Arnold, Constable was the first American department store. It was founded in 1825 by Aaron Arnold (1794?-1876), an emigrant from Great Britain, as a small dry goods store on Pine Street in New York City. In 1857 the store moved into a five-story white marble dry goods palace known as the Marble House. During the Civil War Arnold, Constable was one of the first stores to issue charge bills of credit to its customers each month instead of on a bi-annual basis. Recognized as an emporium for high-quality fashions, the store soon outgrew the Marble House and erected a cast-iron building on Broadway and Nineteenth Street in 1869; this “Palace of Trade” expanded over the years until it was necessary to move into a larger space in 1914. In 1925, Arnold, Constable merged with Stewart & Company and expanded into the suburbs, first with a 1937 store in New Rochelle, New York and later in Hempstead and Manhasset on Long Island, and in New Jersey. Financial problems led to bankruptcy in 1975.