Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1876-04-20
A. Il. STEWART.
How he Became Millionaire-Story of his


The death of the great merchant,
Alex. T. Stewart, has naturally awak-
ened an interest in the history of his
rise to immense wealth. He was born
in Ireland, of Scotch parents, either in
1905 or 1902, but Of this authorities
differ. He inherited the spirit and
latent power Of the Scotch-Irish race
that had dominated in the North of Ire
land for two centuries.
The New York Sun, probably the best
cyclopedial authority among newspa-
pers, gives an interesting account of
the millionaire's life, from which the
facts here given are selected. At eight
years of age he was an OrphOn, and
was cared for by his grandfather, who,
with view of educating him for the
Protestant Church, sent him to Trini-
ty College in Dublin, but he was with
drawn from that institution after the
death of his grandfather. He came to
America in 1878 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.
He first engaged in teaching, but it
did not suit him, and soon after the
great epidemic of yellow fever, estab.
lished himself as dry goods mer-
chant in the frame building at Broad
way and Chambers Street. His cash
capital was between twelve and fifteen
hundred dollars. His store was small
being only twenty-five feet wide by
thirty feet deep, and was next door 70
the establishment of the then famous
B0nfanti, who kept the most frequent.
ed variety store of the day. It was ut
this time that he married Miss Cor
nelia Clinch, who survives him. The
young couple lived in one small room
over the store, and the wife took care
of the domestic arrangements while
the husband attended to his business
below. Without mercantile expert
ence and possessing no advantage but
his own unaided determination to sue
ceed, Mr.. Stewart started ON what
proved the road to fortune. No young
merchant ever worked harder than he.
From fourteen to eighteen hours ev-
cry 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.
While yet in his first struggles in
his little store, Mr.. Stewart found him.
self 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 it. He marked down every
article in his store far below the
wholesale price. This done he had a
large quantity of handbills printed,
announcing the sale of his entire stock
of goods below cost to be effected
within a 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 a lower
price than they had ever before been
offered for in New York, and every
one sent his friends to avail them
selves of the opportunity.
The little Broadway store was filed
all day, and long before the expiration
of the period fixed upon for the dura.
tion of the sales, Mr.. Stewards S shelves
were empty and his treasury was full.
He paid his note and laid in a fresh
stock of goods. ........
When MIR. Stewart opened his little
store, John Jacob AstOr was worth
millions, and Cornelius Vanderbilt, as
Captain for Thomas Gibbons, had
been six years in the steamboat busi-
ness. From 1848 his business grew
rapidly, and grew until it became
enormous. In some branches he had
almost a monopoly. Buying large
quantities, and always for cash, he
had great advantages in his foreign
purchases, and for long time the
English, French and German manu-
facturers made concessions to him
that no other man could obtain. Mr..
Stewards up town store is the largest
of the kind in the world. There is
nothing that at all approaches it in
either London or Paris. It haseight sto.
ries, two below and six above ground,
each covering an area of two and one.
qurter acres, thus making total of
eighteen acres devoted to retail dry
goods purposes. 1t requires 520-horse
! power to heat the vast store, run the
i elevators, and work the sewing ma.
chimes. There are about two thous.
and employees under pay, and the dis.
bursements for running expenses are
over 81, l,000,0 900 a year. The whole.
sale and retail establishments com.
bined have sold goods valued at $50,
000 000 in ma wear.