Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1860-08-27

I
ceiyed forgeod9 sold at cost vent into the
market, and bought TIE same style Of goods,
ealieoes, etc, shat be bad sold for 40 per
cent less than he had obtainedl In one pur-
chase be bought $50, 600 worth Of silks, hall
cash, and half for sixty dRys, at sixty per
cent less than the cost Of the silks to import.
On this trausaction be realized S20,000.--
During ali that disastrous panic Stewart re-
tailed every day $4,000 worth OF goods
WkiIe others ali around him were breaking,
be was coming money, He was the father
Of the 'iSelling of at Cos" he was the
originator of an idea among retail dry goods
dealers thar has saved thousands Of men
from ruin, and made fortunes for tens Of
thousands Of hWhbues by selling of at
cost" l.l .l5.t...., .... gIa....,.
Mr.. Stewart moved quietly and calmly
among the tumultuous commercial elements
In 1913 ne moved 10 his present marble
palace He had bought Washington Hall Of
young John Coster, for $50, 900, and for a few
thousand dollars more two additional build
ings and lots on Broadway, corner Of Cham
bers street Upon this magnificent site he
erected the present store The whole cost .of
the ground and the palace erected did not
reach 100000. To-day it would sell at auc-
ton for from $500, 600 to 81, ,OO0, 900. ilfa
/ Hepaid Patroon Van Rensselaer, 500 000
for the Metropolitan Hotel and out-buildings.
Il is now worth and pays an interest Of ten
per cent. on 81, 900 000, and would bring at
auction $500, ,000- He owns nearly all Of
Bleel1er street, between Broadway and his
present residence, and in fact owns more real
estate than any other man in New York, ex-
cept il may be Mr.. VIM. b. AstOr. But Mr..
AstOr's income is not so large as Stewart s.
~ In ganuary, 1859, he was worth fourteen
million. Of dollars His sales at the store are
$500, 600, Of which he now, and ever has re-
ceived one-halE
He lives moderately and quietly His
house was built by peRau, but cost Stewart
only $4,000. ............... ..............
a he married Miss Clinoh, sister of. CIinch
of the grocer firm Of Townsend, Clincit &
Dyke. They haTeno children. So unosten-
tatious is Alr, Stewart in his religious opin-
ions, that few know whether be is Catholic
or Protestant.
Mr. Stewart lives plainly, and is very sim
pie in his habits. He never splurges, and
cares nothing for fashionable society, or for
any bat the set habit has flung him among.
He now and then gives great dinner party.
His guests are found. among the substantial
commercial men Of his acquaintance At
Stewards dinner the service is of solid gold.
He can and does entertain splendidly. ,-aal
90 tits useless to speculate in regard 70 the
disposal of this vast property, when its pres
Mr. Stewart is only sixty-f four Z Girard
lived to be uinetyltwo, ana Astor was ninety.
Mr.. Stewart is more likely to live to be one
hundred, than either Girard or Astor at sixty
four were likely 70 live to ninety. "a
.au Inl836, Mr. Stewart was worth one mil
Lion Eve hundred thousand dollars, BE has
averaged from that time to hepresent a busi-
ness of four millions yeaT. for twenty-fOur
years past His profits have been fifteen per
'cent-that is six hundred thousand dollars
a year, or fourteen million dollars His half
share is seven million two hundred thousand
dollars add compound interest to that, and
10 bis original capital in 1896, and it reaches
fourteen millions. The rise of real estate
owned by Stewart, over the price paid, is in
1860 over five millions; and donot believe
that be is worth to-day less than eighteen or
itWeRty millions Of dollars, and a large p6r-
ton is in real estate rapid y rising. II stated
q few lines. back, that in ten years Stewart
would be worth one hundred million dollars
l will now prove it.. ......-.
His business to-day is eight hundred thou
sand dollars a year profit to himself. In ten
years at atpompoupd interest, ten millions. Add
to that seven per. cent. or twenty millions,
and compound interest for ten years, and With
the rise Of real estate, and Mr.. Stewards
wealth viii reach pre- tty near eighty or one
hundred million Of dollars. 900
..q If be Lives to be ninety years old, he will
be worth two hundred aud fifty millions, and
the richest man in the world--far exceeding
the Marquis Of Westminster in England,
whose income is q million and half sterling,
or abpgt seYeR millions Of our money in dol
lars. 1oi ""i-i"a.' .a -7a''--''. .''-
LAS three 10 three and 4 half pet Gent. is
quite a good income hom property in Eng
land, the Marquis may be set down as fairly
worth two hundred millions Of dollars, which
At three and half per cent. gives him seyeu
millions of dollars annually, or a million and
a halt pounds sterling. .o .,,AuY !4.N.sl4 ~
- The best thing Mr.. Stewart can do to earn
an earthly immortality, is to buy Ireland be-
fore he dies, from Great Britain, and set her
up in business on herr own account among
the nations of the earth.
1I,i -.0-..-.' u - ! - ~ s.Hh-i-' '-''i'