7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

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SJTl4D.T1" . no " S,V . "\ . . ,

CODEVulwr 207. XL1

Feb. Y,1935

'

1

eklyBnj. Fratklin

5

AGATHA CHR'STIE + JIM COLLNS + GENERA JOHNSO

7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

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STORl

VSNDERLIP

opposed

24 THE SRTUD.Y EVENNG POST February' 9,

C UNDERWOO . UNOO

Hnr P. Davison Jius Kruttschnltt (Rg t) ccmpanled b Marvin Hughltt f th Chcago.Nothwstern

imagiaton. implemen ts weeacts he a a l-ig idex of l rail-ro acts

uttschitt hm-sf told e a story

oe time that lu-ias hs charactersomewhat Fom aqe coseqen-tabeginig i alroad work e drise to he post odivisio spei

RlRO. MGULSeudet on a oad that cossedK a s a s . I d u ecorse the presdeto the alroad was

BFRK Aseported as eady toake a ispectiontrip ove the lieYoug Krttscittdteied o be let

AND BOYDEN SPARKES

BCA USE was a directo of may ra ilods

traveled thousands of mes evey year o tripso ispecto Conseqety ce o ow

well ad o adme may o he e who were ope-atng the popertie cotrolled by sch giants sHariman and Hawley. Hariman d bee abroker on e ew Yor Stock Exchange bore hebegan to coce hsef with alrods, nd Hw-leywe Hawley was a mousefced, tacturbacelor who eied to te ed of hs le some-thg o a mysey To m the bggest mystey of llws the fact tt wth a fortue of many mios eded ntestate Tse geat capitalsts ad as terleutenans practical aiload me Natay, be-cause of te City Baks relatons wt Hariman, was n especily close ouc with s roas

Out of a host o e impotan in arrima'sservce who clamor for ecogtion I d myself g y ind o pes andolph. M Radop wasa grad an, oe who was paticlary lovable Ia e you mght d a thosand me wo wodbe as lly awae as o his endeang alites; btthee was much moe to him Afte developngt becosis he had oved to Azo i oder tosay ai Ou tee despt e s aicto he wen tahead as a foceful person It ws e wo buit teSouther Pcic Railw of eco agaist a bac-gond ad soci struce almost medeval I wasa heoic work

Anoter wo greatly heped to give substace oHarmans vsons was Jius Krttschnitt rra wa ch vsio, imagnao there wsi him somehing o the ualty whch a poet brigsto h o But Kuttscntt had absouey no

te pefect n skowledge of s

ow dision He boed p on evey possible sta-tisc uti e ws prepard o repot on eac ieo physc poprty fo hich he ws respoibleAt lt early o fosty moing the spec traiaived at the statio hee h ated Te presdent, fom is pvate cr stpped dow to the platform ad to yog Kttscntt roponded a dis-mayng qestio t was te ony one e was notprepared o aswe.

Wat asked the pesiet s the te pea-ture? "

Kuttscitt, wen mt m hd becom addyfaced man of gea bl ai slow movemetsHe had become the catechis o a host of dvsolsperitendens. Kru ttcntt ws the one wo kepHarrima's alroads tue He ws not a m oet enthusism ru away with his jdgme ad thatws sometng that made hi h pefc compl-met of H Hama

Haman ad te philosophy nd he ethods ofa Mesopotaan monach e s ot easy o issubodates. He did as h plesed rutlessy sizg evey advatage ta he sw, egadless of therles th govern odnary me I recollect a ewhen Robet Scott Lovett ws ut abot hbroken by a thng that Harima id Jdge Lovetthad leaned abot a cet mate n he stcestcodence. It was impoat to his hoo hat thatcondece sold not be vod paticuay fromany qare whee vioatio of t would be amfu.Judge ovett, who w geera conse of the Hri-man oads aso fel obligd to tel Mr Harrimawhat he kew. In doig so he pressd po himte condental cacter of what e had told m

r aran imedately made use of th fomato

" I dont see how yo could have doe sch a thto me" Judge ovett chde Hama s wldermen.

undersand the thgs so mc bette tyou do" etoted ara, a tone sc as

mgt ave sed to a sl boyWe, was ot wllig o et Mr Harmanthe judge of ght ad og or e There wtimes during his life, we I was sittig o boards of hs ods, where I underw!fees because I felt tey were too high As a diectobeeved my oblation of trusteesip an o sockholdes, ad not to M Harima, o the ank. I ave n nd ecollectons o occasos wt ws poited ou to me, n a hurt tone, that the Bak was shaig i hose uderwring prots tI togt wee too at. ope do not soud memouthed ow becase, actally, am tryingthrow light pon somethig tha was blt to chaacte Words hat wee spoe soemnly to togh the beded ps of my fathe whe I sma, seem o ae ed lttle resevois of emotthat ave cotroled may of my decsios.

When recrs n' c

NOW, it should be said h at whe a company is by a strog domiat eecutive hs boad of

ecos usaly s glad to vote fo aythig he wishQuit ofte suspect, dectos have voted withroublig themselves o iqire as to e purpbehnd soe ove they ahoied. Ideed I eect a iating stoy M Stillma once toldcocerg the boa of the New York Central, the autocatc dectio of ommodoe Vandeb

There hd bee a ea of some infomatio o pubic, ad . Vaderbl ws greatly ked byt was nomato that neve had reaced te boaOe decto sggested, with sometng of a stutthat the best way to stop uther leaage was to elhe clpt to a place o the board ten e woo know aythig woh leakig. Well Haimdid o aways tae s direcos to his codeneite.

Thee came a day whe Hama ws depatfor Europe Te exectve comittee ad a egueetg schedled for at day; but as M Has shp was to sail at noon we were askedmeet at s ouse and then, n te aftrnoon, to nthe oue ates wthot his pesece. Accongy we gatheed a hi home, trasacted soe buess of no geat mportace ad ae bidding hbon voyge wet down town Oto Kah of Kuoeb & Co, eaned bend so that he couldwth Haman to s ship M. Kahn cafom the sip o o meetig ad epoed that thws an mportat mater requrg or atentisoethng tht r Haia had fogottenmention.

7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

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HaJ1anquiteTvluableWells, Fargoboard-y

as s d.

,

aTind

hahtUye,pr' lon

The Union c }r d odedoght to sell oi hih townda le mo of _Co. ocThe eaon ly o te Kah fom arima was t copen 'Ods objetedo he opero o ti o an epess compay owned y o rlod Mr Ham, w ' e dcors ouhoze o\ t xopay tocke a t ig o oo s possbl.

The a Her d come boe u ih ha I flt o bditrbiudn. I aned o kow how o mhtok col b s quckly ihout lo. t wa itedon Exa. t bcue t ws o losely hel

aco oced. In pte of the t oo o arri1 ws k to lee I o oe tim to onsde he po-pol o e ws laid over.

o ided with e, and so the ale dno OC}! _i agin it ws bought up forii b we tood fast

B o power to hift iload depoits ando or oos eos, r. Hrm W1S anot e t eyes o Mr. Sillm, IV d Villam Rokefeller Ay cochet oHrri a soethig that might I kew havelat repecusion. I wa ely are o o dY when a fred cae io he ank oo e tt Haian had sald o urope o ork, after delaring that he wa cog hoeo jut one easonto get y !p

aimn cae hoe, bt o the urfce theevr was ay unpleasantnes betwee u. vent

y at a pe ghr ta te Stok xhage

KtYSTONE VI"

TE STUD EENNG ST

quoo the time it popod to sell thWlls Fargo ock, the sae was a. I wih todd hat egrd aa a of geatbili ho d serve to the ounty, howevehly he wet about it. He buit up s popertiesd ded the, sully h widom\en hfoug, e ogt as satesm ghth all theor hi ommand T mot portat of thoeo o

l 9 hd Od myel i hey 1-o i ooo :on bot te ate of teo u puliy o the of b opoa-o H d pblcly at hat e hat hehg rv ngn owd trts wa

du o ct e peopl we kp goeo fir o . e d sad ftheaI si wh hmat poaon lwyesid of ti cies by coseli o "io t tt e advocated the e ht od compl oces ofO') O pbl ispeco copleteor j m \! thee e soe ,' on bod ho would ays - l mch. one of the W (o ole h togt o wen r ey wee us-pc Y q pcous of k ilh k o'gaSt . Q\' ju it u mck p f (d.

A ag on vce o " t: O may v.Fo m ( - ;: o

wy so ; y g

M and Mr la Reeller

a le sre o tok I hve felt that corpsececy generlly was won. I thogh thethink tl, ht orporatio wealt would badneed fom the viewpoints of smlholder, labo and the p bl, if te aair of co had gret dal moe publcity My vthis ubjet wee odered adi by omlose assocites whe I w pLesidet o the Nty Bak I emember wn thee wa diby the New ok Cearig ouse of a popcete u specia ahority o be veted i chose eamie he idea behnd that sgw tat if a bak ws ot beig u propeeaing oue members ought to kow ab

avoed that; Mr Sllman wa hd.Eve'yting s hactr ced out goposal o amt somebody repeeig othe baks ito the as of the Cy Bknot feel that there w ythg he tat b looked at M ilmn felt tht dvoul be take of us by oe v or some pef all ou ai wee subjected to otide scI felt tat he was a reate sk fo in bourselves to roper dealing soe otheIt as been my expeee tht hoest bsgeatly otnumbe doest bsness men. foud tat usuly buess i farly oducis beae I a so sue of s tht I tnk thlicty rathe tha a eases ood of new wt we need Publcy wold sarply cugrapig fellows.

S Exp Jy

DPITE my iews bout e ue to ogete publity for he aas of copo

he s a occason, ea te oe of ] 90, wa ideed, s futiv any co oe of s wo patipated felt tht wcosprto on the oty we felt we wged i a patrioti wok. e wee yig toecasm that would coec te wekesseb yem s revele un the traps of he paic of ] 907 I do not feel exaggeao to speak of our ecet epedJel land a the oson of the actual ono wat eventualy beae th Fedeal yte

Coges, afe 907 hd reled t somhad o be doe to steten or bakg sTo povide itel wit bete underdgpolm, thee had been appoited a joit o of wetyve ee of both houeste himanship of Seo ldh wo wt whole, the bestifomed nd he mot doman in Core on anal mase. Tihd one to ope hd teviewed bnkthe heads of the ental bak and then, ple

7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

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70-=

15

-p

wa.\Ter1m

THE STURDAY EVENING POST February

(Contind frm Pg 2)

PICURE XPLI.N NE REMPE

OCOR NO PRCRIB

the baks might ot be so we o. ewrote that fro tht te on Dvisoand ought to folo the mer veyclosely and keep in ouch with dihAdich s ifoed, beieved insome sot of centalizatQn bu not inthe estblishen t of a cenl bank

uch s Fance ld r Stlln lsoepoed to e hat in his lk it

Senato Aldrich he hmself had notexpressed ay views, except s he hadipessed o the senator s belefine ecessity of not ben oo uchinuenced by our V Stt ointof ve

But would the electore hve beieved that? qeston eir blity todo so Just to give yo fn idea:Seo Adrch as the fatrof Jon D Rockefele, J d hislf vey rich an On haditen to Woodo ison a Pnceo inving h to speak dnne.hing to pess hm h e ionce of the occasion I h meioned ht Senato Aldh lo hbeen nvied o speak My Doco lson had asonished \ pyng hat he cold not b hleif

o spak on the same pao hSeno Adich. He did ndae a speech, howeve f r drepored that M Aldrh lwold prevent him fo , rngNo hen, fncy hat so o hdins igt hve appered \' oht Adrch was conferri1 ou oney egsation wth -ne and he pesident of i tbnk

On October 8, 9 I " 'Sllman Pis "n ]rmt ih wat ce ver I ng asevere if not fl, uo cide You pobal u h repot of it n te p rtywell bused vin el on h sdeof his face Heis h bernow, but the ccid ulyposponed he confr

h in

nd He ll be ou i a f ,\- ds,nd s Jo D .Jr hthey do no hin h wl b

"serous om ccid n

Bankers in sguse

s m for he ssml oCon! d Senor cbm ri ngy conceed ou th o h mus wrie on behaf ofe o y commisson ikei h ought to be he knew a blo pr o he ne Congress andoe hd ben dafed. his s ho ned that a goup of S entih hi o the Jekyl sld Club one ost of Geoia.

ince it oud be f t to Senaoldch's pan to hve it kown tht

e s caling on anybody fom Wltreet to help him in peing his epot and bil ecauons wr takenthat woud have deihd he heart ofJas Smn Those ho ad beenske to go ee ey vison Paulrbug, Ben Stong, nd ysefFo Wshingon came A PattAndew J, who ws the Assistant Secretary of the Tresury andwho no is a embe of Coness froMassachsets. We ee tod to eavou last naes behind s. e wee todfthe, tha we shod avod diningtogethe on the night of ou depatueVe ee instced o coe one at ae and as nobtrusivey as possibe

to te raioad emina on teJersey littol of the Hudson Senator Aldrich's pvate c woin eadiness attached to the reof a tan fo te South.

hen came to that c the were down and oly slende treambe ight showed he sape ndos One bod the p

ca e began o 0bseve the tabohd bee xed on lst nes Wdressed one anote as"Ben, "Neson Abeit is AbaAnde. Davison and I adoptedeepe disguises abandonng ourst naes. On he theoy that walways iht e became Wlbubecame Ovie, afe those totion pioneers the Wight broIncidently, fo years ferwardson nd I continued the pctconicatios and en etogethe.

ecet Meetg on Jekyl Isla

T svans and the tain ceh ko he ideites of oo of u hey dd not kno

d i h ms of ntgh h od he deo j sn ngon, in ll e even i Loiscovey, knew, smpl mhen, o ese a o ie adoud be wa If it ee sedexposed pu blcy tht ou argoup ad got togethe and wrbkig bil that bi ould hachnce aeve of pasae byress Yet ho was thee i Cowho might have dfted a sondof leiato dea with the tecbkg pobe h hich econcend ndeed, thee weprsngly few bankes besides thus \ho had bee cled ogethehad given the specia attes considertion any thooug htever. ost bankes were tt o ccept any chang; GBkr s

e roedd in the re roh r c o o wok a h n og Tht c5 f k ucue \y t ou o doe about idud p of ds folessonns of a r b Everyonsoe ttle piece of poect to on the tabe fo discussion ad ones pet scheme encoered othe fellow's objection

We hd taveed a good ayithot aking ch pogessI tod my copios of a iadvce, s to the proper wy o co coeene, tht hd been ive by Fak rub, a dea of ie wo s he the cha

of the bod of the Cespeke &ilway.

"What we oght o do rst is o set don hoe ings which we are agreed; h one bwe can take p those thngs which we seem to dsgre

Fom then on e de swift ess. I ws appoined aanuens

i y paeoithic shorthand ecthose proposas whch e a

eady to echo s e head thecouse we ne that hat e shd o ave ws a moe estirecy through bnk that wouthe eseve of a baks.

(Cnind n Pg 72)

1 Cus and .Iir 3 BYER spir Tbles 1/3 g of w

3. y hav d, e SAY Aspii Tl ll gas a Rpa cry cg 1 ri pkg

Here's a safe, mode and eectveway to relieve sore throat. A waythat eases the pan, rawness andrrtaton as tte as two or threemnutes!

Mons are now foowng thsway Doctors are advsg t Try tResuts are quck and amazng

Smp T DAl yo do s crh and str 3 BAYEAspirn Tbets n thrd o gassof water. Gage wth t twce-aspctured above (If yo have sgns ofa cod take BAYER Asp abetsad drnk penty of water)

Get real BAYER Aspr Tabets

PRICES ON GENUINE BAYER ASPIRIN

BOLE OF 24 TABES OW 25c

2 Grg ThroughY-r yor h wy bck, loig li t Iikl w

r thr D i t D s m

or ths purpose They dsntegratecompletey enough to gagle woleavng tatng artcles

BAYR Asprn prces have ben

decsvey rduced, so theres opont now in acceptg other thnthe ral Bayr artcle you want.

NOW REDUCED TO

RADICALY REDUCED ON AL ZES.

BOLE O 100 ABLES NOW 75

7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

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m en taltbM

agementsIr5

72

P'S READ THS OE

Perhaps yu pefe t put thnkg abt caskets and fueals ntilyu hae t. It s a ntua feegut ne that has resutd pafuland cstly mstakes

Bereaement ges tte te tnd t aut these thngs N d

y feel vey much lke nestgatngcsts and vales at sc tme That, s why e as yu t cnsder-and

rememera fe smpe facts nwL K are mde y

the rd' argest manufactrer-acmpany t a centurys experence cncer that "has nerleaed t make a p casket

L K are made wd r meal n may eatful

desns and nshes n eery gaeand at eey pce hey are sd byleadg funal dects n al patsf the cuty The quaty f mteas ad cnstct s easdemns t atedad K cst n me

F y n pectn shuld be cetn tht the casket

y seect caes a tademak Adremember that n any casket thetrademak f the MY s an aslute guaranteeof vale and qalty

We uge y t send f u klet Fneral Facts In t y llnd much aluale nfrmatn autte cndct and cst neralsrte Dep P2 60 MassahusettsAenue Bstn Mass

GOO SEVE OSS NO MOE

A mode stablishen a rand n

gn a coueo peonn-dstv moo eqpn a othen of oes and pospty ae

t an ndon a na ervIe

c w A su connn b b o onsy d, t p t f n asona.

NATIOAL/aCOMPAY. INC.Dp R T C

LK H K WH YU BUY K

(d P )

We wee aen by boat from themaand to Jeyl Island and for a weeor ten days wee completely secludedwthout any contact by telephone orelegaph with the outsde. We had dsappeared from the word onto a deserted sland There were plent ofcolored servans, but they ad no deawho Ben and Paul and Nelson were;even Vanderp, or Davison or Andew would ave ment less thannothng to them. There e woked n aclubhose bilt for people th a tastefor uxury Te ve-oa tres wea

ftasc beards of Spash oss onJekyl Isand in Novembe bronleaves make its foress terl charmng Wthout our ever soppig o huntdee turey d qual appeared on theable there ere pans of oyses not anhoU old when they wee sopedtere were counry hams th hat ncoparable avor that s gven o themn he South. We were workng so hardtt e ate enormousy 'e workedmornng noon ad nght

e put n the most ntense perod ofwork that I have ever hd SometmesDavison and Stong woud be up atdbreak to get a horsebc rde or aswm before breaast, but rht aferbreakfast the si of us ould gherround the table and resume \re odiscusson hd ended the pevi id

nght e stuck to the pan o ngdown on paper what we rd ponthere was no backtrackig 10 ni arr Davo s _nddperson o prevent wral in acopan abug the bes- ppdm there n an academc se, sso ntese and apparenl f a tlnagonsm towad Adrh tha omof or moments of sr m n'deveoped into real ind inot been fo Dvison l\. he ouldbe cond on to crck joke s te right moment o ; in . otelephones rang none d ohr LSto s for an opiion he khere were no dcs ' tng. nnerruptons wher hnkgiioccurred ding tht w k. nd aewld trkey wih o r g

went rght b o o \-e u,ech of us, ever bt of uenergy to he job nd I njoyedperod I nr hve nj nything se d urn h ys onekl Islnd h highs pi of ineul rnss hat I hve evered s eire hrlling

w

As d with qestions rodd or that shortnd d pracced wth chalk onh c of m lthe bac nuror If s o be a cenra bano s i o e ownedb the bansb h Govent or jony When hd d upon ban ownersp andjoint onro, we too p the poltca

problem of eer i should be anube of instons or only oneShould the rae of nterest be the samefor e whole nation or should t behigher n a commnit ht ws expandng too fast d lower i notherthat was agging? Shold t resrc sservces to baks What open-mketoperatons shod be egaged n?That was he sor of qestons wedealt wth and nally at e ed ofor wee, e hd whipped to shpe abl that we fet prdef shod bepresened o Congress As I rea l itarbug had some obeons bu weere in sbsantal greement on themeasre we hd created e retrnedo he No a ecre s e hd gone

Fb

Soth t wa ageed that SAdrch wold pesent the bill wdrafed to the Senate. It bknon to the contry as the APlan Adrch and Andrew efWashngton, and Warbug DaStong and retuned to New

Congress was about o meet, a Saturday we got wod n Newthat Senaor Adch was ltowrte an approprate documentcompany his plan. Ben Strongwent on to ashngton and towe prepared that report. If whad done then had been made

pubcl the eort would havedenounced s a pece of Wall chcanery wch t certnly waAdrich never s a man to be servant of the so-caed monterests. He was a conscentous, psprted man He had caled fo of us who had al Stredresses because e new that wfor years been sudying aspectsproblem wth whch t was is dty to deal

I

As s o el know he bdfed did not get through Conldrch eted from the Senate a Democrtic maort came[0 \singon alog wth o

ison ho hd defeed Preft The form o hic helected coied a steet eig the oposiio of the Demoy o the Alrih Pa or a cbn There was a good dea osson about that. It ws othat originaly the platfo comd agreed Ipon te sa eme opposed o the Aldrch Plc rl b

No louh e dih eserve an s dfaed wbor he e of drih, evers snia pos ere all coni h ll w adIt po \-dd orgnizaion to ho " of ll mr banks a g i ht he wod alwa

o eieve a member ban

e b edscounng loans hld he law as enced provdee bans nstead of the one the Aldich Plan would have cbut the nten t of the as ordinat the eve hrough theera Reserve Bord n Wshingtthat in eect he wod operatcentral bank here can be noion about it: Aldch undolaid the essentia, fundamenawhch nay ook te form of thera Reserve Law.

Al the eperiences wth wipersonalit has been drenched sws born have been worng chn me. A sma boy s changedfor the rs tie he straddles aand thnks This ecting reamne As a lad, n August I drop watermeons over the fencthe ho lot and as he green sbst o vermlo lums hadevoued I was canged by wthen elt The wretchedness ofing down nto an open grave con of my fther cnged mefeel against m esh of grease-stgrty overls and the smesmchine shopred-hot ron cnew wood obacco juiceal things put sbsance to myHor of nespaper repotng tof my rst dess-shrt bosom aement caige a my dsposalardness a partes becomng mns protg entering a bnte tngs tat re ndexed n se

7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

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_

bof> Olt"'ter."'

yan f ife have woed chemicachange in that which s labeled FrakVaderip Naturally then I am ds-pose o admit that I was chagedwhe I dscoveed that had become amiinaire.

A ilion and a half doas becamemine aost wth the swiftness wthwhich t ight have hppeed toAladd I had coe fom Wasingtoni 1901 possessig barely $2000 Iie yes I ever had spet all myicoe d I had ade soe beyody sary as a bank ocer Then I hdsceed a rich opportunity in a Texas

ld del. Thee was a deposit ofsulphu o the poperty. A gousmethod hd been developed fo gtingsuphur out of the groud. The ickws o sed ive steam dep io theerth, d then pump out he wateio which the sulphu h dissolvedI ade a substati comitmet ofoe o two hure thouad dollas ecal it. I ent ino the vetewih . P. Sweson e had large laditerests in Texs nd also commadedan active ogztion down therewhich coud be relied on to develop theproperty on a sound basis. The speculation poved hghly protable for allwho went io it What we developed iscalled the FreeportTexs SuphurCompay. A miion and a half! I assue you that for me it ws more than

a ety i my ccount book. It was athobbig emotionUpo eac of the six occsons whe

I was feshly awae that I was thefathe of a ew personty I grew excied; but I managed to do a day'swork I was fortysix when had thsexperiece of becoig a miionaire,so y appetites wee ude cotrol did not indulge n a champagne cele-bation that was not y wy. I felta sesatio of prde of wellbeig ofcondece n my ability heceforth tolook er those for whose ves I wasespecialy chaged with responsiblityFro bohood I had bee driven, always, by the hautg kowledge thatI had dependents Secuty for themws the thig I had been trying to buywith all my eorts. Now that I be-

lieved I had acheved that go I feltf the word s permitted, swell.

Balance f Pwer in all treet

I never bought a yacht; I everbought a stable of race horses; I eve,so to speak kcked up my ow heelset me see; Narcssa was born i 1904,Charlotte Delight n 1905, FakArthur, J. n 1907 Virginia Jocey 1909 Wth plent of money I couldceate a schoo for them Actuly before I was nished the project cost meabout alf a millon ad h 300pups Educaton was what hadeaned for always, ad they shouldhave t right at their frot door.Kelvn Cox cae alog 1912 andoh Man Vanderlp n 1916 adone of the six ever had to go o thepremses to get nto the Scarboroughchool. That I confess, was ryheever I wasn Europe o theocea, o trais at igh could feelcomfortable i the knowledge thatthey would all be thee waitig fo mewhen I should etun to play wththem. But the truth is that by thetime I really could play wth them,ost of them h gone rght aheadand grown up.

For a numbe of years between theCity Bk the Frst Natonal and. P Morg & Co. there was agreement that on any ssue of secures origiated by ay of the three, theoiinatin ho wa to hav 50 per

TE T EE T

cet and each of the oher two ws tohave 25 pe cet. There were otherrrgemes that reeced the existig balace i the moey power nWall Street. Pesoally, I attached ageat deal of importace to the factthat te Ciy Bank w the bggestbank n the couty M. Stillanached ev oe, I thik, to a stateof good wl aong the big houses. Hes constany ig upo me thepotace of kepig o pleasant andoopeative relatios with al the i-poant itests He would rede ove ad over that this ea a

geat de for he natio the developet he felt ws boud to occu in hesucceeding as I, oo, beieved incooperation, but situatio bega todevelop hat teateed our pace asthe natio's st bak. Those respo-sible I felt wee parters in J. P.Morgn & Co

Bankers' Batte fr Firt PlaceThe Bak of Commece was really

the toublesoe facto. After the insace investigtions that brought tothe forefro t of Americn life the vigorous acute d pesistent CharlesEvs Hughs, there had been unmeasured shift of bankng power.Harriman, as it happened had boughtcontro of the Equitabe Lfe Assur

ce Society, which in turn owned contol of the Bak of Commerce. Al dur-ing 1910 e Bank of Commerce was acloud o m horon At ntervs ould her of new plans for dealigith tht rvl bk owned by the in-surance cop h scheme was desiged to mke it ore portt inew York. I Febry, I recall I hada conferece t the ogn oces thMr Morg r. ad rry DavsoWe talked behind closed doors aback roo

They were fearful the old e thathe Bk of Comerce would becoea dereict n the ci sea uless thehouse of Morg took coand of it.The pl w for Mr J P MorganSr, to retie fro the board of theBank of Commerce then a ace

coi ttee was to be formed cosistgof Mr Morgan, r. Daviso Pauorton, Mr Pebody of the MutualWoodbury Lagdon Mr. Syder, ofthe Bak of Commerce, and acob H.Schi I snied at that as suspcouslyas a wd hose nhalng strong odorso prie wnd

I d that the plan appered to mea very radical step; tht I thought tsettled forever any question of co-soldaton of the Cty Ban and theCoerce; tht f there ws any reasonfor dscussg such a consoldaton astht, t ought to be discussed promptl,before ths other acton was taken. Itold them the Bank of Comerce wsdirectly competitve wth the CtyBk in every way ad that puttng P Morgan & Co behind it could notbut disspate the value f their connections wth the Cty Bak. What Iurged upo them was that Mr Stlan ought to have time to cosdeay deal ivolvg the Bak of Comerce.

Davso ad ack Moga told eplaily that delay w possble;actio had to be te at the meetigof the Bak of Commerce board on thefollowing day Then I went ptownand sw Mr. Morga, Sr. i hs li- brary I told h that I regarde the Iacton proposed of the very greatestportace to the City Bak

"Mr. ]organ I said, "I feel t isy dty to ay the strogest way Ican that thi mattr should be held up

How t Toure WifU!1

THAS H , U KWN ;AT ND P Y , kD ou X E B

O - IMORWA GBSY AND GET m I FXe

Z CAN U -E 1B

A S W R VC N MKI

o H 'WISHAOF KM,IN

PULED DOWN $50,

FOR H PAe S

O

SCEN-THIRY! WILyOU GErlER

D w WHVR IT KS

D GET W N CL IX

'HAT DRAIN? YOUWONT VEM

1 GO-N S w D r

6

l f CE M L Yu F US DRO I - I

'"0)_" e . tid it" 0 ."et

7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

7/9

74

'.

,wa'

-pro

TE ST EE ST

H husbandfooled her for her

V AGAIN, MY! Y O U TRY DECAFI O?

own good!

YOU KW I DON'T LIKE

Petty, ceel May always te best o wies! But ow coee is making eedgy iig e disposition Ad stil se ejoys it so muc se cn't gie it p

SWCH OF AH. M

T L K LL YOU. BT T SAYA WORDAH ELLH BOOS

$ B s od e coee o My KeeHg . . 10 ne coee 97% ee

ti you c dscuss t wih 'Stmn"

Ipossibe he sd. " Stllman l pprove this enirey yloyalty to the ty Ba i a gret smy loyly for te rm of Morgan o."

Tis step ih e Bak of om-erce one ot esly rerced. It smch smpler o t nl Sta has ive his approbon."

Yo oud trt m, o do wat sit" sad M orn I wold cto my rght hnd before I ol -e o o M Stlla. ou

cnt on tht bsoey. Bu teeare endess complcaos ae tqute unwie to wi

I regret d, "h I \a noten ore notice of te nenon. TheBank of Commerce st1s reyface o fce with n compeion Iforgan o. get beind nk ofCommerce you pride wll be skedon n he Bak of Coercebigr d bgger"

T Eldr rgan as an lly

epeated hat his son hd sid toethat ought not o feel ceedabot the Bank of Commer hmgarger t the City Bank d ima pleasntly a cold w the orcI el the situton called for. lht

poson a the biggest bak hetost importance to e i My cbles to r. S illn i e

armed hm because I fond cs-sy o ssre hm wh fr amessges hat the erviw hdhd hle rm ee ey pIt. old hm frter at pos-sible hing for Morgn [ uthe Bank of Commere Cy Bnk n deposs ay eose; tey old do t e de-pos of rst Opan h controlled nd raroad ,1C WI

The me drged tenwihout seros deop u tilthere ere only frty-ig efof he od yer bu Uethn mde me fee h 1 1 \\'oud be

from neve.diving caee He tls the cook: r w o orr of anyting bt a ap Yea or

FOODO ARY

S KA F-HAG!

WH GRN D COFFE!AD F E!

me less I went spdi nto ato.The new pn s a : by :Jack orgn H D 'soTer sson ws a o eford to pch jq ss oi ys od of Bak of Comer sok. eSnde wa o res from -erce and he bank w to b with e hase Bnk into a iu-on h beyond quei old oeshdow e ity Ban I began tosell soethng very much ieae . We were o be cded in eool lon wh l\orn Co. eFirt Non Ban ad Kuhn, Loeb& Co. y Kuhn Lob & o.? Theyere too strog d hot eretoforebee cded o bkin oupN dno incree

Bls eception woks My cnt tse te ieece in e coee bt o reember ow ow gorol s

rshed y at on my ed ndw dieence n e rv . d e ! Gve e nks o KeHg Coee saed forh So deepy dd I rete

(nn -)

Send 15C for sample canLLGG C, C, ich. (2) SE' N 2.9

Sd m c f Kgg's KHg C d kt. c 5 mps (O mp t a f)MM M ....

o tht cold dy a sroe lon allStreet to the orgn oces t msure any who obsered e mave thought there was a ot f soeblended wth e fro rehs tasnored from my nosrils. Hpp, ad the good to cool o I be-ga the eie. IVe d e'zedte Morgn ouse a he e o teesent eld, ad ad ee suposng ht N Morga recognjd teaonl iy a e t kSeod pae for ? Yo can b se

tht I as mde ndgant b he cee by Percolating 0 ppg 0 Big 0 poposal

Fbuy

rry Dvio nd Mr J Pgn t on ith me odtat ihout ndcng fo thment ay opinon n efundental proposition, I w cto kno what led tem to K, Lob the matter quoted Mr. Bar a bievgnecessary Ty sad they wanhve me lk wh Mr Morgand with Mr. Bakr d as o play for tme I ct ths neshort They desired frther t hour.

n the m I sa

Rocefeer ad M Serlng seeed o feel tat there as atteptn to combat he suethe best ng for to do wcquiesce as heerflly s poThe portant thing they fet play a third of te pch!sey get a trd a to keep oeb ot of the transaction. TeO obecons to h oeb bdd wnt a td of te prc}te itv Bnk. I retuned than nte;vie th M MogMr Be Mr . Porgan avio. In my on mnd o greement haeve vie of Wiia Rockefeller thaw og t o do bt cue

Th riw stred o fortunI m rdy o Pt y rms

obg

he

dr " or h ad o re g Ku, Lob l cleay d oi s mt o mke prtnhem r er once con\\' . organs vew sayon fre reecton he h cone ti ogt to be done whn Loeb The others thencded ery hearty nd there wI wrote to r Sil tshelg of the un oeb part prorm.

Bt I d ony begnI am in n nhppy fr

d I aid dresng ysr orgn Sr ee ht thBk by evey riht i entted s s poson A pan evovsef or its friends, tat oud n nsution large tn te

Bkwell, hat ould be IHe"

fr t atnl C

Bi frh a bat of blek orgn said: bso ae w ouNve d ' voice o rf o

weet o e. I knew ht the fu vo of vcory. ws on y sde grew o lovthen and there He was a re g. t e thought w far ween frends s e corse younow e would follow everthe was n s own soul, n his in royy Tere ere royroves nd he kne ho o exhe do ot mea to sues

he surendered t smpl ap whe he fod tat some he had acqesced ws dsg o friends he n i mnid it hetily

It ws left o Davio, Jak n mysel o ork ot the dey lette repong tese happeto Mr Stilmn sd th corc ondton were or onio thn tey re aoet eee this ttoorns and the Frst atonae ed e erger did not OCCd became ebe of e toe f he Ban oeceof s eectve commttee

7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

8/9

D__

l'ame_

On hot ays er a tai ride fomte city, from te Scaboroug stionI wou wak, ivaaby up te steeplot a short cmbto the lorfge of the wide law. Afer fuher climbig, wen was in font ofhe house beneath a tree ig sCarer Oak I wod be met by aman who used to be a London onbusdver For sxeen yers e 190Saunders was our butle nd soetig moe to the chlde he wsSandie, the tobeeedled eeperof the chkeys. hen e met me onthose ays he wold ave for me in atall and foty l a d whe ancinly s lb's wool. He calle it a"Ramos Fiz" nd he would ssure methat for tig the crse o a styday it ws the nest din that coldbe cococtd. The jce of half a lime,I beleve ws pt in a glss wth twotespoons of powdered sugar a twoonces of cream The glass ws loadedwith ce and squted fll of vichy. Iftere was conceJed in it a igger ofg that w entely the fault ofSaunders I swear I neve ai te wor"gin o him in all the yers of oussocato.

Whenever Mr Stillan ws in thecouty for a visit Beechwood was aliely pace to oo for He hadkindly cted as my gent in the pur-case of some old painigs ad e

could enoy te beaty of my Vadeas he cold not relis s own. He olde one time that whe he looed athis own paitigs in spite of ytinghe might do he would discover imself i the comfortable process ofcalculatg teir cotiuig cos t o him;he could see i plai gures o theback of each canvs the nual interest gured up on te cost of the pictre Of corse he smiled when he saidthat but I am quite sure it was not entrely whmsical invention.

Ethqke n Eldd

We ha in Mr Stllman a most se-sitive guest Our ca ad chaeurwere at the dspos of Mr. Stman.For a mont one time our ceur

new what it feels lie to grow ricMr. Stan was tipping hm with alavish hand util he could ot containi his lngs all te r he wised tobreathe Te probably through somehousehold slip, te caeur receivednstructions to mae an llday trpsomewhere to pick up some visitingmember of the family. Whe e etured e discovered to is intesechagri that because e beendeprived of the cr Mr. Stllm'sfeelings ad been hrt Tereafterwen Mr. Stm wished to go anywhere even for a jorney of less tan ame, he would telephoe to the omeof his daughter Mrs Percy ockefeller, d ask for a cr to be sent tohim For our caeur it w an ear-quae i Eldorado.

Perps tat is wy in later years,e enoyed telling o the Rocefellerchaueur It seems tat one dyas Mr Stllmn stepped fom hsdaghters car at te statio, he cdedte ce saying:

" You did not brush te ca cushionslast night

"Oh, yes, sir; I did, sir.o, you did, cotradiced Mr

Stila "See here! From the s6ftcrevice between te seat ad the sdeof the ca e rew out a gree bi"I ad pu a preset i there for youe eplaned But wat socke theservatsfor ml arud, as te gossiptraveled i or at of the world wte fct tat M. Stlmn the tuced

T SATURDY VNNG POST

he ecoveed b bac to the Stillmn trouses

Once I . Stan ad Wllocefeler come to Beechood forlunceon on a Sunday, so that eycol meet my gy enteaningouse guest, D. Woodrow Wilso ofrnceon Te con versaton ws gidedby me into a dscussion of nationals because I was proud of myfrend Wson. I did ot get a rectonfom Wliam Rocefeller, bt Stillman by what e ead w pro-foundly isturbed. He held me by thesleeve as he sad close o my ear Heis not a great man.

Wdw Wln I Knw Hm

Durg te log acquaintnce thtbegan i 03, Wilson an I had mnyne, stimlatig tals In o conversations e ever ch lenged myviewpoint o the ground that I was abane on the contrary, I hd tefeeling he ws quite wing to leanfro me about the baing ad currency probles. Tere were practicalmaes involved wc could besolved oly by bkng minds. Hoever . Wson ceased o be a tusteeof e Carege Foudatio wen heeft Princeton to become goveror ofNew ersey a so we saw less of echoter as he moved to te frot in

politic we had o cotcs tat Iecal

Once fer he had been nominaedfor e presdency he ws on te sametn s I ws coming nort from Florida. George Harvey came back to mypivate c, wc was at te rer endof the tin. "I want to bring Wsobck ere so you can k over ban-ng legisto sad Harey, vibrantwit etsism.

"All right, I said, "I'l be glad toHarvey left my car and went for-

wrd he never came backDring the campign Wili

Gibbs cdoo came to me a numberof times to dscuss oe ting or oero beh of Mr. Wso. Cey as Iecall it, what ws wanted ws adviceon bankig nd currency statements

o be mde by Mr Wilson from thepltform These conversations had asub rosa quality tat i view of mypreous relations wit Mr Wsonannoyed me. I old Mr. McAdoo I waswiling to talk to Mr Wison trougte iche door.

Very soo afterwar I got a warminvitation from Mr Wson to meethim at McAdoos ose in HastngsonHudson ot far from ScarboroughWe had a long talk togeter aoe adquite i te warm toe of our oldfriedsip. He gave me reewed srances of his splendid feeling for mend of his beef i my understadingof the currency problem ad kindredmattes.

"But you don't derstand poltics he said "It does ot make y

derence wat I thik ought be oeIve rst got to be elected i order todo these thigs

He repeatedly assured me of te co-dence e ad in me but I ve beleved since tat he was ust smoothgmy har wit oe hand ad eeping meat arm's lengt wit te oter NowI myself did not feel tt t was a meto be te presidet of the ationalCity Bak, but Mr. Wlson seemed ofeel tat it wol be a political crime e were caught talkg wit me

I dot le that; it seems to me oreect a sigicant weakness i ortype of civlzatio that the specialistwhether bioogist or baneris soofte, because of m preudie st

*

Get ne of Ibse aold-fashine 1pO,/mi szforb/ng u er!gB & M BmS . Nw) Ea 1)l.

Secpn

*

cANY ordinarycanned beans ca themelve"baked when they are reaynot baked at a How dierenfro the rea thing-B & M BricOven Baked ean. They're baked

al day /01g i open bean pot andgenuine brck oven. Baked wthrich, juicy pork. Baked and bakedunti theyre eay, brown, and

wholeoe! No onder peope who craverea avor init on B & M BeanOrer the yourefand get ath avor and xing that adeBoton bean famou . Trythe tonight, wth B & M BrownBrea, and get a new tate treatthat il ake you revie yourconception of bakedbean avor.

RfLLY KD

INB-A POTS

BURNHAM ORRILL COPANY, Portland ai

tUKD BEANSBURNHAM & MOLL COMPANY. 107 Waer Sceet, Poand Main

I nclose 2; t cver COS of packing and maling -fo whic pJase snd you nw ban pag nug wa and s onens of fa sz B &M ean in (fou or sng)

nd m FEE, and ne indxd ipe pak

Iee C a

7/29/2019 From Farm Boy to Financier by Frank Vanderlip an article which appeared in the Feb 9, 1935 "Saturday Evening P

9/9

busine'.

thou g h

76

muscular

rheumatic

PAIN

.Those painng, throbbng musclesn legs, arms, neck, back and jons-here's how to obtanease promptly Ru on good old Musterole,the remedy so many docors andnurses recommed for chest coldsand mnor throat rritatons aswel as muscular aches and pansBeter than a mustard pasteritssoothng warmng peneratingacton sees smpy o melt hecongeston and pan away You cango to bed, sleep wthou dscomfort, and in the mornng the troublemost lkely wl have vanishedMusterole s NOT just a saveItsa"counter-iritantt penetraes and smulaes blood crculaon, helps to draw ou congesonand pain Clean, pure, easy o use,not messy Used by millions ormore than 2S years Sod by duggss everyhere

M usterole now made n hreesrengths:

Regular Strngth 40 nd 75 (Js ony)

'Chidrn (Mid) 40 (J onl)

Exr Strong 40 (Tbe ony)

"VOICE OF EXPERIENCE!Tn in h gr hmntrn-conloro ionWABC nd Cob Nwok. D Mond og Fd ndvr Snd evnng S rdo pg oloc nwpp for i

CODE

TE STUY EVENNG S

out of those confeences in whch lawa ade dlng h hs specialtyM Wlson of cos, as a a bjec o vioet prejuds and siftsuspicions. When these ee ousedwhat hppened n to that hchoccurs in the evolutonton countriesto the south of s e cvy desd ino town. Th hr s getbnging s cants pull o steelcutis to cove the fonts of teisop wdos I e case of Mson,h st cs w n hisind.

Wh Corss s shaping up

becae the Fdrl Rsr ActHary Davso Ben Stong