The Birmingham age-herald., 1914-01-23
HARTMAN bANKH
UNUSUAL CAREER IN
FINANCIAL CIRCLES
Great Success, Though LO-
Gated Four Miles From
Great Money District
WAS FIRST TO APPLY
IN RESERVE SYSTEM
Big Banks Are All Looking Abroad
Where There Is Fine Field for
Establishment of Branch
Banks

BY HOLLAND

New York, January 22.-(Special)-Ner
e. Fl. Hartman alive he would undoubt-
edly give his cordial approval to the ac-
tion taken by the directors of the national
bank in this city which was named for
Mr.. Hartman in applying at the first
moment for membership in the federal
reserve system. The institution to a
large extent represents Hartman inter-
ests and 1t is due chiefly to the infu-
sion of some part of the wealth earned
by Mr.. Hartman into this institution
that it has now become bank of con-
siderable influence. In view of its loca-
ton. which is upon upper Fifth avenue,
remote from the financial center it has
gained phenomenal success.
The institution was originally state
chartered and was established because
of the belief that profitable business
awaited a banking institution which was
never closed excepting upon Sunday. In
its vicinity are many of the clubs and
luxurious hotels of New York, and the
bank is also located within convenient
reach of the theatres. Therefore, large
and profitable night business was looked
for.
After a test of two or three years the
discovery was made that the clubs of New
York expect to give accommodation night
and day in the way of cashing checks
to their members. So also the hotels are
accustomed conveniently to serve at any
time those of their guests whom they
know to be responsible. There was, in
fact, no real demand for an institution
Mr Jar inns olf x.,l,x
had from friendly disposition to aid
some of those who were planning the
organization of this bank, subscribed to
a small amount of the capital stock, was
not particularly interested in it.
1t did, however, cause him to wonder
whether a national bank of good resources
and good surplus might not gain success
even though established upon upper Fifth
avenue, four miles from Wall street
Across the street had been located for
years bank operating under a state
charter which had paid phenomenal diyi-
dends occasionally and in recent years
never less than 100 per cent. 1t has ac-
cumulated a large surplus and as its
capital is small, only a hundred thousand
dollars, the somewhat rare market quota
|
records of this kind This institution
was established as womans bank. The
originators We're convinced that a bank
established upon upper Fifth avenue for
the convenience of the women who dwell
in that vicinity and who are presumed
either to have handsome incomes or al
lowances would gain a profitable patron
age. That view was found to be cor
rect, and this very successful bank was
often been spoken of as illustrating in
banking the value of specializing, so to
say, or adopting a single idea or plan
and then remaining faithful to it.
After Mr.. Harriman's Death
About two years after the death of Mr.
/ e. III. Hartman his widow and others
who We're associated with the Hartman
family bought control of the institution
sand took national BANK charter They
were, of course, enabled to give it large
and valuable patronage. How handsome
that patronage was is shown by the sta
tistics, which record that in 1911 the year
when Mrs. Hartman and her friends
bought the bank, its deposits were about
"a, 900, whereas two years later the
deposits had increased to about $4,000 00o
Modern ideas, at least those which have
been well tested by bankers. have been
adopted by this Institution and its man
ayers are now spoken of as representing
conservatlvely progressive management.
The management in some respects brings
TO mind certain of the methods of Mr.
Hartman. who notwithstanding his ag-
gressveness and courage. was freouent-
ly very conservative, seeking always to
temper his courage with good judgment
1t Sets the Example
As the late John Thompson, who had
no small part in the business of framing
the original national banking act of 1852
was with several members of his family
the first to take put charter under the
new banking law, naming his institution
M0kO Vnyru MnOlc