The San Francisco call., 1909-01-10

real estate and the mining man, also
and unmoved by the promise OF for
tune in the fulfllment OF the contract.
The big insurance companies and
bonding companies-every kind Of In
stitution which accumulates money
were approached. and none would listen
Dreams. beautiful Dreams" was all
the uragement they got through
two discouraging months.
The final closing OF the contract was
at hand and within a few days 1t
would be necessary to give the board
of education a $4,000 bond to insure
good faith. At last there were only
two days left. and Stewart was COM
PEELED TO let his partners know that
they would have to put up the extra
money. Only one was here. The
miner was in Nome. Stewart cabled
him and he spent a midsummer Arctic
night in raking Nome for money. In
the morning he wired back that he
could not raise his share and said:
Sell the lease at any price" Then
the real estate man said that he could
not carry 1t alone. It looked as il
they would have to forfeit their $4,000
and let all the work go for nothing.
But Stewart did not know how to
quit. He offered the other two $1,000
for their share in the practically for
feited money. was quickly taken up.
and then went to a bonding company
to see on what terms he could secure
the $4,000 security. The best offer he
got was for $4,000 in cash. That. of
course. was impossible.
Defeat Seemed Certain
He had reached his last resource.
There seemed to be nothing but sur
render Instead, he put on his coolest
for better terms. He explained that
the demands of the bonding companies
were impossible and. choosing the
psychological moment. asked if the
board would not be satisfied with
$4,000 cash deposit.
No, the board would not; in fact, it
could not: at least it thought it would
not be permissible. Find out" said
Stewart.
So the matter was laid before the
board of supervisors who passed IL on
20 the finance committee, where 1T
hung fire. Stewart was on hand and
active.
Let the city attorney pass on it,"
suggested Stewart.
The suggestion was followed, and
Sfar W az anXfnnq 6QV while
City Attorney Long revolved the thing
in his mind and finally decided that the
board might accept the $4,000 cash
bond If it pleased.
But, even then, the board did not
quite like to do It. Director O'Connell
was very doubtful, but Stewart talked
as never before and won the day. He
then drew down his $4,000, of which
he personally had only put up third,
and, taking So, 700 out OF 1t, put that
up as the cash security.
But the moment the board decided to
accept the bond the first months rent
was due, so Stewart took the other
$1,000 and paid the rent from that. This
gave him a month to turn, but he
wanted two. So he borrowed $1,000 on
his nerve and breathed easier
Now Stewart was on some kind Of a
basis. but was confronted with noun
tain high difficulties which he had
hardly dared think OF before. Here he
was compelled to build four story
building covering an area 275 feet
square, and he had already exhausted
the financial field But he had an idea.
He confided 1t to the Websters and to
the First Federal trust company. Then
the three men went out into the field
again, the Websters now shouldering
the bulk of the work. with only the
hope of commission on deal so
shaky that, as they had reason to be-
neve, no one in town would handle 1t.
The business proposition which they
made was absolutely new to every man
whom they approached. In fact. had
never been heard OF in San Francisco
before. They went TO merchants with
no less a proposition than that each
one who wanted store site should put
up a proportionate share OF the expense
of building. They went to hundreds be-
fore one could be induced to enter It