The Minneapolis journal., 1902-08-26
MR.. GAGE AND "VAN" !
Story Of the Rise of a Chicago Boy
Who Was Not Afraid of Work
ing Overtime.
Frank Vanderlip and His Interest
ing Career in Washington
and New York.

Frozn The yournet B'sreo"' Room 'tS. Pos'
Washington, Aug. 26.-Former Secre-
tary of the Treasury Lyman J. Gage and
his former assistant secretary, Frank
Vanderlip, are living together in New
York. Neither is there just at present.
Mr.. Gage is summering in Boulder, COL,
while Mr.. Vanderlip is in Europe, but
when they are in New York they occupy
in common a fourteen-room apartment in
the upper part of the city, which Is one
of the finest in the city where beautiful
apartments are plenty. They have two
or three servants and live in great COM
fort. In a sedate bachelor way they
sometimes entertain.
It is quite a contrast to the early en-
vironment of both. 1t was not so many
years ago that Gage was clerk at $500
a year in Nathan Cobb's sash, door and
blind factory out on the west side Of
Chicago. From there he went to the
Merchants Savings, Loan and Trust COM
pany; from there to the First National
bank, and from there to the United States
treasury. He is now president Of the
United States Trust company, and finds
the position an agreeable one. He says
there is not much to worry him-not so
| much there was in Washington.
About all he has to do is to see that his
rich clients do not lose their money, and
that trick has become familiar.
Frank Vanderlip has grown to be more
than protege to Mr.. Gage, he stands in
the position of a son. The older man
regards him with deep and tender affec-
ton. In a manner he has brought Van
derlip up. He took him when he was
poor and struggling; he pointed the way to
his ambitions, and gave him opportunities
opportunities to work and do things for
himself Less than twenty years ago
Vanderlip was carrying newspapers in
he is not yet 40-he was walking the
streets of Chicago, and wondering where
he could get the next dollar for himself,
his sisters and his mother. But he
| worked and studied and believed In bet
ter things. He got employment as a re-
porter on the Chicago Tribune. He was
appointed assistant to the financial edi-
tor. He decided to make a speciality Of
finance, and he bought books and studied.
He became acquainted with the professor
| Of political economy at Johns Hopkins
| university, and took courses from him.
! He saved up money and studied until it
| was gone. He became financial editor of
| the Tribune. Part Of his duties in that
position was to see the president of the
| most important bank in Chicago. Mr..
| Gage saw considerable of him, as he did
| of a score of other newspaper representa-
! tiVes; but this young man appealed to him
by reason Of his having ambition, a Level
| ledU, ana d lOVe 1Or nara WORK.. w men
| Mr.. Gage was called to Washington, and
| secretary, he took Vanderlip. The young
| man made good.' There was a vacancy
| in the position of assistant secretary anC
Vanderlip was put in temporarily. Agair
i he made good. He had been studying
finance and was equal to the new respon
sibilities. Then came the offer from New
York; the National City bank was looking
right q
sition; Vanderlip was called in and tolC
that if he could do certain things he wa:
the man for them. He took a trip to al
the financial centers of the old world, ant
he did it. They still think he is the maj
for them.
Enlish consols are now dealt in through
the City bank as a result of one of Mr.
Vanderlips making good. The consol il
the English government security cor
responding to the government bond in tn,
United States. Until year or so ag,
they could not conveniently be had excep
in London. This was due to certain old
time English notions-and there is moth
ing harder to overcome than an Englisl
notion based on antiquity. Vanderlil
overcame the custom and got the busines
for his bank. The only real evidence O
Indebtedness in consols is an entry in
book in the Bank of England in Thread
needle street. The owner can give pOwe
OF attorney TO COlleCC the interest," but tn
bank must authorize the appointee. Fo
all previous time they never had or woul,
authorize a New York bank to make sucl
transfers. That was one thing the forme
newsboy and newspaper reporter accom-
plished.
The government securities of Russia ar
listed and dealt in on the New York mar
ket; that is another thing Vanderlip ha
brought about. It is reported-and it i
probably true-that he is after the Ger
man securities, and eventually those of al
the governments of Europe which hav
any securities likely to prove attractiv
to Americans with more money than the
know what to do with.
Perhaps there is a financial significance
as we'll as personal interest, in the fac
that the securities of the great world pow
ers are on sale in Wall street. Tn
United States is the richest nation in tn
world, and the borrowers are coming t
camp out on our front steps.
w. w. Jermane.