New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-04-11
heritage Of his scotch-Irish ancestry came to the

already invested might not be lost he resolved to carry
on the business himself He went back to Ireland
converted into money the moderate fortune which
his father had left him, bought stock of Belfast
laees and returned to New-York to open his store.
The capital invested amounted to about $1,000, and
in The Daily Adrertsr of Sept 2, 1925, appeared a
modest advertisement announcing that A. t. Stewart
offered for sale. at No. 2s3 Broadway, "a general
assortment of fresh and seasonable dry goods" He
had rented onehaf Of store, with frontage of 20
feet exactly opposite the northern entrance of the
present wholesale store of the firm, then the site Of
Washington Hail. In the rear of his shop, the rental
of which was very low, the young merchant had a
sleeping room. Under these humble conditions was
formed the germ of the most extensive dry goods
business in the world.
Mr. Stewards first customer was not only a lady
but also friend. On the day before the little shop
was opened, in accordance with his modest an
nouncement lady whose acquaintance he had
made in the city said to him: "YOu must not sell
anything on the morrow till come and make the
first purchase; for it will bring luck" The next
morning she drove up in her carriage and purchased
Irish laces and other goods worth nearly two hun
dred dollars. 1t was good omen for the young mer-
chant, and in the end it lucky investment for
herself The lady subsequently removed to city on
the Continent, where Mr.. Stewart found her in re-
UuceQ circumstances, HcI HdNihS ulcu
wasting her whole fortune. The merchant settled
annuity upon her, and during the rest OF her lie
she lived in comfort.
Another incident quite interesting, is related or
the first days business. woman came in to buy
Calico and clerk told her that the coOrs were fast
and would not wash ont. Mr. Stewart Indignantly
demonstrated with the salesman. what do you
mean by saying what you know to be untrue 7 The
calico will fade she will demand her money back
and she will be right. don't want goods represent.
ed for what thew are not" "Look here, Mr.
Stewart said the clerk IF those going to be
your principles in trade I'm going to look for an
other situation. You won't last long"
But Mr. Stewart did last. John Jacob Aston was
then worth several millions and Cornelius Wander
bt had been six years in the steamboat business
The third competitor was the last in the field, but
his footing was sure and his stride rapid in the race
for wealth. He adopted principles for the control OF
his trade from which he never swerved and being
frugal in his personal habits and careful i'll his bust
ness methods, his original investment grew by de-
grees until it had doubled and then trebled. At the
outset his progress was not brilliant, but 1t was the
product of discretion, waclfulness and persistent
labor In 1926 he removed to a larger store at No.
262 Broadway, and not long afterward he again
transferred his stock to No. 257 Broadway Ills
tireless energy and commercial sagacity soon put
him al the head of the dry goods trade of the cou-
try He had great dclicacy of touch and taste; his
judgment of cOloTs and textures was excellent ana
he had the rare faculty Of taking courage when others
were dlsheartencd and of OBSERVATION-DISCLOSURES when
others were saneuine and foolharJy. He foresaw a
storm months before the clouds gathered on the
business horizon He would put lis goods before
the public with adrOtness and promrtness, and thus
be enabled TO tide over the panic, while his rivals
were carried under the current. In times of dcprcs-
sion he was the first to anticipate reaction and BY
silent purchases to lay in stock for rising market
His favorite business principle was-onc pricefor AL
From this fixed price no salesman was allowed 10
DEPART and no deceit Misrepresentation as to the
quality of the goods was tolerated. He was led by
instinct and early training to accept Honesty Is
the best policy" a sound business principle.
There never was merchant who put more con-
science into his business than Mr.. Stewart and yet
with him it was not SO much conscience as IL was
common sense.
In 1s4s he had accumulated so much capital that
he WAS enabled to build the large marble store at
broadway and Chambers-st, on the site of the
Washington Hotel, which was then the Longing
place of the young bloods OF tho city, The new
store was tremendous advertisement. People
stopped talking about the Astor House the new
store was the marvel of the day. He was now called
the Merchant Prince" and his business grew
rapdly. The profits reinyested III the same
department i'll which they had been made. lie lad
a genius for organization The right man was al
ways put in the right place, aud all the elements OF
a complicated mercantile business through periec-
ton of discipline and system, were brought into
harmonious relations. AS his business was
mainly transacted, not upon credit, bnt
upon actual capital he enjoyed great
advantages in bis purchases abroad. Fourteen
,f.ar fha ham been
erected his business had outgrown those spacious
quarters. He resolved to anticipate the uptown
movement by buying part Of the old Randall farm
bounded by Ninth and Tenth-sts., Broadway and
Fourth-ave. On these lots he erected the siX-story
iron building which is now used as the retail store
The cost of the land and structure was not far from
So 100000 1t is the largest retail store IN the
world On the eight floors, about 1000 persons
are employed, and the running expenses of the
establishment are estimated Mt over 81 ,OOO,OO
year. The two stores which Mr. Stewart built are
among the proudest monuments Of commercial en-
terprise in this country. The trade transacted in
them is almost fabulous The sales in the two
establishments are said to have amounted to $2O3,-
900 900 in three years. and the income OF Mr.. Stew
art has been the largest in the mercantile world.
| In 1868 his income was 81 900, 900; in 1864. $i,
100000; in 1865, 81 SOC, 900 in 1866, 5000, 900
was nominated for Secretary of the Treasury. he
| estimated his annual income at 81, 100000. The
| business of the house is worldwide. foreign
| bureau has been established at Manchester, where
| English goods are collected, examined, and packed
At Belfast the firm has factory where linens are
bleached. At Glasgow the firm have house for
Scotch goods. In a mdgdsin at Paris are col
lected East India, French, and German
goods. The wooden house is in Berlin, and the