The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1860-10-17

Co. moved next, and Stewart into the third
store. He was only thirty feet deep. The
rest were their present depth, and only three
stories high, but occupied above by families.
In this store Stewart continued until 1872
Then he moved down to a two-story store be-
tween Murray and Warren streets His bu-
siness increased so rapidly that he had to en-
large his store by deepening it an additional
twenty feet, and raised it to three stories. In
the course of five years more he was obliged
to deepen it thirty feet more, and put on two
more Stories making it "a fve-story store.
About this time Stewart adopted the plan
of employing as clerks the handsomest
young young fellows ne could pick up in this
country and even in England. His custom
ers were the most dashing and fashionable
young women in the city and from the South.
He hired handsome Boyle (alterwald Boyle
4 Humphreys.) and Durham. TEey drew
crowds to Stewart's already fashionable
store.
Many of our readers will we'll remember
portly bald-headed man who used to walk
up and down the store, whe:: it was opposite
the City Hall. This walker was named
Johnson. He had been brought up in a
fashionable London dry-goods store He
came to New York, and offered to 90 into
Stewards store for no salary. He was ac-
cepted. The first year Stewart gave him
$lOO the second $1,000 the third $500
ard the next year gave him an interest in the
business of one eighth. lie left the concern
of \. I. Stewart \ Co. some ten wears after,
. in 1919. with 500 G00,and went to England.
taking 100000. aud leaving $4,000, which
Stewart invested in Kentucky bonds john
son was bachelor When he reached Eng
land he was induced t. start il club house.
He sold out his SSO,O0O Kentucky stock los,
every dollar, and came back to New York.
and wanted Stewart to take him in again
But Mr.. Stewart had, meanwhile. sent to
, England for MIR. King (who had previously
Z been a clerk with him. and taken him into
$ partnership cons equently there was no va
cancv for the unfortunate Joh, son. He is
now in Italy. His wife will make one of the
e first singers in the world. equal to Mabran
. after having had some practice in the Italian
: school. Her voice is unequallei. Johnson
t. married her in England.
i. In 1881 Mr. Burroughs was book k, eper
Stewart took him i'll as a partner, and gave
y him ore eighth in 1888. He died last Year
. and his share was just one million of dollars
Mr. King was in the concern long enough tc
e make S250.000, and then he retired to Eng
II land, where he died
!. Ireland has been the birthplace Of man,
e remarkable men, but never has she sent from
=. Stewart. Our land has fostercd the French
J. man Girard, of Philadelphia, and :hc Gey
.r man Astor, and they died worth Millions
s. But they Eever, even at great age, reachet
the wealth of the lrishman Stewart He i
y yet in the grste Of his success. and not har
" dened into the bone and muscle Of mammo,!
r. oversrown wealth. Stewart is this day WORT
n from fourteen to twenty millions of dollars
J. lie owns more real estate than Astor ant! il
J. he lives ten years longer Mr.. Stewart VIII b
e worth from eighty to one hundred millions O
y dollars.
= In the year 1887. when all was gloom an
-, confusion in the commercial worldwide
failures were SO common that the concer
that did rot fail was regarded with astonis.
ment-when the banks were suspended. ar
, merchants begged for mercy of the Cover
ment, not to be forced to pay their bond
and duties in specie, Stewart was as Eve y i
the crash Of commercial elements as storm
-. petrel in wild hurricane. Everybody Wa
y breaking. What did the far-seeing S,ewa
do .? He reduced his stock to cost. and sol
for those prices. Ginghams and such slut
, that he had been retailing at 81 cents p,
=, yard, he sold at 20 cents, calicncs in the san
proportion. What was the consequence ?
= Old women who had stockinsed their gcI
, and silver, marched to Stewards to take al
vantage Of the awful sacrifice that unfo.t
nate merchant was making, and though tn,
did not want the goods. yet like Mrs. To
:, dies, they might "want 'cm one of the
days." when they could not be had at SUI
unheard of low prices. Stewart was owe
, run with cash. lie took the same money r
l.. ceived for goods sold at cost, went into Il
:. market, and bought the same ST. yle of good
calicoes, etc, that he had sold, for 40 p
cent. less than he obtained In one pu
/" chase he bought $4,000 worth of silks, ha
- cash, and half for sixty days, at sixty p
cent. less than the cost of the silks to in:po
On this transaction he realized $4,000.
During all this disastrous panic Stewart l
tailed every day $1,000 worth of goods.
w While others around him were breaking,
:, was coming money He was the father
''' the Selling off at cost" lie was the or
nator of an idea among retail dry 600
- dealers, that has saved thousands of m
-, from ruin, and made fortunes for tens
", Wv thousands of humbugs, by selling off
cost"
W no- Mr.. Stewart moved quietly and calmly
ITO nong the tumultuous commercial elemel