Alexander Turney Stewart - Death and Influence

Death and Influence

Before Stewart died in 1876, he succeeded in creating his own manufacturing facilities. He wanted to have his own mills, to supply his wholesale and retail operations. With these mills located in New York and New England, Stewart produced his own woolen fabrics and employed thousands of workers. Stewart also served on several New York State Chamber of Commerce Committees between 1862 and 1871. Though he never officially was elected as a New York State officer, he did attend Lincoln’s funeral as a Chamber delegate.

Prior to passing he also 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 memoriam, including St. Paul's School and The Cathedral of the Incarnation, Garden City; the latter also served as a mausoleum to both Stewart and his wife.

Stewart died as was one of the richest men in New York, just behind a Vanderbilt and Astor. Worth an estimated $40 million, Stewart, unlike New York’s other wealthy men who made their millions through real estate, had earned his wealth in retail trade. Out of the twenty-four clerks who entered A.T Stewart & Company in 1836, six still worked for the company in 1876. To these long-term employees, Stewart showed his gratitude by leaving them more than $250,000 (equivalent to $5,036,719 in 2009) in his will.

Three weeks after his burial at St Mark's Church in the Bowery, Stewart's body was stolen and the remains held for ransom. The ransom was paid, and remains were returned, although never verified as his. A local legend states that the mausoleum holding his remains is rigged with security devices which will cause the bells of the Cathedral to ring if ever disturbed.

The Stewart fortune, willed to Mrs Stewart with Judge Henry Hilton as trustee, was the subject of protracted litigation, although a swarm of long-lost Turney relatives were quickly dismissed. Claims were based in part on Mrs Stewart's hasty transfer of the dry goods business in 1876 to Hilton, in exchange for the $1,000,000 willed to Hilton, who carried on the business under the name E.J. denning & Co.

Mrs Stewart, who lived quietly in New York and at the Grand Union Hotel (Saratoga Springs, New York), which she inherited, died of pneumonia October 25, 1886, and ex-Judge Hilton died there 24 August 1899.

In 1896, the Iron Palace was bought by John Wanamaker and reopened as “Wanamaker’s.” The Philadelphian Wanamaker, had long been an admirer of Stewart and stated that one of his best qualities was his “personal attention to the details of the business... He could have had others to look after the details--they have to be looked after, but few attend to sweeping up, and that’s what Stewart did.” In 1917, the New York Sun newspaper bought Stewart’s Marble Palace for its main offices. In 1966, the building was designated a landmark by the City of New York.