The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-04
Former Drops Toughest
Executive Load to Be
Found in the L. S."
DENIES FRICTION IS CAUSE
Will Not Resign Directorship
and Intends to Go on
"Finest Vacation

what he called the toughest executive
load to be found in the United States
when the directors Of the National City
Bank accepted his resignation as pres
ident and elected James A. Stillman to
the presidency of the largest banking
institution in America Mr. vanderlip
emphatically said that never would he
undertake again so large a measure Of
executive responsibility, and that he
had not been SO happy as he was last
night in many a day. He had been
president for ten years, during which
his institution developed into an inter-
national banking house Of the first
magnitude.
The resignation caused little surprise
in Wall Street or in local banking cir
cles. Long before Mr.. vanderlips mid
winter trip to Europe the probability Of
an official shapekup had been freely dis
cussed in the financial district. The an
nouncement made BY James A. Stillman.
who resigned the position OF chairman
OF the board to accept the presidel cy.
was bare statement of fact with no ex-
preston Of regret at the loss Of Mr.. Van
derlip's services. He left the bank for
the day before any questions could be
asked. but Mr.. vanderlip denied that
anything of a controversial nature was
responsible for his action.
James A. Stillman. the new president.
succeeds to the position held by his
10 ,xrha Uo
derlip assumed the presidency. the father
becoming chairman of the board and
spending much OF his time in Paris. The
first sign that Mr.. Vanderlip's executive
board had become exceedingly heavy
occurred when James Stillman, on trip
from Paris several months before his
death, caused the creation of a board of
executive managers composed of several
of the vice-presidents to dictate the
policy of the institution. After James
Stillman's death there were expectations
in many quarters that Mr.. Vanderlir
would be elevated to the chairmanship oi
the board. with James A. Sttllman as
suming the presidency. but the board OF
directors decided to continue Mr.. Vnn-
derlip as president and chose the
younger Stillman as chairman Of the
board. From that day talk started tina,
"Mr. VS." connection with the institution
was nearing its end.
Planned to Resign Four Years Ago
Mr.. Vanderlip shortly after we entered
Of War Savings for the United States
and subsequently spent more than thret
months in Europe. Following his re
turn he delivered an address at thu
Economic Club dinner at the Hotel Astoi
which Wall Street called his swan song
but that his speech had any real infiu
ence in causing his resignation wal
secuted in banking circles, although y
was admitted that many bankers fel
that his dark picture Of European condt
tons was overdrawn. Regarding hi
resgnation Mr.. Vanderlip said that N
had wanted to resign for nearly fou
years and that nothing of a controversial
nature was responsible for his action.
There have been many rumors tina
Mr.. Nanderlips resignation would b'
followed by the resignation of Charles
V. Rich, who has been general execu
tive manager of the bank Mr.. Wander
lip said that the latter had rendered hi
resignation as long ago as last January
but that the board was unwilling Il
accept II and had not given up hope o
persuadlng Mr.. Rich to come back t
his duties at the bank. Mr.. Rich ha
been away from the bank since Decem
Der. 1918. Mr.. Vanderlip said. II un
derstand he has shelved finance. ha
taken to farming and Is now raisini
pigs"
Speaking about his plans for the i'm
mediate future. Mr.. Nanderlip yesterda.
said: II plan to be active in variOu
affairs in the future. but as soon as
can arrange matters. I shall take a pro
longed vacation. At the moment l hav
quite a number of speaking engagement
that must be kept am to speak a
the Merchants Association Tomorrow
and at Washington on Thursday. NJ
old college. the University OF Illinois
has asked me to make the commence
ment address and / am scheduled /
make addresses in Cleveland and Othe
cities in the near future.
Il think We are coming to a time whe
there will be a lot Of things to do
which 1 may be able to help n littl,
The doctors tell me that am In goo
health. and I am intensely Interested
the economic and social condition of tn
world at present. shall never TAXI
however, such a heavy executive burde
as this again. No one except those !
close contact can appreciate what 10
we have tackled during the last fou
years,
To Take "Finest Vacation"
"As soon as / can am going to TAX
vacation for an indefinite period. whic
is the finest sort OF vacation. I wi
probably 30 out West and take tri
into tine mountsi ias with some OF m
children and get acquainted with thei
once more. As for my resignation.
must repeat that there IL no discord-