The Washington herald., 1909-02-21
Became a Reporter.

i
Became q Reporter.
1 Mr. Johnson became financial editor o.
the Chicago Tribune and Mr.. VanderiIT
went with him 10 that paper. subse-
! quently becoming himself financial editor
I n his early DAYS in the newspaper bust
/ ness It was financial reporting that ht
was principally engaged in. and his ex.
! perience IN the investment house stood
/ him in such good stead that he prepared
/ papers. afterward published IN pamphlet
I form. about Chicago fractions.
Mr. VanderliD left the Tribune soon AZ
ter this and started a paper Of his own
/ the Chicago Economis1. What he con
siders his most important piece Of news
paper work he performed in connection
with that paper. This is the way he ha'
since described it;
Late one night I was called 20 tn
home Of P. D. Armour. where found
( many of the leading bankers in grea
/ distress Of mind over the failure Of n.
/ Moore brothers. who had been specu
\ lating in match stock and owed mani
/ millions OF dollars. The failure had no
! been announced. Il had been decided {,
/ close the Chicago stock Exchange anC
/ stop speculation The news had 20 90 {,
/ the public and II was feared that a pani,
! might follow. accompanied by runs on tht
! local banks and all kinds o. other trouble
/ I was asked 70 take charge OF the pub
/ licitv end OF the situation. 7 wrote out
/ plain statement OF the facts and tele
( phoned to the newspapers 7 told eacl
city editor that 7 had tremendous item
I Of financial news which he could have Il
] he would promise to print II exactly a.
written and would permit me 10 edit hi,
/ headlines All but one agreed 70 M
| proposal. and the paper Of the chap WHIT
arbitrarily and pOmpOusly declined -
| let me run his business got left. 7 rode
| from one Office 70 another. saw the proof.
| Of the articles had prepared and TEN
pered the headlines when found them tos
| infiammable. The news occasioned no ex
citement. raids on the banks did not FOL
low. and though the papers made some
noise the second day no panic occurred
Comes 80 Washington.
Mr.. vanderlip remained in Chicago IN
I'll the beginning Of the first Mckinley al
rninistration. Lyman J. Gage. a Chicag,
banker. had been appointed Secretary O
the Treasury and wanted a competen
private secretary. Mr. vanderlip wa.
/ recommended TO him and got the job
| There was little in regard 20 the theor,
| Of finance that the private secretary diC
not know. and he had ideas OF the appii
cations of certain Of these theories tha
| impressed Mr.. Gage as well worth while
/ The private secretary accordingly sOor
| became Assistant Secretary Of the Treas
ury.
The Spanish war loan Of 1898 gave Mr.
| Vanderlip his opportunity. Congress haC
voted a popular loan of S200000.000. ant
to Mr vanderiip was intrusted the w0rl
of floating the bond issue The bill wa,
passed on Saturday, June Il. How tn,
business was done Mr. Vanderlip ha,
since described:
At O'Clock the following mOrnins
I we began to receive circulars Of expIana
ton and subscription blanks from tn
printing Office. I put 100 men at work
| Within a day the mails were taking on
/ printed matter TO every national. State
and private bank in the country, TO ever,
! postmaster, 20 every express Office. anr
to 1900 editors Of newspapers. The sub
| scription closed at 8 o'clock on the after
noon of July f. There were 10000 sub
scrbers and they asked for 8. 10000. %
in bonds. During the last two DAYS ",
RECEIVED 5000 letters Some of the let
tsrs contained money, thousand doIla,
bills. for instance. and were not ever
registered.
Under the law the offers Of syndicates
corporations. and associations wer
! thrown out We could not tell before
hand. Of course. where the line would b
drawn below which all subscription