The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1882-04-26
HILToN's HAND.
The Successor of A. L. Stewart Obliged to
Throw Down His Cards in the Great Mer-
camille Gama

The Successor of A. L. Stewart Obliged to
Throw Down His Cards in the Great Mer-
camille Game.
A New York special of The 18th to the
Chicago Times says:
A. I. Stewart 4 Co. announce that they have
determined to discontinue their dry goods and
manufacturing business, ana offer their stocks of
merchandise and mill properties for sale Henry
Hilton and William Libbey who constitute the
firm. refused this evening to speak about the
matter The sun says that the retirement OF a
I. Stewart 4 Co. from business has been expected
fer some tine by those well-infOrmed in the dry
goods trade. Since the death OF Mr.. Stewart the
business Of the house has 1t is said, been steadily
contracted. The house was nrst practically with
drawn from the jobbing business. then from the
importing. and almost entirely from the whole
sale business. For several weeks there have been
many rumors afloat, principally TO the effect that
it had been a large borrower of money,
an expedient that never res0rted to
by the house while A. 7, Stewart was alive
When Mr.. Stewart died there was at least S12-
O0O,O GOO in the business. The house had
average balance OF at least 81 900 600 in the Mer
chants National Bank, OF which Mr. Stewart was
director, and about $500 OOpln each OF the three
banks in which the bank kept accounts, the
Chemical and the Mechanics National, and the
National Bank OF Commerce. The aggregate was
about s2500,000 The stock and property 81
twelve mills owned by the concern. the goods in
the Chambers street and Tenth street stores, and
the stock In storehouses In Paris and else
where as well as in transit, made the estimated
total mentioned. I'D TO within ten DAYS OF MI
Stewart death the house bought for cash. Ten
days before his death IL stopped buying. Hence
1t is inferred that the business stood worth ST.
100000, more or less at the time of Mr. Stewart
death. Mr.. Hilton soon after the death of Mr..
Stewart assigned 10 Mrs Steward the q 0ao Css0
cash TO which he was entitled under the viii of
Mr.. stewart Tor the entire business of A. T. Stew
at & Co., which was willed TO her. Mr.. Hilton
announced his intention OF proving that he could
sURPAss STEWART
n the conduct of the concern. One OF his first
1steps was to establish branch house ia Chicago.
his was against the advice of those associated
with him in the business 1t is believed that this
branch has been run at q loss from the start He
also, IL is said changed the methods of conducting
the business from those established by Mr.. Stew
would result in an increase of business.
The first intimation OF a punishment of
the business of the house when the
wholesale store at Chambers street and
Broadway wSs discontinued and the entire
business concentrated in the building at Ninth
street and Broadway. From that time the house
ness At about the same time Hilton issued his
edict against the admission of Jews TO the Stew
art hotel at Saratoga, the Grand Union. That &C
ton is said 10 have resulted in loss of at least
so per cent TO both the wholesale and retail trade
of the house. During the last four years the
house became, from one of the largest importers
of dry goods, one of moderate rank Its largest
and in fact, nearly all of its invoices of foreign
goods have been simply consigned them for sales
ON account
A gentleman well known in the dry goods
trade SAID this evening: The business OF A. L
stewart * Co., so lar as can learn, has simply
shrunk and shriyeled away A few weeks ago the
firm offered eight or nine OF its mills for sale.
Only one or two, Ii is said, were sold,"
Rels tive TO the rumor that the concern has been
borrowing money, the President OF one of the
banks in which IL keeps an account said this eve
ming that the firm had had some OF its
PAPER DISCOUNTED;
how muck he did not know, but he was of the
opinion that it was at least Slo0.o9O. Ii is gen.
orally reported that the amount Il between S2Io-
900 and S3e0OO0. So far as can be learned the pa
per OF the drn has not been sold or discounted
through the medium of note brokers. Ii is as
serted in the trade, however, that the paper dis
counted ~ the depositing banks OF the firm bears
has borrowed any money has attracted attention,
as IL was the custom of Mr.. Stewart 10 buy for
cash. OF late, 1t is said, the frm has purchased
not only on the customary thirty days time, but
has had its bills dated ahead.
A World interview says: I'm Mr.. Stewards
town store, 1000 up town, aud in the mills and
all over 10000. Now / do not believe there are
3,COO all told. The business has decreased steadily
since Ar. Stewards dean. The reduction in the
working force began before Ihere was any decrease
in business, and when business fell off the men
tell off all the faster The big black eye that the
business got. however, was in the Hebrew bust
Sehgman brother almost every Gay dropped in
as they were walking up home from business.
Mr. Stewart always received them most cordially.
They were among his many intimate business
friends. In an open letter at the time Jews were
excluded from the Saratoga hotel Dir. Selgman
dry up the business. The I'VE years will not be
up for two years yet. The Hebrew trade, which
had been largein Mr. Stewards time dropped of
almost instantly, and has never returned"