Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1882-04-20
New Yora's White Elephant.

Hc" 1ota N1lte Elephant
HE announcement \ few DAYS AGO of the
withdrawal from business Of the famous and
colossal dry goods house Of At. Stewart &
Co., OF New York, while causing the masses
some exclamation Of surprise, it appears
was by no means startling to far-sighted
business men of that city. 1t is been the
growing conviction among many in the
same line trade in New York nearly ever
since the death of Mr.. Stewart that this
celebrated establishment was not averaging
sufficient percentage on its sales to pay a
respectable interest on the stupendous out
lay necessary for the existence of such a
business Ofcourse, the managers under
take to urge all sorts of excuses for bringing
the operations Of the concern to close
save the true one, which, as intimated above,
is now generally conceded Judge Hilton
said recently to newspaper reporter
The step now about to be taken was not
contemplated until about six weeks ago,
! when it suggested itself for the first time in
the intercourse between Mr.. Libbey and
myself. | had felt for 4 long time the cx-
cess OF the burdens which bear, but having
assumed them in accordance with the wish
Of Mr.. Stewart and with the contract of
friendship which existed between us for 30
many years, did not before see that could
lay them down without evading sacred
trust. have long had enough care and re-
sponsbility to suffice for the strength cner-
ey and vigilance Of any ten men. Mr. Lib
bey is old, and rs for me am tired. We
both want rest and relief from care. do
not hope soon to find either, for besides this
business, have other great matters on nv
hands. What do you think of one man
sharing in the direction ofa great dry goods
house, with its tributary mills, and at the
same time having the whole management of
five hotels and millions Of dollars of real es-
tate? Think of the multitudinous duties
which such 4 position imposesr'
This, OF course, can never be taken as q
sufficient reason for such step, when it is
considered how many responsible managers
and b-managers could have been procured
al any time, and whose services we may rest
assured would soon have been called into
reluisilion had business justified it. At one
time this establishment gave employment
to about 10000 persons: lately but half this
number have been employed In speaking
Of this class the Judge said
All that is the worst of all. II is sad
sad, sad lay awake all of last night with
that very thought. 1t is one that was most
constantly with Mr.. Stewart in the latter
years of his life. People used to say to him
what will become of this grand establish
N n \ph hnt IN,, n II
will be apt to go to decay and fall into ruins
on top of those you leave behind you and
who have been dependent ON you so long
Then he would reply, Il have provided for
all that. Hilton will look ont for that.
The idea Of $evering the personal conuec-
tlons which had grown up around the house
was painful to him, and it was the principal
reason which determined him to leave the
business in such q condition that il could be
continued after his death. Mr.. Stewart and
his successors have always exercised great
care over his employees. fanny of them be-
comes sick or dies destitute we provide for
the subsistence OF the sick or burial of the
dead. This has always been the practice
of the house. We do not make boast of
it, but wedo it,
All this seems to stand III grim contrast
hiIii a tSitSih vi fNtcNhtl
which says:
He was sharp with manufacturers and
producers and hard and grinding with his
employees. His theory was that
the highest success would follow the greatest
Capitalization but to achieve this he merc-
lessly crushed and ruined all small dealers
who were in any sense rivals"
But the day has come when sensible
people, just as willing to purchase what
/ they want iii one store u; another, are not
50 much captivated by the glare and glitter
of ofstupendous enterprise; and consequently
this famous house, having outgrown itself,
will shortly be numbered among the things
osthe past. and the large buildings, hotels,
&c, be- as our heading suggests, white ele-
plants indeed.