The Penn's Grove record., 1882-05-20
A, 4. Stewart & Co.'s Retire
ment,

What Prominent New York Merchants Say.
Mr.. H. b. Claflin said to a reporter /:
"Oh, they are rich, tired of the bust
ness and want to retire that's all. 1t
will have no effect upon the market
other than TO produce a sentiment of
regret at the retirement of so promi-
nent a business houses. Ii is no sur
prise" Mr.. Cooley, of Bates, Reed &
Cooley, said that business men had
the firm. Ithad been foreshadowed by
long been prepared for the action of
the abandonment of the down town
house. Merchants would be sorry to
see the house go, because it had stood
as a mark of the result of the business
capacity of the late head of the firm.
Mr.. Bliss, of Bliss, Fabian g. Co., re-
piled in a similar strain to the report
er's queries. 1.-THE action" said he,
sis no surprise and can have no effect.
The business of the city is too large to
have the retirement of any one house,
however large, produce other than a
ripple. The closing Of so large a firm
Is big undertaking and the symptoms
are that long preparation has been
made. / know nothing a to The mo-
tives influencing the action, but | sup
pose they have made enough money
and are gein to retire to enjoy it.' A
prominent Broadway merchant, on
the other hand, attributed the retire
ment to the result of unbusiness-like
management and serious errors of
judgment. AS 10 the report current
in certain quarters that Mr.. William
Libbey proposed to re-establish the
business in his own name, he said
there was no credence given to the
story by well informed merchants.
Libbey had been practically out of
the firm for two years, and he'd been
investing his money largely in real es-
tate in his wife's name. So far as the
closing of the house was concerned, it
was simply sn act which had been
found expedientin view of the gradu-
ally decreasing business Of the house.
The saying was common among
merchants that with Mr.. Stewait's
death the brains of the firm died also.
Mfr. Hilton was a lawyer and did not
understand TIE management ofthe dry
goods business, and had carried it on,
1t was believed, at a loss of about
81, 000, 600 a year. Its custom had
steadily declined, and from the move
ment against the Jews in the Saratoga
hotel matter the house had directly
suffered a loss of fully one half its pat
ronage. The crusade in question was
q stupendous mistake, and n that a
keen merchant wouldneyer have been
guilty Of committing. The ahandon-
ment of the Chambers street branch
was another unfortunate move.
1t was, in effect, the REIMBURSEMENT
of an eligible location for an unsuitable
one, and it still further decreased the
diminishing trade of The firm. This
act in itself prepared the trade to lcok
to the closing of the house. Again,
the methods of the firms manage
ment was faulty in the extreme. The
firm, after Mr.. Stewards death, EN-
ployed its assistants by the day only,
and made no contract with them for a
longer period. The result was that
there could not be that spirit of hearty
cooperation between employer and
employee essential to The successful
maintenance of a large business.
Often the treatment of the employe
was arbitrary, and rs the men came to
believe they had nc permanent hold
upon the firm, SO far rs continued EN-
ployment was concerned, they sought
other situations as Dol as opportunity
offered for a change. After the aban-
donment of the down town house the
policy OF the firm seemed to be con-
tracted. Instead of bidding for con-
tinuance of the wealthy patron age the
firm once possessed, the house seemed
to cater to the humber and less profit
able trade.
Instead of advertising silks, satins
and camel's hair shawls it announced
'napkins three cents apiece" and the
like. Under these circumstances it
was not long before carriages which
were won't to lire the stree ts during
Mr.. Stewart's lifetime gradually dis
appeared and their place was taken
by custemer rs going into the store with
baskets on their arm In search of
cheap bargains. All this marked a
radical change in the character of The
business, and indicated its steady de-
cline. simultaneously merchants
ceased to give large ordtr RS to the firm,
and it came to pass that only such
goods were ordered as could be got
tn, re cheaper than elsewhere.
This was not a satisfactory basis OF
doing business and indicated rather
the methods of the small jobber thar
The broad and eon prentnsive system
of great business h use. Being a law
yer and possessed cf common sense, u
was not long, said the merchant who
spoke as abovs, before Mr.. Hilton
came to the conclusion the best taint
he could do was to abandon entirely
the Improbable business, and this III
has finally done. 1t will be don'
bonorably without doubt.
Every outstanding obligation vii
be fully met, as the house has doub'
less four dollars TO meet eacl
single dollar Of its liabilities. VIII
the re irement will disappear a one
prominent mercantile establishment
There will be regret among merchant
generally, but no effect upon the maj
ket. Its place will be taken by other
and the name of A. r. Stewart q &c
/ will be only a memory of former com
, mercial greatness.
A. II. Stewart when in active bust
ness did not have a particle of sympa