Year: 1876

! pluck and energy which were the heritage


of his Scotch-Irish ancestry came to the


surface. In order that the money which


he had already invested might not be lost,


he resolved to carry on the business him
/ self. He went back TO Ireland, converted
the moderate fortune which his father had
lett him, bought stock of Belfast laces.
and returned to New York to open his
store The capital invested amounted to
about $4,000, and in the Daily Advertiser
OF Sept. ,, 1925, appeared modest ad
vertisement announcing that a. T. Stew
art offered for sale at No. 253 Broadway,
"a general assortment OF fresh and sea-
sonable dry goods" He had rented one
half of store, with frontage OF %
feet, exactly opposite the northern en-
trance Of the present wholesale store OF
the firm. then the site of Washington
Hall. In the rear OF his shop. the rental
OF which was very low, the young meI-
chant had 4 sleeping room. Under these
humble conditions was formed the germ
OF the most extensive dry goods business
in the world


Mr.. Stewards first customer was not
only lady but friend. On the day
before the little shop was opened, in
accordance with his modest announce
ment, a lady, whose acquaintance ho had
made in the city said to him: you must
not sell anything on the morrow till |
come and make the first purchase; FOR it
will bring luck" The next morning she
drove up in her carriage and purchased
Irish laces and other goods worth nearly
two hundred dollars. 1t was good omen
for the young merchant, and in the end
it was lucky investment for herself
The lady subsequently removed to city
on The continent, whore Mr.. Stewart found
her in destitute circumstances. her hus-
band having died after wasting all her
fortune. The merchant settled an annu-
iiy upon her, and during the rest OF her
life she lived in comfort


Another incident, quite as interesting,
is related OF the first days business. A
woman came in to buy calico, and clerk
told her that the colors were fast and
would not wash out. Mr. Stewart indig-
nantly demonstrated with the salesman.
"What do you mean by saying what you
know to be untrue? The calico will fade;
she will demand her money back and she
will be right don't want goods repre-
seuted for what they are not Look
here, Mr.. Stewart" said The clerk. "Ii
those are going to be your principles in
trade. I'm going to look for another stu
alton. You won't last long"


But Mr.. Stewart did last. John Jacob
Astor was then worth several millions,
and Cornelius Vanderbilt had been six
years in the steamboat business. the
third competitor was the last in the field,
bat bis footing was sure and his stride
rapid in the race Tor wealth. He adopted
principles for the control of his trade
from which lie never sweryed, and being |
frugal in his personal habits and careful
in his business methods, his original in
vestment grew by degrees until ii doubled
and trebled. At the outset his progress
was not brilliant, but it was the product
of discretion, watchfuness and persistent
labor. In 1926 he removed TO larger
store at No. POP Broadway, and not long
afterward he again transferred his stock
to No. 257 Broadway. His tireless energy |
and commercial sagacity, soon put him
at The head of the dry goods trade OF the
country. He had great deicacy OF taste
and touch; his judgment OF textures and
colors was excellent; and he had the rare
faculty OF taking courage when others
were disheartened, and OF apprehending
danger whom others were sanguine and
foolhardy. He foresaw a storm months
before the clouds gathered on the business
horizon. He would put his goods before
the public with adroitness and prompt
ness and thus be enabled to tide over the
panic, while his rivals were carried under
the current. In times OF depression, he
was the first TO anticipate reaction, and
by silent purchases to lay in stock for a
rising market. His fagorite business
principle was-one price for all. From
this liked price no salesman was allowed
to depart; and no deceit or misrepresen-
tation as to the quality OF goods was toll
Grated. He was led by instinct and early
training to accept Honesty is the best
policy" as sound business principle
There never was merchant who put
more conscience into his business than
Mr.. Stewart, and yet with him it was not
so much conscience as it was common
sense.


In l84S he had accumulated so much
capital that he was enabled to build the
large marble store at Broadway and
Chambers street, on the site OF the Wash
ington Hotel, which was then the loung-
ing place OF the young bloods OF the city.


The now store was tremendous adver-
/ .;.o,>,ont paonIa atonnad talking abOut