
street and Fifth avenue in New York,
upon which the marble building erected
by the late A. T. Stewart. stood, has
been SO to speak off color, that is to
say it was not regarded as a desirable
or in any way a profitable investment.
Al last. three or four men, one of them
George r. Sheldon, perhaps the most in-
innate of the business friends of Sena-
tor Platt, had the judgment to buy this
building and the land upon which 1t
stood, although the amount of money In
volved was very large, and the courage
to make contracts for the tearing down
of the building. Probably a majority of
those familiar with real estate tendencies
and opportunities in New York looked
upon this as a rash and most Improbable
venture. instead Oh OtHlS AdShr HO"cfSA'
il was courageous, the courage being tenn
pered by good judgment.
That one operation seemed to remove
the spell that has for years rested over
Thirty-fourth street. Nathan Strauss,
once candidate for Mayor of New York,
and now the head of one of the larger
department stores here found his courage
stimulated by this transac ton and he en-
tered into contracts for the construction
of what is to be perhaps the greatest de-
parment store in New York at Thirty
fourth street and Broadway just block
away from the Stewart plot. His courage
inspired also that of an ex-Mayor of New
York. Hugh ]. Grant who with certain
associates entered into contract for the
erection of another very large and expen-
sive building within earshot of the one
Mr.. Strauss is about to erect. And this
transaction by which the Stewart house
was RACED to the ground is estimated to
have caused an appreciation in value
along Thirty fourth street and at the in
tersection of Broadway and Sixth avenue
by some s40o0.OOO.
Daring worth 81 100000.
At the time Columbia University aban-
doned the block at Madison avenue and
Forty-ninth and Fiftieth streets for its
new home on University Heights it was
the common judgment that a piece OF
property for long time unimproVaole
and unremunerative would be In the pos
session of the university unless Presi-
dent Low were fortunate enough to 1nd
some rash or too confding purchaser for
that block. Men who have specuiated
or invested shrewdly in real estate IN
New York looked at this plot OF ground
ON which stood the old university build
ing shook their heads and went away
declaring that there was nothing in IT.
for them. At last a builder passed that
way and having passed turned around
and passed back again. The next day
he went to this place again, walked
around all four sides OF the plot. He was
then calling upon his judgment for It's
aid I'm bringing him TO a decision.
He went away not daring at hrst TO
listen 10 the counsel his own judgment
had given to him. Judgment said. buy
that property at the terms asked by Co
Iumbia." but courage was for day or
two unedual TO the acceptance or tnat
advice. But after little while TINS
builders courage matched his judgment
and he became the owner OF that plot OF
ground. and almost every one predicted
financial distress II not ruin because OF
that purchase. But instead OF ruin or
distress, his judgment was finely vindi-
Gated. He erected urson the blot OF
ground some handsome dwellings. sold
them speediIy and his net profits in that
transaction are understood TO have been
in the neighborhood OF 81, 10000 II would
he u.ossible TO extend the number or ex-
.un,es 30 that the report would I'll sew
- columns. ali being recent illustro-