Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1909-01-22

story Of the Extraordinary Rise Of a Poor
Maehlnist- ApprentIee-Now President Of
one Of tine aIaaest BAKE Of the Country

story Of the Extraordinary Rise Of a Poor
Maehlnlst- Apprentlce-Now President Of
one Of the Biggest Banks Of the Country
The recent election OF Frank A. Van
derip as president Of the National City
bank of New York recalls one Of the most
picturesque stories of perseverlng uphill
work ever related OF a poor American
boy. Thirty years ago Vanderlip was
plodding away in a machine shop out
West at rs cents a day. His father had
just died in Indiana, leaving a-widow and
her family with nothing but a farm and
few hundred dollars. The farm could
not be worked to advantage, so the
young man took the place In the machine
shop as the only means of supporting the
family. He went at II like Trojan--he
still works that way-and. after a 10-hour
day, came home to plod a portion of the
night over a shorthand textbook.
That made him a competent stenog-
rapher and soon gave him a position with
Chicago Investment house at $40 a
week. In the days when his companions
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 a little money he took a
years course at the University of Illinois
and later when serving as a newspaper
reporter in Chicago, he supplemented this
course by attending lectures at the Uni
versity of Chicago. Most of his educa-
ton, however was acquired in the "uni-
versity of the wide, wide world" where
hard knocks are the only athletics that
the students are treated to.
Finally young Vanderlip became hnan.
eial editor Of the Chicago Tribune. ant
soon took rank as one of the best fnan
cial writer's I'm the country He bough
a part interest in the Chicago Economis
in 1894 and served as an associate editoi
of that journal until March l. 1897, whel
Lyman ]. Gage, who was then presiden
of the First National bank Of Chicago
was appointed secretary of the treasury
Mr.. Gage asked Mr.. Vanderlip to go {,
Washington as his private secretary
This position he retained only tire
months, after which he became assistan
secretary of the treasury on June !
1897.
The next year he distinguished him
self by his organization of the treasur
forces for the great work connecte
with the war loan of 1885, when 325,OO
separate bids were received for the 5000,
000,0 900 popular ISSUE The treasury ha
to take on 900 extra employees for tn
task, which was handled with great dis
patch. Mr.. Gage, speaking later of MI
Vanderlip's work in the treasury depart
ment, said: HE has great incentive pos
sesses the power of action beyond any
thing l have ever seen i'm any man. II
works quietly and with great speed. II
handles men admirably and seems {
know what to do every time No on
knows how he does things, for Vanderli
has a way of simply doing, without lei
ting anyone know about it until it's a
done. He has the sort of force the
counts. Then again, he has such plea!
ant way of saying mo- that people al
not offended by a refusal"
In 1901 Mr.. Vanderlip became a vic
| president Of the bank, and on concluding
a few months ago, to retire from actiy
service and become chairman of IL
, | board, Mr.. Stillman selected Mr.. Wander
lip as his successor for the presidenc
: So this is how the young machinist wi
: was born at Aurora H., only A yeai
3 ago, has risen to the presidency of Il
; largest bank in the United States.
' On the evening of the day that he w1
> made president of the bank, instead
| gathering the big bugs of Wall street Il
a great function he gave a dinner to II
1 young men who had seen treasury serviC
E with him in Washington. One of the
said of the affair: There was nothir
great about the dinner or about the wa
! 1t was given. 1t was like a great b
| family party given by an old friend wi
q loved to have us with him Vanderl
/ ! will always be Vanderlip. Wall sire
: has not spoiled him He remembers
/ old friends, and they will never forg
. him.