Alexander Turney Stewart, (October 12, 1803- April 10, 1876), was an American entrepreneur turned multi-millionaire who made his fortune in the most extensive and lucrative drygoods business in the world.
Alexander Stewart was born in Lisburn, a small town near Belfast, Ireland who abandoned his original aspirations of becoming a minister to come to New York in the summer of 1823. He spent a short time teaching before returning to Ireland to receive the money his father had left him, purchase some Belfast linens and laces, and return to New York to open a store. He was a business genius, and by 1848 he built a large marble store on Broadway between Chambers and Reade streets, which was devoted to the wholesale branch of his business, and the largest retail store in the world at that time. Stewart also had branches of his company in all different parts of the world and owned several mills and factories. Stewart had an annual income of an estimated $1,000,000 in 1869.
In March of that year, President Grant appointed him Secretary of the Treasury, but he was prevented from taking the position by a law that excluded all from that office who had an interest in the importation of merchandise.
At the time of his death, Stewart was building at Hempstead Plains, Long Island, the town of Garden City, with the purpose of affording to his employees comfortable and airy housing at a moderate cost. After his death, his wife Cornelia erected several buildings in memorium, including St. Paul's School (NY) and The Cathedral of the Incarnation, the latter of which also served as a mausoleum to both Stewart and his wife.
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Last updated: 08-20-2005 21:30:55