The Republican. [volume] (Oakland, Md.) 1877-current, 1882-04-22
End Of a Great House.
JUNIUs.

NEW YORK, April 15.--A Y. Stew
art & Co. announce that they have
determined to discontinue their dry
goods and manufacturing business,
and offer their stock of merchandise
and mill properties for sale. Mr..
Henry Hilton and Mr.. William Lib
by. who constitute the firm. refused
last evening to speak relative to the
announcement.
The retirement of A. T. Stewart &
Co. from business has been expected
for some time by those We'll informed
as to the dry-2onds trade. Since the
death of A. +. Stewart the business
of the house has, according to the
assertions of Others in the trade, been
steadily contracted. The house first
practically withdrew from The job
bling business, then from thu inn
porting, and almost entirely from
the wholesale business. For several
weeks there have been many rumOrs
af1oat concerning it. principally to the
effect that it was going out of bust
ness, and that it had been large
borrower of money, an eXpediency
that was never resOrted to while A.
T. Stewart lived.
The best information ObtaiDahle
last evening, in default of any from
Messrs. Hilton and Libby, was to
the effect that when Mr.. Stewart died
there Was at least 22.OOO,OOO in the
business of the concern. The house
had on an average Il balance of at
least $1,000. 900 in the Merchants
National Bank, of which Mr.. Stpwai
was director. and about $500, 900 in
each Of the three other banks in which
the house kept accOunts-the Chemi-
cal and the Mechanics National and
the National Bank of Commerce.
The aggregate was about 81. 500, 900.
The stock and property of twelve
mills owned by the concern, the goods
In the Chambers street and Tenth
street stores, and the stock in store
houses in Paris and elsewhere. as
we'll as in transit, made the estimated
total mentioned. Up to within ten
days of Mr.. ST warts death it stop
ped buying. Hence it is inferred that
the business stood worth so, 900. 900,
more or less, at the time OF Mr..
Stewards death. Mr.. Hilton, soon
after he funeral Of Mr.. Stewart, a.
signed to Mrs. Stewart the 81 ,OC0, 900
cash to which he was entitled under
the will of Mr.. Stewart for the entire
business of A. II. Stewart & Co.,
which was willed to her. According
to the trade, Mr.. Hilton announced
his intention of proving that he could
surpass Mr.. Stewart in the conduct
of the concern. One of the first steps
was to establish Il branch house in
Chicago. This was against the adj
vice of those associated with him in
the business. 1t is generally believed
that this branch has been run at a
loss from the start. He also, it is
said, changed the methods of con-
ducting the business from those es-
tablished by Mr.. Stewart, in the
belief that these methods would re-.
suit in an increase of the business.
He openly announced his intention
of building up the traffic of the con-
Germ to proportions beyond those
apparently contemplated by Mr..
Stewart.
The first intimation of the curtail
ment of the business of the house
was when the wholesale store at
Chambers street and Broadway was
discontinued. and the entire business
concentrated in the building at Ninth
street and Broadway. From that
time the house had been rapidly
going out of the jnbbing business.
Al about the same Mr.. Hilton issued
his edict against the admission of
Jews TO the Stewart Hotel at Sarato-
ga, the Grand Union. That action is
said to have resulted in a loss of at
least fifty per cent. of both the whole
sale and retail trade of the house.
During the last four years the house
has become, from one OF the largest
importers Of dry goods. one of mod
ate rank. It's largest. and, in fact.
nearly all of the invoices Of foreign
goods, have been simply consigned
to them for sales. on account. A
gentleman well known in the dry
goods trade said last evening: "The
business OF A. T. Stewart & Co., so
far as can learn, has simply shrunk
and shrivelled away"