Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1909-02-27
INSPIRING STORY OF
FRANK A. VANDERBILT
How He Rose From Machinists
Apprentice to Presidency of
a Great Bank.

The election. just announced, OF
Frank A. Vanderlip as president OF
the National City bank, of New York,
recalls one of the most picturesque
stories of persevering uphill work ever
related to a poor American boy. Thirty
years ago, Vanderlip was ploddingl
away in a machine shop out West, at
rs cents q day. His father had just
died in Indiana, leaving widow and
her family with nothing but farm and
a few hundred dollars. The farm could
not be worked to advantage, so the
young man took the place in the ma
chine shop as the only means of sup
porting the family. He went at II like
Trojan--he still works that way
and, after 10-hour day, came home
to plod q portion of the night over a
shorthand text book
That made him complement stenog-
rapher and soon gave him position
with Chicago investment house at
$40 week. In the days when his COM
panions of after life were enjoying the
football matches of Harvard and Yale,
young Vanderlip was digging away at
dry old railroad reports. In that way
he acquired statistical knowledge and
learned how to go to the bottom of the
things which most men are content to
take for granted. After saving little
money he took years course at the
University of Illinois, and later, when
serving as newspaper reporter In chi
cago, he supplemented this course by
attending lectures at the University or
Chicago. Most of his education, how
ever, was acquired in the university OF
the wide, wide world where hard
knocks are the only athletics that the
| students are treated to.
Finally, young Vanderlip became
! financial editor of the Chicago Tribune,
and soon took rank as one of the best
a. nf tsrtt tn hn
bought a part interest in the Chicago
Economist in 1894, and served as an
\ associate editor of that journal until
March /, 1897 when Lyman ]. Gage,
who was then president Of the First
National Bank of Chicago, was ap-
pointed secretary of the treasury. Mr..
| Gage asked Mr.. Vanderlip to so to
| This position he retained for only three
months, after which he became assist
ant secretary of the treasury on June
/, 1897.
The next year he distinguished him
| self by his organization of the treasury
forces for the great work connoctcd
with the war loan of 1898, when 2J,OOt
separate bids were received for the
$500, 000. 900 popular issue. The treasury
| had to take on 600 extra employees i
the task, which was handled with
great dispatch. Mr.. Gage, speaking
later of Mr.. Vanderlip's work in the
treasury department, said: HE has
great initiative, possesses the power OF
action beyond anything L have evel
seen in any man. He works quietly anc
with great speed He handles men ad
mirably. and seems to know what tc
do every time. No one knows now h'
does things, for Vanderlip has q way
Of simply going and doing what he has
to do quietly. without letting an! one
know about it until it's all done. H'
has the sort of force that counts. Ther
again, he has such pleasant way o.
saying mo- that people are not offend
| ed by refusal"
In 1901 Mr.. Vanderlip became a vic'
president Of the bank, and on conclud
ing. few months ago, to retire from
active service and become chairman o
the board, Mr.. Stillman selected Mr.
Vanderlip as his successor for th'
presidency. So this is how the young
nachinist, who was born at Aurora
ILL.,, only Al years ago, has risen TO the
presidency of the largest bank in tht
| United States.