New-York tribune., 1921-06-04
G. Y. Rich Resigns
From National CITY:
Goes Abroad To-day
Long Contemplated Action,
Says Yice-presidens, Who
Came To Be Known as
One of 'Nanderlip's Boys

Charles V. Rich, one of the four ex-
.eative managers of the National City
Rank OF New York, coming to the in
,.;sution under the regime of Frank A.
ysnderlip, resigned yesterday and is
calling with Mrs. Rich and their two
children fer Europe to-day fer long
vacation
81 have been trying to get away
from the bank for a long time" Mr..
Rich told The Tribune over the tele-
rhoue Yesterday from his White Plains
country home. land finally have been
able 20 make the move. fshave no
nlans for the future. don't know
how long I shall remain abroad. I ex-
rect, however. to get good long rest
The announcement of Mr.. Rich's res
ivnatiou came as more or less of sur
prise to Wall Street, where his name
was mentioned at one time as posi-
ble successor to James A. StiIlman,
former president Of the bank, a posi-
4ion since filed by Charles z. Mitchell.
president Of the National City Conn
pany.
Mr.. Rich handed his formal resig-
nation at noon Yesterday to Mr..
Mitchell, and it will be presented to
the board Of directors when they hold
their regular routine meeting on Tues
day.
In discussing his action with q Trib-
une representative Mr.. Rich was en-
phatic in his statement that his de-
cision to resign was not hurried. He
made II quite plain that he had been
considering such action for a long
time. He recalled shat three years ago
he had sought to resign, but the board
Of directors would not let him go.
"The situation has shaped up lately
In way that has made it possible for
me at least to break away" said the
banker, "and n looking forward with
great pleasure to my trip abroad. I
have not decided when I shall return
or what I shall do when I do return"
Mr.. Rich during his career OF twenty
years in Wall Street came to be known
as one Of "Vanderlip's boys" He got
his first start in the banking world in
the Illinois Trust and Savings Bank.
Of Chicago, under John j. Mitchell, who
still heads that institution. He was
fifteen years old at the time. Previ-
ously he had done some work for the
men who were running the Worlds
Fair in Chicago in 1898, and as a re-
suit Of the acquaintance made OBJ
tained a place in the Illinois Trust as
a messenger boy. He won rapid pro-
motion and soon became an assistant
to the cashier of the bank.
This was when Mr.. Rich first came
to know Frank A. Vanderlip, later the
head Of the National City Bank. When
Mr.. Vanderlip went to Washington to
become Assistant Secretary of the
Treasury in the first Mckinley Admin
istration he took young Rich along
with him and when Mr.. Vanderlip came
on to New York Mr.. Rich was desig-
mated as private secretary to Lyman J.
Gage, Secretary of the Treasury. When
Secretary Gage retired Mr.. Rich was
out Of a job. He decided to make a
try at Wall Street. His first connec~
ton in the district was with Farson,
Leach & Co. firm which has
since been dissolved. Subsequently he
joined Mr. Vanderlip at the City Bank
and after working up to the head of the
bond department he was made a vice
president. Here he worked in intimate
contact with Mr.. VanderIip until the
latter resigned For the past two years
Mr. Rich has been one Of the executive
managers Of the bank.