The Portland daily press., 1876-04-11
Obituary.
A. L. Stewart, the Merchant Prince.

Alexander T. Stewart, the we'll known dry
goods merchant of New York, died Yesterday at
1.30 p. M, of inflammation of the bowels, aged
about 70 years.
Mr.. Stewart of Scotch-Irish parentage, and
was born near Belfast, Ireland, about 1903. He
was educated at Trinity College. Dublin, and
came to New York city in 1923, where he taught
for short time. His early instruction was with
view to the ministry, and it is said that in af-
ter years the great merchant expressed the fear
that he might have succeeded better in some
other profession or business 1t is also stated
that he had decided liking for classical stud
les and kept them up while in active business.
This. however, may be doubted. In 1926, with
small sum of money, left him by friends in
Ireland, he set up small retail dry goods store
in New York. He was married about this time
and he and his wife "kept house. in one loom
over the store. When his business increased 40
that he was obliged to have clerks, he got more
house room and boarded them, Mrs. Stewart
doing the work. He devoted himself exclu-
sively to business, working in his store from
fourteen to eighteen hours.
When Mr. Stewart began business merchants
relied upon themselves. Credt was difficult to
obtain; banks were cautious and bankruptcy
was not looked upon as a means of making
money, But it is to an accident, which would
have swamped most men, that Mr.. Stewart
owed his final success When doing business
in his small store note which he had given
was about to mature which he could not pay.
Instead of going to his creditors and offering
thirty or fifty per cent. in three or six months,
he resolved to pay promptly if he sacrificed his
last dollar Accordingly he marked every arti-
Gle in his store down below the wholesale price
and flooded the city with handbills, originating
the ''selling-off-at-cost' style of advertising.
These hand-bills told the story and his bargains
told the truth of the story. The little shop
was crowded and his name became household
word among that class who seek to get the most
for their money. In few days the crowd ex-
tended out on the pavement, and In short
time every article in the shop was scld out. The
troublesome note was paid and handsome bal
ance left After this experience it is said that
he purchased no more on credit. He watched
the market in old times.
In 1S4S he built his large marble store on
Broadway and Chambers street, and from that
goods business in this country. Today his name
is known in all the markets of the world He
had the sole control of many desirable brands
OF goods and made the trade pay tribute to
him. He was shrewd and skilful purchaser.
He watched the MARKET and in time became
the master. He led and all others followed.
His mark on goods sold them. He brought
new methods to the trade He could furnish
an army on an emergency. His capacity as an
organizer was wonderful. He dies with the
reputation of having amassed larger fortune
by trade than any man who ever lived in this
country.
During the war he was a strenuous upholder
Of the Union, and was prominently identified
with the Republican party. President Grant
nominated him as his first Secretary of the
Treasury, but being heavy importer he could
not accept the position.
Mr.. Stewart did not have the reputation of
being given to promscuous benevolence He
never had time to give to the begging promoters
of charitable objects. He was said to be ter
ror to such persons. Frequently he has bestow-
ed his wealth in large amounts. In 1847, at the
time of the famine iu Ireland, he chartered a
vessel, loaded her with provisions and sent her
as gift to his native country. He has carried
out plan of his own for furnishing laborng
men with comfortable homes in the vicinity of
New York. During the war he was liberal.
He is represented as man hard and rather
repulsive, of average height, slim, with Hi
berniau face, almost red hair, with sharp, cold
and rapaciOus fe Atures and cold clear ewes