Self-Conscious Liberal

In the American Spectator appeared an autobiographical article called "Why I Changed," by James H. R. Cromwell, one-time millionaire socialite. Cromwell is the stepson of Edward Townsend Stotesbury, head of J. P. Morgan's Philadelphia affiliate, Drexel & Co. He married the daughter of Motorman Horace E. Dodge, entered Drexel & Co., but quickly determined to head his own business like his stepfather and father-in-law.

"I grew weary of being a clerk and counting nickels and dimes. I wanted to deal in millions like my two idols. I wanted to go into business for myself. I wanted to be my own boss and make millions." When Motorman Dodge died, Cromwell organized a company to finance retail sales of Dodge automobiles. The company had a turnover of $30,000,000 in three years, was sold at a profit after James Cromwell persuaded the widows of the two Dodge brothers to dispose of the automobile company to Chrysler for $160,000,000--biggest cash sale in Wall Street history. "I was only 27 years old. I was as conceited as Alexander and, like him, craved new worlds to conquer."

In the Florida land boom of 1926 he organized the "American-British improvement Corp.," planned to build a city called "Floranada" on 3,600 Florida acres. Collapse of the boom wiped out his own fortune and millions loaned by his family. "I discovered that a diamond-encrusted golden spoon can become an instrument of torture--when it stirs the bitter tea of failure."

"When the Arabian Nights year of 1929 was making millionaires out of boot-blacks, I had lost my reputation, my wife, my child, my home and my fortune and was skating on the thin edge of personal bankruptcy. All I had left was my mother." In a book called The Voice of Young America, he attacked U. S. business methods, advocated a better distribution of wealth. "It's the same old story. ... I myself had lain with trouble. That is why I changed."

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