The San Francisco call., 1909-01-10

Moreover. they did not even have thu
inducement of low rent TO offer in con-
sideration for this most extraordinary
request, but. on the contrary, were ask
ing the biggest rent which had ever
been paid up to that time on Market
street The terms were such that the
merchant, in order to get an ordinary
store in the building aad to put ur
$50, 900 in cash in advance, to be repay
able only after 20 years.
With scheme like this being out
lined to dozens OF merchants every day
1t soon became generally known. and
they say that everywhere they went
other men followed to detract from
them in the hope of inducing the pros
pective lessees to change their minds
But in spite OF the handicaps they
succeeded within two months in secur-
ing by this means s152.5OO There il
ended. They could not get cent more
Money Comes at Last
But while the Websters were signing
up leSseeS Stewart was organizing a
syndicate of wealthy men, who agreed
to let him have $4,000 at per cent In
tereSt on condition that he paid in addi-
tion, on account of the risk $500
month as bonus. In other words, he
was paying 19 per cent interest on the
money. This left $4,000 still to be
raised, and Stewart succeeded in induc-
ing the hard headed contractors to take
this In 10 year bonds as part payment
on their work. The building was
financed at last
1t was gigantic, stupendous. task
Stewart says he hardly slept for
months. and after spending long days
in discOuraging search for money never
left his desk until in the morning.
planning the next days campaign.
The deal was closed. The money was
n he hrfl
Immediately the transaction began to
assume a very different aspect from a
few weeks before. 1t was now easy to
see where a fortune could be made
from the property. The syndicate
which had loaned Stewart $4,000 now
came forward and asked him what he
wanted for his interest in the lease.
Stewart named a stiff figure. They
made smaller offer. Stewart held
them Off and they became more eager.
offering better price, but Stewart
stuck by his original figure
And here comes the crisis in the
drama. The next months rent was due
and Stewart did not have the money to
pay it. 1t was true that the First Fed
Grated trust company had in its vault
over 100000 which Stewart had placed
there, but he was not in a position TO
touch a dollar OF It,
No one knew what tight fix he was
III anu he COulQ not duOrQ 10 let II De
known. Still the rent had to be paid
So he went out to raise it. This was
hard to do. 1t seemed immeasurably
harder than ever before. Moreover, he
had to be careful not to let 1t be
known how badly he was In need OF
ready money Finally he found a man
who was willing to lend him So, 900 to
pay the rent on condition that he be
repaid $4,000 in 10 days. Stewart was
forced to accept the terms and a few
days later the syndicate came up to
his price and took the lease or his
hands, Immediately assuming all obli-
cations and giving him check which
left him $150.000 where he had only
$4,000 a few months previous
The syndicate which now owns the
lease got it at a good figure at that.
and. being well backed. will be able
to carry out all the conditions which
Stewart made.
TT was a terrible task" said James
S. Webster, discussing the transaction
in his office the other day. the deal fin
ished and clear water ahead. But we
did it all in the open. We never mis-
represented a single fact and any one
could find out at any time what we
We're doing. 1t seemed impossible and
there were plenty to cry US down. but
we did not dare waver for a moment
and we accomplished the almost i'm
possible"
Stewart sees now. and saw in the
beginning, the chances against him.
They were all but overwhelming. but
like a good boatman putting a frail
craft into harbOr between threatening
reefs with a tumultuous sea between
he held the tiller firmly in his hand
and put 1t through.
Any young man with nerve aud a
determination never to give up can do
the same in San Francisco again
Stewart said in conclusion. after Civ
ing the facts OF the story, which he
had never done before. And look at
his frm jaw and cool eyes set true in
broad face shows the kind OF young
man 1t requires.
Incidentally, the real estate men say
that Stewart earned every cent OF that
s15O.o0o.