The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-04-11

fourth floor. There arc about 1000 employees under
pay. Tho disbursements for running expenses are
over g. 600 600 per The wholesale and retail
establishments combined have sold a. high as
$79 000 600 one year. At present they probably run
In the ncighborhood OF $50, ooo, 900 per annum.
IN THE PANIC OF 1881
In 1888 Mr.. Stewart already worth ST. SOC. 0o0 so
that few Of merchants well able to stand
the panic OF 1887 when all gloom and confusion in
the commercial world Everybody was breaking, but
stewart says = lively writer, twas a. lively in
the crash OF commercial elements . stormy
petrol In q hurricane His action In that
crisis was Characteristic OF the man. He re-
duced his stock to cost. and sold for those
prices Gnghams and such sturs that he had been re-
failing at shr,yone per yard he sold ut twenty
cents; calicoes in the proportion what was the
consequence Old women who had "stockinged" their
gold silver marched Stewards to take advantage
OF the sacrifices that merchant was making and
though they did not want the goods, yet, ike Mrs
Toodcs, they might "want 'em one Of these days"
Stewart overrun with cash. Hc took The Same
money received for goods sold at COST went into the
market and bought the style Of goods, calicoes,
&C. that he had sold forty per cent less than he
had obtaincdl In one purchase he bought $50, 900
worth OF silks half cash and half sixty days. for sixty
per less than the OF The silks to import On
this one transaction he realized $4,000. During all
that disastrous panic Stewart reaied every day
$4,000 worth Of goods
STEWART DURING THE
Mr. Stewards business increased so rapidly after the
panic Of 1887 that 1850 his wealth was estimated
$50 600, 0O0 Whom the rebellion broke out many per-
sons thought that he would suffer heavily by the loss Of
part of his business; but the shrewd millionaire
equal 10 the emergency. He forcsaw tho demand
which would for all materials OF war, and he pro-
ceeded to engage from nearly all OF the manufacturers
their entire productions for several months in advance
When therefore, the United States government came
into the market no almost the only man with
whom they could contract for uniforms, blankets and
other materials Although from these contracts be Is
SAID to have made many millions OF dollars IL Is I'M
doubtedly true that his with the United States
were more liberal than those Of other contractors
MR.. STEWART IN POLITICAL LIFE.
During his earlier years Mr. Stewart took little in
terest In politics. but throughout tho war he
unnnching friend OF the Union and great admirer OF
General Grant II not supposed however, that he
had any political aspirations nor any political prospects,
But upon General Grants accession TO ONCE in 1868
the President Mr. Stewart for Secretary Of the
Treasury, and the veteran merchant was willing to nc
cept the position but he prevented by section Al
No person appointed any office instituted by this act
shall directly Indirectly be concerned Interested In
carrying business OF trade be
in whole or In part any vessel purchase by himself
for him. public lands other public
property In the purchase disposal Of
public securities Of any State Of the United States take
apply his emolument gain for negotat
ing any business In said department other
than what shall allowed by laws and II any person shall
offend against of the prohibitions OF this act he snail be
deemed guilty Of high misdeneanor and forfeit to the
United States penalty Of s. oo and shall upon
ton be removed Office and thereafter be
pable holding Office under tho United states provided
that IL any person than public shall give
information Of any such offence upon which prosecution
and conviction shall DO had onehaf Of the aforesaid
atty of $780, when recovered shall be for the Of the
person giving such information.
When tho matter brought to the attention Of
General Grant, correspondence Of the time informs
us that the President took II very coolly and said Il
could be fixed up without trouble II Of those
unforeseen little obstacles, he said. which spring up
occasionally, but he would brush It away without de-
lay He SAID that he would send in message to Con-
gress next day, recommending the repeal the OBJ
noxious section Immediately, and had doubt Con.
eress would act upon his recommendation promptly.
But Congress refused to accommodate the President in
the matter and impossible for Mr. Stewart to
accept the place The meeting called In this city to
nominate President Grant was held more through Mr..
Stewards exertons than those Of any other man. and
the only time no consented to accept the sufragcs
the people was In 1868, when he tho republican
ticket for Presidential ccctor
HIS REAL ESTATE.
Mr. Stewart was probably OF the largest real es-
tate owners on this continent but 1t IL impossible to
give 1t at present schedule form to correctly cst
mate its value The following list, however, will give
some idea OF the immense amount OF capital invested
in that class Of property, and although not by any
means complete, represents IN itself many fortunes.
He owned the marble structure running from Broad
way to Readc street, now used as Wholesale estab
lshment; the retail store, occupying a complete
block bounded by Ninth and Tenth Streets Broadway
and Fourth avenue; the Metropolitan and
ST. Nicholas hotels; the Globe Theatre, on
Broadway; Nibo's Garacn his mansion on
Fif,a avenue, corner OF Thrty-fourth street, almost
all Of the buildings extending from Broadway on
Blocker street to Dcpau row; the Amity street
Baptist church, the Grand Presbyterian church.
several dwelling houses Fifth avenue 5000 acres OF
land on Hampstead Plains, now known Garden City,
with tho villas, &c, variously estimated at being worth
from So 600 900 to IS, 600 00o immense amount Of
mill property at Glenham, near Fishkill Landing: the
Union Hotel at Saratoga the most gigantic hoselry
tho world; the Hotel for workingwomen on Fourth
avenue and Thrty.sccond street, besides almost
nnunerabie houses in this city and OF suburban
property as well.
MR. STEWARDS Personal LIFE.
Mr. Stewart married nrly-onc years ago TO Miss
Cornelia Clnch OF this city, who survives him. Sho
was the daughter Of Jacob Cnch of tho rm OF Jones
Clinch, that timo ship chambers In Wall street.
They had two children, a son and daughter but both
died In infancy. Socially he among the most
agreeable Of men, and from his magnificent mansion in
Fifth avenue he dispensed an elegant hospitality. In
the later years OF his life Mr. Stewart often went back
TO early studies and he took great pleasure
rounding himself with paintings and works OF art HIS
picture gallery Is one Of the finest In the CITY, His
latest acquisition Is the famous painting by
Meissonicr, called the 'Charge dcs Cuirasscrs rep
resentng a body OF cavalry charging past Napoleon
and his stan, who recognize the involuntary burst OF
enthusiasm from the The painting is the largest
that has been sent from tho studio OF this
artist being eight feet across by four and n half