Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-07
|STUDY HELD VITAL
| AS AID IN BUSINESS
Bank President Advises Am
bilious Youth to Learn
While Working.
BY JOHN r. SINCLAIR.


success in business"
These were the words spoken by Louis
G. Kaufman head of the newly merged
Chatham-Phenix Bank Of America
organization. when asked what helped
to bring him to the position he now
holds.
THE way for a young man to sue
coed Is to get associated with some busi-
ness that stands for something-one
that is dignified. of social worth-and
stay there. taking advantage OF the
opportunities that come to him. and
the opportunities he creates by study
and preparation for more advantageous
work than he is at present doing"
What are the chief means to sue
cess?" he was asked.
THE cardinal principles Of how to
win success in business have been
known for centuries. There Is no ex-
cuse for the youth who does not md
them out from the life stories Of men
who have made great careers for them
selves.
Importance Of Study.
Regarding the qualifications for sue
cess, there are any number Of them,
but one that is of increasing 1mpor~
lance in this day and age is the ability
to study. I preach to the employees OF
the bank the opportunities for advance
ment that come to the youth who, after
closing his books for the day at the
bank, opens others at home for hours
Of study.
1.-The young man who does just his
days work and no more-who wastes
his evenings-has no chance compared
to the man who prepares for the Job
away ahead by reading financial jour-
mails, books on banking and other re
lated subjects that are readily avail
able
Did you find that night study helped
you to get along faster, Mr.. Kaufman"
Eyes, 1 did" he replied. MY study
of banking law at night in my early
career gave me a knowledge Of for
gotten law of 1865, which read to me
as if 1t permitted national bank to
establish branches in its own city.
IT submitted my and to the con-
troller of the currency and other Of
ficials at Washington, and they agreed
to let me go ahead with my ambitious
plans That was how I became the
father of the national bank branches
in New York City.
Believes in Hard Work.
at found out early In life that the
only way to keep one jump ahead OF
the other fellow was TO study more and
to learn more than he-to keep the
valuable information that had gather
ed In the back of my head for imme-
date or future use, IS the case might
be-"
Did you have q hard struggle when
you were growing up?"
mo. I did not. Ny career Is not
like the usual success story you read
about. While not born with q silver
spoon In my mouth, yet my fathers
family were well-to-do pioneers from
Switzerland. After stay in Pennsyl-
vania they moved to Michigan, where
they became one Of the first and lead
a Graverest. was related to the Liv-
ingston family, of whom Robert 1iv-
ingston was the most distinguished
member"
do you think that all intelligent
young men have an equal chance for
a prominent place in the business
world?"
mo, I do not II Is true that
study of the commonly accepted sue
cess rules are always helpful-lndus-
try honesty, application. etc. But the
chief trouble with young men is that
they usually adopt the path OF least
resistance That never develops char
acter and strength Of purpose. To get
the most out of life, they should begin
early to accept responsibility ana not
run away from work"
Such remarks as these, coming from
this broad-shouldered, aggressive exec
utiye, are quite in keeping with both
his psysique and his responsible po-
sition.
AS he speaks, his powerful, resonant
voice almost shakes the room In which
he is seated. His firm, determined chin
gives striking evidence of the strong
will behind the high forehead and,
massive temples, while his heavy black
hair, now slightly grayish, adds touch
of power and dignity. His voice, his
carriage, his every movement reveal
the vigor and the energy which posi-
lively exudes from him at all times.
Marquette, Mich, has produced at
least three famous bankers-Roy A.
Young, governor of the Federal Reserve
Board at Washington; John Black,
chain-line banker Of the Northwest.
who Is credited with having brought
Roy Young into the Federal Reserve
banking system, and Louis G.. kaufman,
New York banker.
Mr.. kaufman was born In Marquette,
with a public school education, he en-
tered the employ of the Marquette
County Savings Bank as a messenger.
During the next seven years he
worked his way up through all depart
ments. and in 1898 was appointed
cashier manager.
Kaufman's Career.
In 1901 young Kaufman went to the
First National Bank Of Marquette as
vice president. His record was so i'm
pressive that in 1906 he became presi-
dent of the institution, and in 1908 he
was chosen a member Of the executive
council Of the American Bankers As
ISOLATION.
The year 1910 marked his first entry
into New York when he came to head
the Chatham National Bank as sue
cessor to George M. Hard. He had
before he had merged the Chatham
National with the Phenix National. In
this way, he brought together two of
the Oldest and most successful banks
in the city. In one year the Chatham
Phenix grew more than in 40 years
previous.
Mr.. Kaufman has the knack Of get
ting big things done. And he moves
fast.
The recent merger of the Chatham
Phenix with the Bank of America
Blair Corporation has put him at the
head of two of the largest financial In
situations in the United States.
Both of these banks have figured In
prominent mergers in the last few
years. Both were organized In 1912.
Frequent Changes I'm Name.
The Chatham-Phenix has probably
had more changes Of name than almost
any other bank in New York City. In
1911 the Phenix merged with the
Chatham National as the Chatham
Phenix National Bank Of New York; in
1915 the name was changed to the
Chatham-P henix National Bank of the
City of New York when consolidated