The Birmingham age-herald., 1913-10-15
Possible For Merchant
To Make Millions Within
The Bounds of Honesty
HOW LIFE OF LATE BENJAMIN
ALTMAN REFUTED CHARGE OF
CONGRESSMAN - SOME HON.
EST MERCHANT PRINCES
BY HOLLAND.


one-half that sum, the estate will never
theless be found to be one Of the largest
accumulated by a merchant in New York
who did exclusively retail business Mr..
Altman died last week, and tributes OF
respect for him as a man and a zitizen
and very high encomiums for his business
ability and the example and influence of
his business life We're received from mer-
chants of high standing who do business
in many parts fthe country. He was a
very rich man, but he began life with
out penny. His first venture was lit
tie shop in the lower part of New York
city and at the time of his death the
builders were completing an addition to
the marble palace which he erected upon
Fifth avenue for his retail store. When
this addition is finished the building will
cover an entire city block. with a from
tage upon Fifth avenue and another upon
Madison avenue
The lesson which is to be read in the
story of the accumulation of a great for7
tune by Mr.. Altman Is of far more than
local interest. 1t concerns retail mer-
chants In every considerable city of the
United States 1t demonstrates that 1t is
possible for man to build up fortune
of millions without ever having done any
one an injury or having violated the
strictest code of personal integrity :
Charge of Congressman
Some years ago member of Congress
who represented a Boston district said
that he did not believe 1t possible. for any,
one to gain a fortune in the United States
In excess of $5000,000 within an ordinary
lifetime without having done some things
which did not square with the moral law.
This statement was taken up by others
and has even been made by men promi-
nent in public life. Yet there are in every
considerable city of the United States
merchants who have accumulated for
tunes and in other larger cities of the
United States merchants whose fortunes
aggregated $50,00o,000 or more. Yet there
never was an accusation aimed at the
business integrity of these merchants.
No doubt Mr.. Altman's fortune was
augmented considerably by the wise in
vestments in real property in New York
city and by the wonderful forecast which
he made of the direction which the re-
tail business would take along the diff
ferent city streets, but there was no dis
honor In such accumulation. 1t was pre-
cisely by methods of this kind that one of
the distinguished prelates of the Episco-
pal church. Dean Hoffman, gained large
fortune. although while he was operating
real estate he was also maintaining high
and valuable influence In religious fields.
The Great Merchant
Mr. Altman's career and the magni-
t,de of his estate demonstrate the ac-
curacy of the statement made several
years ago by one of the greatest of Amer
lean bankers. He said that We're he to
begin life over again he should endeavor
to establish himself as a retail merchant
His experience as a banker had taught
him that the great opportunities for hon
orably gaining substantial fortunes were
throse which We're constantly open to the
retail merchants of the United States
These opportunities, he added, were espe-
cially tempting in certain distinctive
lines of retail merchandising, such, for
instance. as the field which Mr.. Altman
occupied
Since the closing of the civil war the
estate of several retail merchants of New
York city have in such instance amounted
to millions, yet in every case these mer-
chants began in humble way. Probably
the greatest estate accumulated in this
way was that of Alexander 7. Stewart.
He was one of the first of the great retail
merchants of the United States. His es-
tate, however, was augmented by the
profits which accrued through his man.
agement of great jobbing department.
Mr.. Altman stuck exclusively to retail
merchandising. Years ago a young mer-
chant named Ridley began in a humble
way on Grand street, near the East river.
Little by little he built up great retail
house and when he died his estate, which
represented almost exclusively the profits
earned at this businetss and the invest
ment OF this profits, amounted to several
million dollars. He had high credit but
his greatest asset was character. The
late Hugh O'Neill began in little store
not much bigger than a closet and con-
fined his enerfgies entirely to retail mer-
chandising. He died few years ago,
leaving an estate of about S5000,0O and
something which was much more highly
esteemed by his family than even this
great wealth. and that was his reputation
for perfect integrity of character.
The Greatest Merchant
Some of those who paid tribute to Mr..
Altman stated that he was the greatest
retail merchant Of his time. That state
ment, however. was not exactly accurate,
for the reason that no one retail mer-
chant since the time of Alexander L.
Stewart can properly be described as the
greatest merchant of his day. Mr.. Stew
art was undoubtedly, at least in the years
before the war; for he was really path
finder In the field of retail merchandise
ing. There are two or three very great
retail merchants who do business In New
York. two or three in Boston and In Chi
cago there was one pre-eminently great
retail merchant--Marshall Field-who was
a complete master of both the science and
art Of retailing who left one of the great
American fortunes Philadelphia has had
retail merchants Of extraordinary ability
and success. So have Cincinnati and New
Orleans and there have been such in Mon
treal.
The Secret of Success
Almost all those who may be listed as
the great retail merchants of the United
States gained their successes through
their mastery of like methods for carry