TIFFANY, CHARLES LOUIS An American merchant. He was born at Killingly, Conn., and after receiving an academic education at Plainfield Academy, and serving an appren ticeship in a cotton manufactory, he removed to New York City in ]S37. There in partnership with a fellow townsman, John B. Young, on a borrowed capital of $1000 he established at 259 Broadway, next door to A. T. Stewart's. a sta, tionery and fancy goods store. The venture pros pered from the start, and gradually the jewelry part of the business became the most important. In 1847 the firm began the manufacture of gold jewelry. In the following year, when as a result of the widespread revolutionary movements in Europe the price of diamonds fell 50 per cent., Mr. Tiffany sent word to his partner, Mr. Young, who was then in Paris to buy all the diamonds he could. This was done with the result that the house thereby reaped a large fortune and became from that time on one of the principal firms of diamond merchants in the world. Several times the rapidly increasing business necessitated mov ing into larger quarters farther up town and several times the firm name was changed, filially becoming Tiffany & Co. in 1851. At that time a branch house was established in Paris. During the Civil War Mr. Tiffany placed his store and resources at the disposal of the Government, and it became for a time one of the principal depots of military supplies. During the draft riots
(q.v.) in 1803 the store was barricaded and the clerks were armed in preparation for a threatened attack of the mob. In 1868 the firm was incor porated and in 1870 removed to a specially con structed building on Union Square. At that time, in addition to the Paris branch, a branch house was maintained in London, and an office and watch factory in Geneva, Switzerland, and the house took rank as the leading importers of gems and works of art as well as the chief manufac turing jewelers in America. Mr. Tiffany was the first to adopt the department store plan for the jewelry business and was the originator of many ideas and methods in the jewelry trade since generally adopted. The sterling silver standard .925 fine, adopted by him in 1851, became the rec ognized standard throughout the country. Mr. Tiffany was made a member of the French Legion of Honor in 1878 and received at various times decorations from other foreign rulers. He was a liberal patron of the fine arts, and did much to encourage and promote the study and knowledge of art in America.