The New York herald., 1869-03-06
ALEXANDER T. STEWART, OF NEW YORK,


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The appointment Of this gentleman to the re-
| sponsible position OF Secretary Of the Treasury
| though matter OF some little surprise, was not
| altogether unexpected. There Is perhaps no name
in the United States better known than that Of Alex
| ander 7. Stewart. His immense wealth and exten-
sive business together with the manner IN which he
succeeded in obtaining both, have for many years
past made the people Of this country almost fam
liar with his name as with that Of Washington Mr..
Stewart is Irishman by BIRTH and born in the
county Tyrone about the year 1896. He received q
good education, and after leaving school passed
few brief years In his native land, struggling against
poverty and the numerous hardshlps which
sariy entaed upon those who are beset by the grim
spectre. Falling to better his condition at home,
and perceiving that no prospects presented them
selves OF brighter future in his own country,
Mr. s to yart at length cut loose from all his
youthful associations and embarked for the United
States, 10 which the eyes of the poor
OF the Old World were then being finally
turned as the Mecca Of their earthly happiness and
prosperity. Possessed Of little money, but with an
abundant amount Of hope and resolution, he
landed in New YorK' in 1s19 being then about
twentyfour years OF age Soon after he set to work
Rose street Tor many months patiently endeavored
10 nstil knowledge the minds OF the young and
rising generation.
Entrance Into Business Life.
AS might naturally. be supposed, school teaching
not occupation likely to lead to wealth, and
much less to the colossal fortune which Mr. Stewart
subsequently earned. Still the profession appears to
have indirectly laid the foundation to IT, he Is
said to have not only made living but to have
tually saved some money. In 1922, soon after the
fatal yellow fever epidemic Of that year. Mr. Stew
art first appeared In q mercantile character.
In an old wooden tenement on Broadway,
almost directly opposite his wholesale mar
BILE building, at the corner OF Chambers
street, he opened Q retail dry goods store. II all
accounts be correct the total cash capital with
which this business was commenced was between
twelve and fifteen hundred dollars But II the CAPT.
tai was small his business tact and ability were
great, though then undeveloped; and, besides, he
had made many friends, who were aware Of his
sterling honesty and steadness OF character. His
establishment was almost as small as his capital
being not more than twenty-five feet wide by
twenty deep. 1t was situated next door to the
business house OF Bonafant the then well known
but now almost forgotten variety storekeeper,
whose eccentricities and poetry made him the most
popular dealer in the city. The manner In which
Mr.. Stewart commenced business was unusual, and
direred greatly from that Of merchants In
general. His stock was limited to compare
lively few articles, and these were obtained almost
entirely from auction sales. All sales by auction
were attended with great regularity, and his
purchases were invariably what are known in mer-
camille language as sample lots.n These COM
prised numerous kinds Of articles which, from
being small quantities OF each gathered together IN
confusion sold for considerably less than each sepa-
rate article would have brought had 1t been OF con-
siderable quantity. When purchased they were con.
veyed TO his store, ana after the days business
over he would sit down to work and patiently
separate them and restore order. Gloves were
redressed; laces were made TO look II they had
never been crumpled up In the hands Of bidders;
hosiery was carefully attended to; and In fact,
when his task was completed and the goods placed
In their appropriate places on the shelves every
article seemed fresh and as new as those which
had Just arrived uninjured by the last vessel from
Europe or course this triumph OF industry and
patience had its reward. Being purchased for q
mere trine the goods were sold for much
smaller price than the other retail Dealers who pur-
chased In the regular manner, able to sell the
same material. The result that ladies and gen.
temen found TO their interest to purchase oil they
needed In his line from Stewart. Ladies' OF fashion
also began to patronize him, and their example
being followed by others he soon drew around him
q large and profitable trade For six years he re-
NAMED in his old wooden teEement store, attended
the auctions regularly, redressed his purchases in
the nights, and modestly sold them TO his Gus
toners at lower prices than they could be purchased
for elsewhere.
A Change TO More Aristocrutic Quarters.
At the expiration OF his sixth year Of business
ls2s) Mr. Stewards business had become TOO large
and too arstocratic for the premises he occupied.
On Broadway, between Chambers and Warren
streets, three new stores had been erected, the
smallest one Of which he leased. The building was
only three stories high and the store but thirty
feet deep. II was, nevertheless great Improvement
upon the old establishment IL was better fitted up
was better stocked. and, taken altogether, was q
respectable place. For four years business was
carried here, and at the expiration OF that time
ne removed TO two story building located between
Murray and Warren streets. He had not been here
long when his business continued 10 increase 90
rapidly that he compelled TO add twenty feet to
the depth OF the store and to place an additional
story to the structure. Five years later the building
had attained to the dignity Of nve stories and was
increased thirty feet in depth. Mr.. Stewarts busi-
ness was now thoroughly established and the foun-
dation OF HIS fortune firmly laid About this time he
introduced or adopted custom which has since
become universal throughout the country.