Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1876-04-14

Death Of A. I. Stewart.
Alexander Turney Stewart. who died in
New York, Monday. was born near Belfast,
Ireland. Oct. 81, 1902. He studied for a
time at Trinity College, Dublin. but did
not take degree. and in 1918 be came over
to this country and engaged in teaching in
New York city In 1922 he gave up this
occupation, which was distasteful to him.
and went into business, commencing, in an
old wooden building at the corner of Broad
way and Chambers street, that successful
mercantile career which has made his name
the synonym of business capacity and OF
enormous wealth, all over the world. His
capital is said not t. have exceeded fifteen
hundred dollars at the time be made his
frs. business venture, but his tact and abili-
ty ensured success The stock was limited
to comparatively few articles. and his pur-
chases were made principally at auction
| sales. The goods often We're sJiled and
damaged. but be cieaused and redre->ed
them, and was able to undeissl bis compe-
titor-. by offering good articles, purchased
at exceptional rates. at lower prices than
| they could afford to put on corresponding
articles. In 1928 he removed to better
| quarters, occupying the whole Of a small
| building between Murray and Warren
streets. His staples were iaces, hosiery
silks, gloves, etc. From this time on his
business grew with great rap;dity, and he
was compelled to make further removals to
more convenient and commOdious quarters.
His business was conducted on such basis
that in the great panic OF 1887, when hun
dreds OF merchants were made bankrupt.
| he not only weathered the storm but made
money with even greater rapidity than be-
fore. During the next ten years his busi-
ness steadily extended, and IN ISIS he was
enabled to erect a splendid marble store on
Broadway, at the corner of Reade street,
on the site of the old Washington Hotel
and eventually extended his front to Cham
Der street In the course OF time this edi-
fee proved insufficient, and a. trade went up
town he built the great store at the upper
part Of Broadway. above Ninth street,
where his sales have been immense. os-ima-
| ted in some years as high as so. coo 900 10
| SIS, 900 600
Mr.. Stewart was married many years ago
to Miss Clinch. of New York They have
never had children. His personal habits
were extremely unOstentatious, and he has
made few appearances IN public life. lie
was d member Of the Union Defence Com
mittee during the war, and wa- one of the
signers of the Saratoga address in 1866 He
was a conspicuous advocate of President
Grant, election. 10 1869 be was appoint
ed Secretary of the Treasury. and IVES
promptly confirmed BY an unanimous vote
in the Senate. a clause was found in the
| act OF 1883. prohibiting the Secretary Of
the Treasury from being Interested, directly
or indirectly, in trade or commerce. 10 OBJ
Flste this. Mr.. Stewart at first proposed to
make over TO a committee Of gentlemen for
the benefit Of the charities of New YORK all
the profits from his business during his
term Of Othce,-a proposition which would
nave transferred 10 benevolent purposes
about SIX millions Of dollars. A. this did
not appear to fully meet the spirit Of the
law, he sent in his formal dcciinaiiOu Of
the preferred position, March 9. 1863
Mr. Stewart i SAID u have been more
Distinguished for acts Of private charity
than Tor those which came t. public notice
but instance, OF prlncoly generosity are not
lacking IN his career. In Isl he sent q
shipiost e provisions to the Vanishing
Irish, and IN le62 nc sent a >hipl0al To the
Lancashire sufferers The Chicago FIRE Of
October, ISL. caused him to suffer heavy
losses, bat notwithstanding the~- be gave
500 UO0 10 the relief OF the sufferers
His purchase Of land at Hampstead. L
Tor the purpose OF furnishing bOmesttads
to lab1rlng men at prices within their
means and hi erection If a marble hotel Tor
working women tuncJmpieicdl re fresh Ia
the minds - the community IL only rc-
mail 10 add that throughout his entire
life, Mr.. Stewart "a distinguished flr MS
answering integrity and close application
l. his own business. lie never allowed him
self TO wander intl new feds n specuia-
ton. and hi word Was always o. good a.
his bond. Mr. Stewart leaves an onyiable
example for the guidance oi the Young
men Of America