The San Francisco call., 1908-07-19
rne San Francisco Sunday Cali.

du = 1d14C1oCO OA4Nloy O4@'
Cotton will go up to IL tomorrow
morning. 1t will go to Is before it's
through.
Then you can sell out" she ex-
claimed eagerly.
Not much" he answered. donI
deal in cotton. 1 manufacture thres|
The next day-well. cotton wa -2e
disaster that swept the props rrom
under. Wall street. Everybody, even
the members of the stock exchange.
had gone into eotton-had Sold Houses
failed by the dozens. And, suddenly
General Prosperity faced General Panic.
The town of Cadwalader dldn
change its name. The Cadwalader
trust company would have weathered
the storm save for a few unfortunate
circumstances. These were. first, that
the funds on deposit had been invested
in swamp OF 800 acres and some
houses of doubtful stability; second.
that the officers of the trust company
had lived as well as or better tnan
the trust company could anOrd. thlru'
that the trust company had SOld COT
ton that never had existed The three
men who headed the trust company
were solid. respectable businessmen
Inside of 10 years they would nave
made a great town OF Cadwalader-a
town with a better name. OF course
They would have been great men, but
as il vas
The town of Cadwalader shriveled
into innOcuous desuetude- Real estate
declined in value. There was no money.
Irene Cadwalader shivered.
Billy" she exclaimed. "yOu-yOu
weren't progressive. only foolish. Why
did you buy that cotton? You can't pay
for il. You can't handle it. Why don't
you sell 1t Out?"
-. "a
trust would get it. Not on your life.
You don't understand. Irene. This
panic doesn't affect my business. There
are just as many people who want
thread. I'm going TO make thread out
of cotton that / bought at AZ, and I'm
going to sell il. not only TO my own
customers. but to the customers of the
Universal thread concern. The thread
trust can't make thread at twice the
figure that 1 can now I'll pay for my
cotton as | go along. Watch out.
His first move was to spend month
in travel in personal solicitation to Sc
cure his contracts for thread. He Sc
cured them. His price guaranteed him
that. Besides, the Cadwalader threads
were the best in the world. Then he
came back. The town OF Cadwalader
was groaning. 1t had no money. no
credit. But Cadwalader held out his
hand.
I'm going to double my mills" he
said I'm going to treble my working
force. I'm going to employ every man.
woman and child that L can accommo-
date. Money? No, ] have no money
either But" He took his big
contracts to the grOcers, the butchers.
the bakers. They examined them and
nodded. And then Cadwalader issued
his certificates for wages-"Ca Cadwa1a-
der's shin plasters" they called them
nd AT .
of tradesmen in the town He had to
do this. He had used all his cash in
payment for the first installment OF
cotton. But before the second INSTALL
ment, was due he had shipped his first
big consignment of finished product
and had the money for it. He took on
more hands. built more buildings. is
sued more certificates. Out of chaos
he produced cosmos. The people
stopped grOaning. Winter came on, but
they had coal and blankets and every
thing they needed. The MOrristown
banks came TO Cadwalader's aid. The
shin plasters were retired. The town
of Cadwalader resumed it's normal
usages. When that time came j. Will
liam Cadwalader owned the trust COM
pany; he even owned the swamp. He
had to buy them up to save the town.
The panic died speedy death.
How did you ever do it, Billy?"
asked Irene Cadwalader. when the
manufacturer had paid for all his cot
ton.
He only smiled. Well" he said
I'm a threadman and I stuck to
thread that's all. I had something to
sell that the people wanted 20 buy I
sold and the people bought. That's
ALL"
"And Campion and Pantaneous and
Fertig?" she inquired not quite under
standing how the crash had all come
about
My dear" said Cadwalader. they
never had anything to sell-nOthing
save 800 acres of swamp land worth
81 an acre. That's all"
Yet she responded. they made
money"
No" he answered gently. they only
took it. grille"