The Birmingham age-herald., 1924-04-03
E. A. VANDERBILT BIDSF FAREWELL
 TO WALL STREET
Warns Old Associates That Corruption Must
 Be Barred

WASHINGTON, April 2.-Frank A. Vanderlip, retired New York banker, announced tonight his intention of resignation from every business board on which I'occupy a seat" because of the attitude of many of. his New York business associates towards the work l am doing in Washington"
 This decision was made known wlier Mir. Vanderlip made public an exchange of letters with E. F, Swenson. presi dent of the Freeport Texas company EUf New York, ii which his resignation as member of that company's board was requested and given. Recently ht resigned upon request as a director oi the Continental Can company of Syra euse, N. F., because exceptions which a fellow director had taken to his state ment concerning the sale of President Harding's newspaper.
 Asked To Step Out
 Mir. Swenson, in his letter under date of March "A, said: -..
 "It is my painful duty to inform you of expressions which have come to me from members of the boards of our companies in respect to your continu- ing as a director, The matter becomes pertinent at the meeting of our board to be held on. Wednesday, the 28th, when the proxies will be instructed for the election of directors for the ensu- ing year to be held at the stockholders meeting on April 2.
 T cannot advise you of this feeling solely on behalf of the other directors fAP VnAAan4alIU N nf fvN kIN With your attitude in public matters :. I sincerely hope that you will be inclined to advise me of your willing ness and determination to discontinue as one of our directors"
 said in part:
 T am quite willing to comply with your request and you may consider this letter as a tender of my resignation as a member of the board. My one re gret in the matter is that men whom have long been associated in business are now so blind to the present situa- tiOn in the government at Washington Had you and your associates the slight. est conception of the truth in regard tot he corruption which has been eur. rent you could not without the most complete sacrifice of honor do anything but applaud honest effort to uproot that corruption.
 There have been times, notably in 1919, when my judgment regarding the debacle in Europe, was at variance with that of many of my associates, but events confirmed my prophecies with terrible reality.
 A Prediction
 Now, again find Wall street at variance with my views, but venture another prediction. If there is not full exposure of the corruption that has honeycombed some of the departments and several of the bureaus of the fed. eral government, business at the mercy of corrupt courts, corrupt prosecuting attorneys and law-breaking officials, will ultimately suffer far more than it ever can through the expose of these things. The great danger to business and government alike lies in suppres. sion of the facts.
 Knowing that your attitude towards the work I am doing in Washington is not unique, but is shared by a great many of my New York business asso- ciates, I have decided to take the definite step of resigning from every business board on which I occupy a seat"
 Among the directorships from which Mir. VandeFlip will retire, it was stated were the Union Pacific, Oregon Short Line, Oregon and Washington, Salt Lake, Los Angeles and San PerdO rail roads, the United States Rubber com .pany, International Mercantile Marine and United States Realty.