Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-04-14
ALEXANDER T. STE WART

ALEXANDER T. STE WART.
From an elaborate article in the Tribune on Al
exander T. Stewart, the deceased merchant KING
of New York, we take the following:
About fifty years ago young irish emisran.
opened shop in Broadway WITH caP'a VI 49, .ha
three thousand dollars. He died yesterday me
richest merchant in the world Inc secret Oh iis
extraordinary success must be told IN ms own
words: 'My business has been matter OF prin-
cple from the start. That Is all there Is ABOUT ~.
If the golden rule be Incorporated into purely
mercantile affairs, it has been done IN THIS estao-
lisbmept and YOU must have noticed, II you have
observed closely, that the customers are ueateo
nrecisely as the seller himself would like to be
treated were he in their place. That is to say,
nothing is misrepresented, the price is fixed, once
and for ALL at the lowest possible figure, ana the
cjrcum stances Of the buyer are not suffered 10 IN
fuence the salesman in his conduct IN the small
est particular. What we cannot allofo Is Vioiatloh
of principle. 49,
The hard, practical, Scotch sense which these
words Indicate and which was the strongest trait
of his character, was in his blood. lie was OF
Irish parentage, but more remotely oil scotch an
cestIy His father was prosperous and hlghiy
respected farmer, descended from race OF Scotch
Irish Presby terians, whose industry, frugality,
and precision the boy inherited in full measure.
Alexander Turney Stewart was born In 1913, IN
the suburbs of Lisburn, an extensive manuiactur-
ing town about six miles from Belfast. Before
ii
died, and he was left with only one near relatve
his grandfather-who in his old age cherished
the hope that he would live to hear his grandson
preach from Methodist pulpit. The boy had
natural ability and methodcal habits, and easily
led his classes, finally taking degree at Trinity
College. His grandfather died, however, before
the course of study was completed, and the young
student was left without a relative. The grand
father had a worthy successor IN pous QaaKer,
who was appointed the young man guardian. a.
Iar HE r1i n finished
the University, one Of his tutors being the famous
Sheridan Knowles. He was not one OF the bois-
ferrous jewellers of the University whose portraits
Charles Lever has drawn with bold hand. WITH
! frame not robust, but 1.-the and active, he was
serious, pantaking student, who was always to be
| found reading in his room while his fellows were
entertaining roysterers in their chambers.
| He had been graduated with honors, and was
| about 20 years Of age, when ne decided 10 emil
| CRATE to America His guardian strongly advised
this step, and gave him letters of introduction to
prominent merchants in New York. He landed
at the Battery in 1928 and was cordially admitted
into the circle of Quakers to which his guardian
had introduced him. He had some ability as a
lngust, and easily found employment. His first
| earnings in New York we're from situation In
public school in Roosevelt ST., near Pearl ST., then
one of the fashionable centers OF the city Fletch-
| er Harper. now senior partner OF the puolshinS
house in Franklin Square, who was pupil IN TINS
| school, remembers him as an exceedingly intelli-
gent young man of scholarly tastes. trivial CIR
cumstance at the turning point of his life made
him o merchant. A young man with whom he
had become intimate applied to him Tor money
wherewith to open small dry goods store. lie
advanced the greater part of the small patrlmony
which he had brought to America; small store
was rented and stocked, but through an unforeseen
circumstance his friend, after all the preparations
| had been made, was unable to begin business:
| The pluck and energy which were the heritage OF
his Scotch-Irsh ancestry came to the surface In
| order that the money which he had already IN
vested 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
laces and returned to New York to open his store.
| The capital invested amounted to about S30O0
| and in the Daily Advertiser of Sept. z, 1870, ap
peared modest advertisement announcing that
A. T. Stewart offered for sale, at No 2S3 Broad
way, "a general assortment of fresh and season.
able dry goods" He had rented one-half of
| store with frontage of % feet exactly opposite
the northern entrance oil the present wholesale
store of the firm then the site of Washington Hall.
In the rear of his shop, the rental of which was
very low, the young merchant bad 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 la
DIV but also friend. On the day before the little
shop was opened, in accordance with his modest
| announcement, a lady whose acquaintance he had
made in the city said to him: "You must not sell
| anything on the morrow till I.come and make the
first purchase; for it will bring luck" The next
morning she drove up in her carriage and pur
chased Irish laces and other goods worth nearly
two hundred dollars. 1t was good omen for the
young merchant, and in the end it lucky
investment for herself The lady subsequently,
removed to city on the Continent, where Mr.
Stewart found her in reduced circumstances, her
husband having died after wasting her whole for
tune. The merchant settled an annuity upon her,
and during the rest of her life she lived in COM
fort.
Another incident, quite as interesting, is related
Of the first days business. A woman came in to
buy calico, and a clerk told her that the colors
were fast and would not wash out. Mr.. Stewart
Indignantly demonstrated with the salesman.
"What do you mean by saying what you know to
be untruei The calico will fade; she will de-
mand her money back, and she will be right. l
don't want goods represented for what they are
not" Look here, Mr.. Stewart" said the clerk,
eff those going to be your principles i'll trade,
I'm going to look for another situation. You
won't last long"
But Mr.. Stewart did last John Jacob Astor
was then worth several millions and Cornelius
Vanderbilt 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. lie adopted princi-
pies for the control of his trade from which he
never swerved, and being frugal in his personal
habits and careful in his business methods, his
original investment grew by degrees until it had
doubled and then trebled. AT the outset his prog
ress was not brilliant, but it was the product of
discretion, watchfulness, and persistent labor. In
1926 he removed to larger store at No. 262
Broadway, and not long afterward he again trans
ferred his stock to No. PSI Broadway. His tire
less energy and commercial sagacity soon put him
at the head of the dry goods trade Of the country
He had great delicacy oftouch and taste his judg-
ment of colors and textures was excellent; and
he had the faculty Of taking courage when
others were dsheartened, and of apprehendng
danger when others were sanguine and foohardy
He foresaw q storm months before the clouds
gathered on the business horizon. He would put
his goods before the public with adroitness and
promptness, and thus be enabled to tide over the
panic, while his rivals carried under the cur
rent. In times of depression he was the first to
anticipate reaction and by silent purchases to
lay in stock for rising market. His favorite bus
mess principle was-one price for all. From this
| fixed price salesman was allowed to depart and
no deceit or Misrepresentation to the quality of
| the goods was tolerated. He was led by instinct
and early training to accept Honesty is the best
policy" as sound business principle. There new
or was a merchant who put more conscience into
his business than Mr.. Stewart, and yet with him
| it was not so much conscience as it was common