The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1882-04-17

as it had for SO many long years been, the
one great "dry- goods establishment of the
American continent In fact, the some
what pessimistic class of observers known
as
'OLD NEW WORKERS
were rather fond of predicting that the
business, when taken hold of by the Eek
Judge" Hilton, would be speedily ruined.
STEWARDS" HAD BEEN BUILT UP
by that untiring industry and devotion to
details which is the explanation of the rise
of most modern industrial fortunes. Stew
art himself knew the dry goods" as Lap
lace and Herschell knew the planets, or as
Rothschild knew the names on the back of
bills of exchange. Judge Hilton had no
training or apprenticeship in the business,
and on the bench, as the bench then was,
had had an opportunity of obtaining a
much clearer insight into the ways in which
the profits of lucrative business might be
wasted and dissipated than into the best
method of retaining or increasing them.
The business of "Stewarts" has indeed,
ever since it passed into Judge Hilton's
hands, been conducted
IN A MOST SURPRISING WAY.
The original acquisition of concern sup
posed to be worth some S2000O,00 from
the widow OF. the deceased owner by turning
over to her the sum of 81 900, 900 which
had come to him as legacy from the late
owner, looked, to be sure, like a shrewd
stroke of business; but what it really dis
played was ability rather of a financial
than a mercantile sort.
THE HUNT FOR THE BODY
of the late proprietor, which began abo ut
the same time, though it was a commenda-
BILE proof of the fidelity of his friend and
successor, can hardly have had a good
effect on the business, for it caused the
public to dwell unnecessarily on the fact
that the founder of the business was dead
and gone, and that the business was bein g
carried on by new hands. A member of one
of the leading dry goods houses here, speak
ing to-day on this subject, said that the
business of A. T. Stewart & Co, began to
decline immediately after Mr.. Stewards
death. Mr.. Hilton was not trained to the
business, and
MIR. LIBBY, THE OTHER PARTNER,
and who is an ''office- man" simply, was
very independent in business methods, and
seemed to regard it as a privilege for any
Co. Independence was all very well when
man was rich enough to afford it, but
too much of it in business was not profta
bic in the long run. He did not think
that the firm had launched out into new
schemes except the Chicago branch, which
he believed had always been looslng con
cern; on the contrary, he thought that the
business had been treated rather as ma
chine which was expected to keep running
itself. AS to the trouble created by
MIR. HILTONs ATTACK ON THE JEWS
some years ago, when he excluded them
from his Saratoga hotel, it has been seri-
Gus permanent injury to the business of
the firm. When questioned as to the effect
the sale of A. 7. Stewart s. Co.'S merchan-
disc would have upon the dry goods mar
ket, the same merchant said that he thought
it would have no special influence by de-
pressing prices or otherwise. If the firm
had had complete lines of goods their sud
den sale in this way might have important
results; but be believed that the stocks of
various goods were not at all complete,
and, therefore, were not of character to
effect trade in general
AT r. G. DUN & CO. s COMMERCIAL AGENCY
it was stated that it was no secret that the
firm was forced to borrow money for sew
eral years, and it was not unusual for
them to have large amount of paper dis
counted. 1t was understood that at this
time the amount would reach $3.50, 900,
but there was no occasion for alarm on
that score. The fact that the paper dis
counted at the depository banks of the
firm bore the Endorsement Of Mrs. Stewart
had been commented upon, but they would
have no trouble in getting other indorse-
ments, and merely took Mrs. Stewards sig
nature because it was convenient for them
to do so.
IIBBY & LETTER,