Year: 1876

IT was soon after the terrible epidemic
of yellow fever that he established him
self as dry goods merchant IN the frame
building at Broadway and Chambers
street. His cash capital was between
81, 200 and 81 800. His store was small,
being only twenty-five feet wide by thirty
deep, and was next door to the establish
ment of the then famous Bonfanti, who
kept the most irequented variety store of
the day. 1t was at this time that he mar
ried Miss Cornelia Clinch, who survives
him. The young couple lived in one
small room over the store, and the wife
took care of the domestic arrangements
while the husband attended to his busi
ness below. Without mercantile expert
ence and possessing no advantage but his
own unaided determination to succeed,
Mr.. Stewart started boldly on what proved
the road to fortune. No young merchant
ever worked harder than he. From
fourteen to eighteen hours every day he
gave to his business. He was his own
book-keeper salesman and porter. He
kept small stock of goods, which he
purchased for cash, chiefly.


Mr. Stewart was a regular attendant at
auction sales, and his purchases were in
variably sample lots. He had these goods





of the day was over he and his wife care
fully assorted the sample lots and brought
order out of confusion. Every article was
carefully examined; gloves were redressed
and smoothed out, laces pressed free
from the creases that careless bidders had
twisted them into, and hose were made TO
look as fresh as though they had never
been handled. Every article was thus re-
stored to its original excellence. The
goods were then arranged in their proper
places on the shelves of the store, and
being offered at lower price than that
charged by other retail dealers in the city,
they had a ready sale. Even at the low
price the profit was great, as the goods
had been purchased for a mere tride. For
six years Mr.. Stewart continued his bust
ness in this way, acquiring every day a
larger and more profitable trade. 1t is
said that when he entered upon his bust
nels he knew so little Of its details that he
was sometimes sorely embarrassed by
trites. Once, it is said, he accosted the late
William Beecher, from whom he bought
many goods, as follows:


"Mr. Beecher, lady came into my
store to-day and asked me to show her
some hose. L did not know what the
goods were, and / told her that l did
not keep the article. What did she
wantg"


Mr.. Beecher laughingly showed him a
pair ofstockings, and the young merchant
was convulsed with merriment. While
yet in his first struggles in his little
store, Mr.. Stewart found himself called
upon to make arrangements to pay a note
that would soon become due. He had
neither the money nor the friends from
whom he wished'to borrow it. He marked
down every article in his store far below
the wholesale price. This done, he had
large quantity Of handbills printed an
nOuncing the sale OF his entire stock OF
goods TO be effected within given time.
He scattered these bills throughout the
city, and it was not long before purchasers
began to flock to his store. They found
the best goods in the market at q lower
price than they had ever before been
offered for in New York, and every one
sent his friends to avail themselves of the
opportunity.


The little Broadway store was filed all
day, and long before the expiration OF
the period fixed upon for the duration
of the sales, Mr.. Stewards shelves were
empty and his treasury was full. He
paid his note, and laid in a fresh stock
of goods. He was fortunate in his pur.
chases at this time. The market was ex-
tremely dull and money was scarce. The
energy, industry patience and business
| tact displayed by Mr. Stewartin these first
years of his commercial life yielded
| their sure reward, and in 1928 his liItle
store was no longer large enough for the
| large and fashionable trade that had come
to him.


Three new stores had just been cree ed
/ N uua hntNNapn M
| Warren streets, and he leased the smallest
of them and moved into it. 1t was a
modest structure, three stories in height
and thirty feet deep, but in it he was able
to keep a larger and more attractive stock
of goods and his business was greatly
benefited by the change. After toul
years in this store he moved, in 1889, to d
two-story store in Broadway, between
! Murray and Warren streets. Soon aftel
occupying it he was compelled by the
| growth of his business to add twenty teet
| to the depth of the store and to add an
| other story. A year or two later fourth
story was added, and in 1897 fifth story
| His trade was now with the wealthy anG
| fashionable class OF the city, and he haC
surmounled all his early difficulties anC
laid the fouadation Of u magnificent for
tune.


The great crisis of 1887 found Mr.
Stewart prosperous and rising man, and
in that terrible financial storm, Will,
other men were becoming bankrupt, he
was coming money. lie always watched
the market closely, so that he might prof
by any sudden change in it, He marked
down all his goods as low as possible, and
began to " sell at cost" Everybody com
planned of hard times, and all were glad
to avail themselves OF Stewards bar
gains" In this way he carried on a re-
tail cash trade of $4,000 day in thai
fearful crisis, Othermerchants were com
sold for what they might bring, and Mr.
ularly, purchasing the goods thus offered