He was a pioneer in establishing the first finance group in Russia and creator of several banks and industrial societies in Sloboda Ukraine.

His role in the development of Russian industry was so important that in 1903 the city Alchevsk in Donbas (eastern Ukraine) was named in his honor.

During his young age, he was interested in left populist ideas, poetry of Taras Shevchenko and belonged to Hromada movement.

During the so-called banking fever in Russia at the end of 1860s and beginning of 1870s, Alchevskyi became initiator in creating the Kharkov Mutual Society (1866).

After failing to obtain financial help from the Ministry of Finance during the 1899-1902 economic crisis, Alchevsky jumped under a train on 20 May 1901 at the Tsarskoselsky railway station in Saint Petersburg.