New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-21
DISCHARGED From STEWARDS.
CLOSING THE WHOLESALE DEPARTMENT.
TWO HUNDRED EMPLOYEES DISMISSED YESTERDAY
TRANSFERS TO THE RETAIL BRANCH-WHAT Is

CLOSING THE WHOLESALE DEPARTMENT.
TWO HUNDRED EMPLOYEES DISMISSED YESTERDAY
-TRANsFERs TO THE RETAIL BRANCH-wIAT Is
SAID IN THE STORE.
About 200 men were discharged yesterday from
the wholesale departments of a. i. Stewart ~ co.
This is regarded among the employees OF the house
ms the beginning of the end. From the present out
look the wholesale departments Will be closed up
by July /. What goods remain on hand at mat
time will be transferred TO the retail business. How
the retail business Will bc brought TO an end Is not
known vet. Even by forced sales at low prices III
would require i'll the opinion OF well-lniormcd per-
sons at least months 10 dispose OF the present
During the last six weeks there have been many
evidences of the closing up of large business at
Stewards store. Besides the counters where goods
have been displayed by the regular statesmen Ot the
firm in response to the demands of customers, ex-
ira counters have been placed through the IN idlng
and supullcd with specially engaged statesmen.
These counters have been filled with goods marked
at low prices. Price tickets have been numerous
and conspicuous throughout the store, and the cOun
terra AID passage-wayS have been more crowded
with purchasers than for many months before les
to-day there was "A moro noticeable actlvliy among
the employees of the store. Heaps OF goods, great
part Of them evidently brought to light for the first
time in months were scattered on counters ana IN
blcs and statesmen were rapidly remaskine the prices
on the tickets attached thereto. 1T was not until
late in the day that II became known that large
number of men had been dismissed from the whole
sale department. The news created considerable
disquIetudc among the employees.
a TRIBUNE reporter asked to Judge
Hilton but the latter begged 10 be excused. The
various heads of departments refused generally TO
speak of the change that had been made and those
that cont npated. " Ii Is stated sald one
man in the store, that 200 men have been dis
charged today. Another batch Will doubtless be
adrilt next Saturday night, for hear That 1t Is
intended 10 lcaVe each of the wholesale depart
mens with a man and boy, and to close them up
finally on July J."
"N ere these persons given any notlceW
"lsuppOse you NAV say they have had n0tlce There
las been every Onward sign OF the positive deter
| ItA AM a
the wholesale business with all possible dispatch.
Dozens aGd dozens OF men nave been
transferred from the wholesale to the re-
No new goods have been bought. Those
that were on hand have been sold of until there is
now little left And business has been very light
Tor the last two weeks. This may all be considered
as a notice / don't think that any other was
given until salaries were paid this evening, how
What is known about the closing of the retail
department? was asked of another enploye.
"NOtmng. Both Hilton and Libby are peculiarly
close about their business Intentions IheN do not
make cOnndants OF thelr most trusted ncutcnauts.
We receive our orders week by week, and can
easily discern he direction matters are taNng.
But outside OF this positively nothing Is known"
"liow long would II take to close up the retail
business by selling out III the usual way II
About six months. But that process would be
too Slow / think 10 meet the present intentions OF
the manage cement, and would also be needlcssly eX-
pensiyc IL old times OF good business Tie running
expenses of this establishment were comparatively
iuconsiderabie. But when one begins to charge
these expenses up against the sellng-out OF large
stock of goods which are every day becGm-
| valuable. they are simply enormous. And then
| you have TO consider jhat when you reach the
end OF any stock of goods all the best has been
lected and the residue Is almost vaueless. 1t would
! certainly not he worth while TO keep open such
! store this Tor its SALE
"We.l, the rent for six months would be
| 100000. 1t is easily calculated how large
percentage this is OF $2,OUO,UOU the estimated
value OF Ine stock. The rent chargedbe. because
the business belongs 10 Hilton and LIBBY and the
building belongs 10 the Stewart estate. 10 the
| rent must he adaed the salaries OF employees,
| advertising, stables ana a hunuICd incidental eX-
penses. Inc cost of selling out T2OUUOOO oi stock
III six months would he nj least 80 per cent. y. l.
stewart ~ co. could better aioId 10 sell at oO per
cent reduction al once III large ana small quantities
| than keep the buSlnc&s open.
| DO ycu thinh tnat the retail department will be
| sold out in bulk and will be cio>ed up without
| dclayf"
II co. decidedly. think that August Will see
| the END OF tins hrm."
How about tie rllnOIs that the business was to
| be sold out 10 other hrlns!"
"Mol, they were all well founded. McCreery
| has been in ana gone through the place with
! Ills principal assistants. But do not think
that tncy had satisfactory convcrs. tlon
| alterward with the two gentlemen at the
head of the firm. his has becu the history OF two
| or three other cases"
w nat mas been the effect of this closlng-out sale
| of the Stewart STOCK on the dry goods trluep
1t has been disastrous 10 Otner dealers. 1t has
not only directly affected the retaers but It's lniiu
ence has reached the JoDbIng trade. The backward
| weather has also entaed much suffering the
| smaller concerns and lnterfeIed with their
sales. Only two weeks remain Tor them to
| sell their stock OF summer goods Very few
| firms can afford to carry over their stocks
| of goods. 1t not only means sinking OF capital
| but by reason OF the change oi SYKES winch VIII
| occur an acuual loss OF yalu.. l expect to
| eral retail dry goods houses go under III the next
! lew weeks"
Wine the reporter was III one of the departments
he saw man after go up 10 bld the supeIintend-
| enI good bye. a lew vi them, who mad been pre-
pain. tor the change, had secured other situations.
| But the larger nuuOcr neither had new positions
| nor the prospect OF any.