The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1876-04-27
AMERICAS MERCHANT PRINCE.
The Late Alexander T. Stewart of New
XOrk-SOme Interesting "Reminiscences
of His Life.

We extract from the New York San
the following sketches of the career of
Mr.. A. T. Stewart, the millionaire mer-
chant, who died on the 10th inst:
Alexander Turney Stewart was born
in the Province of Ulster, Antrim COun-
ty, about four miles from Belfast, in
Ireland, October q, 1902. Mr.. Stew
arts ancestors were natives of Scotland,
and he inherited the spirit and latent
power of the Scotch-Irish race that had
dominated in the North of Ireland for
two centuries.
He came to America in 1918 to seek
his fortune. 1t has often been said that
he arrived in New York penniless and
without friends, but this is doubted by
many who were intimately acquainted
with him. Soon after his arrival he
taught a number of pupils at SO Rose
Street. SchOOl-teaching. however, did
not suit him, though he managed to
save some money from the proceeds of
his labors. 1t was soon after the terri
BILE epidemic of yellow fever that he es-
tablished himself as
DRY-GOODS MERCHANT
in the frame building at Broadway and
Chambers Street. His cash capital was
between 1900 and $500. 1t was at
this time that he married Miss Cornelia
Clinch, who survives him. The young
couple lived in one small room over the
store, and the wife took care of the do
mestic arrangements while the husband
attended to his business below. With
cut mercantile experience and pos
sessing no advantage but his own un-
aided determination to succeed, Mr..
Stewart started boldly on what proved
the road to fortune. No young mer-
chant ever worked harder than he.
From fourteen to eighteen hours every
day he gave to his business. He was
his own book-keeper, salesman, and
porter. He kept small stock of goods,
which he purchased for cash, chiefly at
the auction sales. Mr.. Stewart was
regular attendant at these sales, and his
purchases were invariably sample lots.
He had these goods taken to his store,
and after the business of the day was
over he and his wife carefully assorted
the sample lots and brought order out
of confusion. Every article was care
fully examined; gloves were redressed |
and smOOthed out, laceS pressed free !
| from the creases that careless bidders |
had twisted them into, and hose were !
made to look as fresh as though they
had never been handled. Every article |
was thus restored to its original excel |
/ lence. The goods were then arranged |
in their proper places on the shelves of |
the store, and, being offered at a lower |
price than that charged by other retail
dealers in the city, they had ready !
sale. Even at the low price the profit |
was great, as the goods had been pur- |
chased at mere trifle. For six years
Mr.. Stewart continued his business in |
this way, acquiring every day larger
and more profitable trade. 1t is said
| that when he entered upon his business
he knew so little of its details that he
was sometimes sorely embarrassed by
trihes. Once, it is said, he accosted the
late William Beecher, from whom he
bought many goods, as follows:
"Mr. Beecher, lady came into my
store to-day and asked me to show her
some hose. | did not know what the
goods were, and l told her that | did
not keep the article. What did she
want?"
Mr.. Beecher laughingly showed him
pair of stockings, and the young
merchant was convulsed with merri-
n1ent.
While yet in his first struggles in his
little store, Mr.. Stewart found himself
called upon to make arrangements to
pay note that would soon become due. !
He had neither the money nor the
friends from whom he wished to borrow
] 10 ,,,orl-oI al
his store far below the wholesale price. |
This done, he had
LARGE QUANTITY OF HANDBILLs
printed, announcing the sale of his en-
tire stock of goods, to be effeted within |
given time. He scattered these bills |
throughout the city, and it was not long |
before purchasers began to flock to his |
store. They found the best goods in
the market at lower price than they |
had ever been offered for in New York, |
and every one sent his friends to avail
themselves of the opportunity. The lit
tie Broadway store was filled all day,
and long before the expiration of the
period fixed upon for the duration of
the sales, Mr. Stewards shelves were
empty and his treasury full. He paid
Ills uOlCs anu ldlOl III ii lltSu SbOCh VI
goods. He was fortunate in his pur-
chases at this time. The market was
extremely dull and money was scarce.
The energy, industry, patience, and
business tact displayed by Mr.. Stewart
in these first years of his commercial life
Welded their sure reward, and in 1928
his little store was no longer large
enough for the large and fashionable
trade that had come to him.
THE GREAT CRISIS OF 1887
found Mr.. Stewart prosperous and
rising man, and in that terrible tinan-
cial storm, while other men were be-
coming bankrupt, he was coming
money. He always watched the market
closely, so that he might profit by any
sudden change in it. He marked down
all his goods as low as possible, and be-
gan to " sell at cost" Every body
complained of hard times, and all were
glad to avail themselves of " Stewards
bargains" In this way he carried on
a retail cash trade of $4,000 a day in
that fearful crisis. Other merchants
were compelled to send their goods to
auction to be sold for what they might
bring, and Mr.. Stewart attended all
their auctions regularly, purchasing the
goods thus offered These he rapidly
sold, realizing an average profit of 40
per cent. 1t is said that he purchased
$50, 200 worth of silks in this way, and
sold the whole lot within a few days,
making $4,000 on the transaction. He
made fortune in that crisis.
PRESENT IMMENSE BUSINESS.
Mr.. Stewards uptown store is the /
largest of the kind in the world. There /
is nothing that at all approaches it in
either London or Paris. 1t has eight |
stories, two below and six above ground, |
each covering an area of 24 acres, thus
making total of Is acres devoted to /
retail dry goods purposes. 1t requires
120-horse power TO heat the vast store, |
run the elevators, and work the sewing |
machines. There are about 1000 en-
ployees under pay, and the disburse-
ments for running expenses are over |
81, ,00O,0 900 year. The wholesale and
retail establishments combined have |