Isidor Straus co-owned Macy's department store with his brother, Nathan Straus. He died with his wife, Ida, in the sinking of the RMS Titanic. While the officer in charge of the lifeboat was willing to allow them a spot, Isidor Straus refused to go so long as there were women and children still remaining on the ship. His wife refused to go because he refused to go. Ida is reported to have said, "I will not be separated from my husband. As we have lived, so will we die, together." And they both went down with the Titanic. Eyewitnesses described the scene as a "most remarkable exhibition of love and devotion." Both died on April 15 when the ship sank at 2:20 am. Isidor Straus's body was recovered by the cable ship Mackay-Bennett and brought to Halifax, Nova Scotia, where it was identified before being shipped to New York. He was first buried in the Straus-Kohns Mausoleum at Beth-El Cemetery in Brooklyn. His body was moved to the Straus Mausoleum in Woodlawn Cemetery in the Bronx in 1928. Ida's body was never found, so the family collected water from the wreck site and placed it in an urn in the mausoleum. Isidor and Ida are memorialized on a cenotaph outside the mausoleum with a quote from the Song of Solomon "Many waters cannot quench love—neither can the floods drown it".

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