Frank Arthur Vanderlip American banker Date of Birth: 17.11.1864 Country: USA

1. Biography of Frank Arthur Vanderlip
2. Early Career
3. The Chicago Tribune
4. Assistant to the Secretary of the Treasury
5. Author and Philanthropist
6. Later Years and Legacy

Biography of Frank Arthur Vanderlip

Frank Arthur Vanderlip was born on November 17, 1864, in Aurora, Illinois. He spent his childhood days on a farm near this place. Vanderlip studied at the University of Illinois, where he focused on mechanics in addition to his regular coursework. However, due to circumstances, he was unable to complete his education. In later years, Vanderlip was awarded a Master of Arts degree in recognition of his work in finance.

Early Career

Vanderlip began his career as an apprentice in a mechanical workshop in his hometown. While working at a machine, he studied mechanics practically, earning a meager 76 cents a day. During this time, he also took stenography courses, practicing with a piece of chalk on the machine's support plate. Recognizing the uncertain prospects in this field, Vanderlip decided to move to Chicago at the age of 20. He secured a position at a firm that dealt with financial reports of corporations.

The Chicago Tribune

Vanderlip's own research led him to become a reporter for the Chicago Tribune. He became responsible for covering financial topics and quickly rose to the position of financial editor in the newspaper. During this time, he also pursued an extended course in political economy at the University of Chicago. Vanderlip left the Chicago Tribune to become one of the owners and editors of the financial publication, The Economist.

Assistant to the Secretary of the Treasury

When Lyman J. Gage, the president of the First National Bank of Chicago, was appointed as the Secretary of the Treasury under President William McKinley, he appointed Vanderlip as his assistant. Vanderlip's understanding of complex issues within the Treasury Department helped him secure the position of assistant secretary of the treasury. One of his notable achievements in the Department of the Treasury was his approach to solving the issue of war loans during the Spanish-American War in the summer of 1898. After four years of service in the Treasury Department, Vanderlip left his position to become the vice president of the National City Bank in New York, one of the largest banks in the United States.

Author and Philanthropist

During his career, Vanderlip found time to gather valuable financial materials for various magazines and publications. He authored a book titled "Business and Education," which gained wide popularity. On January 12, 1909, he was elected as the president of the National City Bank in New York. Throughout the years, Vanderlip actively participated in various movements advocating for social and civic improvements, including involvement in educational reform. He was responsible for opening the first Montessori-based school in the United States, emphasizing the importance of individuality in education.

Later Years and Legacy

Vanderlip served as a trustee for the Carnegie Foundation for the Advancement of Teaching and led the managing board at Letchworth Village for four years. He also worked with an organization established by the state of New York to assist individuals with intellectual disabilities. In addition, Vanderlip was involved with various organizations, including the Chamber of Commerce, the Merchants Association, the Economic Club, and the Academy of Political Science. Frank A. Vanderlip passed away on June 29, 1937.

When asked by a reporter what he considered the most difficult step in his career, Vanderlip replied, "Getting out of the work overalls," referring to his impoverished youth.