The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1860-10-26

realized $4,000. During all that disas
trous panic, Stewart retaled every day
$4,000 worth of goods. While others al
around him were breaking he was coming
money! lie was the father of the "Seil
ing out at Cost" He was the originator
of an idea among retail dry goods dealers
| that has saved thousands Of men from ruin
and made fortunes for tens Of thousands
of humbugs, by "seling out at cost"
In 1S4S he removed to his present mar
bic palace. He had bought Washington
Hall of young John Coster, for s50,000
and for few thousand dollars more two
additional buildings and lots, on Broad
way, corner Of Chambers street. Upon
this magnificent site he erected the pres
ent store. The whole cost Of the ground
andpaace erected did not exceed$30O 600
To day it would sell at auction for from
$500, 600 to 100000.
lie paid PATRON Van Rensselaer, $40
900 for the Metropolitan Hotel and out
buildings. 1t is now worth and paws an
| interest of ten per cent. on 81 100000
and would bring him at auction $500, 900
He owns nearly all of Bleecker Street, be-
tween Broadway and his present residence,
in fact owns more real estate than any 9th,
er man in New York, except it NAV be
VIM. b. Astor. But Mr.. Astor's income
is not so large AS Stewards.
Mr.. Stewart lives plainly, and is very
simple in his habits. He never splurges,
and cares nothing for fashionable society
OF for any but the set habit has flung him
among. lie now and then gives a great
dinner party. His guests are found
among the substantial commercial men OF
his acquaintance. At Stewards dinner the
service is of solid gold. lie can and does
entertain splendidy.
1t Is useless to Speculate IN regard to
the disposal of this vast property when its
owner passes from among us.
Mr.. Stewart is only sixty-four. Girard
lived TO be ninetv-two, and Astor was
ninety. Mr.. Stewart is more likely to
live to be one hundred, than either Girard
or Astor at sixty four were likely to live
to ninety.
In 1886 Stewart was worth one million
i've hundred thousand dollars. He has
averaged from that time to the present 9
business OF four millions year for twenty
tour years past. His profits have beer
itteen per cent-that is six hundred thou
sand year, or fourteen millions of dollars
add compound interest to that and to his
original capital in 1886, aud it reache:
fourteen millions. The rise of real e-tat,
owned 10y Stewart, over the price paid i
in loOO over five millions, and | do no
believe he is worth less to day than eight
cen or twenty millions of dollars, and {
large portion is in real estate that is rap
idly raising in value stated, a few lines
back, that in ten years Stewart would bt
worth one hundred million dollars. IwiI
now prove it.
His business to-day is eight hundret
thousand dollars year profit to himself
In ten years, at compound interest, te,
millions. Add to that seven per cent. O
twenty millions, and compound interes
for ten years. and with the rise of rea
estate, and Mr.. Stewards wealth viii
reach pretty near eighty or one hundred
millions Of dollars,
If he lives to be ninety years old, he will
be worth two hundred and fifty millions
and the richest man in the world-far ex
ceeding the Marquis of Westminster il
England, whose income is a million and
half sterling or about seven millions c
our money in dollars.
As three to three and half per cent, /
quite a good income from property i
england, the Marquis may be set down a
fairly worth two hundred millions of dol
lars, which at three and half per cen
gives him seven millions of dollars an
nually, OF a million and half of pound
sterling.