st
been erected on Broadway, between Chambers and Warren Streets, and he
leased the smallest of these and moved into it. It was a modest
building, only three stories high and but thirty feet deep, but it was a
great improvement on his original place. He was enabled to fill it with
a larger and more attractive stock of goods, and his business was
greatly benefited by the change. He remained in this store for four
years, and in 1832 removed to a two-story building located on Broadway,
between Murray and Warren Streets. Soon after occupying it, he was
compelled, by the growth of his business, to add twenty feet to the
depth of the store and a third story to the building. A year or two
later a fourth story was added, and in 1837 a fifth story, so rapidly
did he prosper.

His trade was now with the wealthy and fashionable class of the city. He
had surmounted all his early difficulties, and laid the foundation of
that splendid fortune which he has since won. The majority of his
customers were ladies, and he now resolved upon an expedient for
increasing their number. He had noticed that the ladies, in "shopping,"
were given to the habit of gossiping, and even flirting with the clerks,
and he adopted the expedient of employing as his salesmen the handsomest
men he could procure, a practice which has since become common. The plan
was successful from the first. Women came to his store in greater
numbers than before, and "Stewart's nice young men" were the talk of the
town.

The great crisis of 1837 found Mr. Stewart a prosperous and rising man,
and that terrible financial storm which wrecked so many of the best of
the city firms did not so much as leave its mark on him. Indeed, while
other men were failing all around him, he was coining money. It had
always been his habit to watch the market closely, in order to profit by
any sudden change in it, and his keen sagacity enabled him to see the
approach of the storm long before it broke, and to prepare for it.

He at once marked down all his goods as low as possible, and began to
"sell for cost," originating the system which is now so popular. The
prices were very low, and the goods of the best quality. Every body
complained of the hard times, and all were glad to save money by
availing themselves of "Stewart's bargains." In this way he carried on a
retail cash trade of five thousand dollars per day in the midst of the
most terrible crisis the country has ever seen. Other merchant