The Birmingham age-herald., 1915-01-26
FARMER BOY NOW HEAD OF GREATEST TRUST COMPANY Boys Reared in Country Are Leaders in the Nations
 Financial Affairs STORY OF GROWTH
 OF TEN BIG BANKS Guaranty Trust Company in 1914 Turned Over Only Little Short
 of Thirty Billion
 Dollars
By HOLLAND

New York, January 2o-(Special. Ut was inevitable that the election of Charles H. Sabin as president of the Guaranty Trust company should have frequent reference to be made to the fact that he began his career on a farm and now. at 46 years of age, is presi- dent of the largest trust institution or the world. Yet there is nothing extra ordinary in the fact that the new presi- dent of this new trust institution gained ms early experience. and an abundant supply of health as well, upon a farm. Almost all of those who at the present time are leaders In finance or those of the generation which is now passing away who were leaders in American in- dustrial, financial and commercial life were bred in something like poverty. by that term conditions winch strict economy for the family in order to pay the way.
 The farm in Westchester county where D. O. Mills plowed when a boy is still pointed out to those who travel in that and the rock farm of Harwing- ton on the Berkshire Hills of northwest. ern Connecticut where c. P. Huntington began life is now traditionally associated with him and his achievements. Henry F. Dawson, now esteemed one of the great constructive forces of the day, passed his early life in small town of Pennsylvania and trained himself in great measure so that he was at last able to utilize the unusual ability of which he when he began his career as a bankers clerk could have been only dimly conscious of. All of the great minds who conceived and then constructed the Central Pacific railroad were in youth familiar with the plow the rake and the seythe. If we were to take a list of those who have recently gained prominence and influence in the great field of modern finance 1t would be dis covered that much the greater number were made familiar in childhood with humble surroundings and what is some times called the simple life.
 MT. Sabin's election as president of this institution plainly indicates that the chief executive direction of the concern is to be committed to his charge so that the former president, Alexander J. Hemp. hill, who now becomes chairman of the board, may devote himself chiefly to gen. erai principles and probably to assoL .a- ton with some of the great influences which are speedily to be utilized in aid. ing the United States in gaining and maintaining the pre-eminent position which it now inevitably Is to have the opportunity to gain.
 There Is, of course, romantic and sentimental interest and also an instruc- tive feature to be discovered In the fact that the farmers boy of 20 years ago is now president of the greatest trust company in the world. For one thing the incident shows that there is no Iacl, Of opportunity for the lad who has noth- ing to begin life with excepting gooo habits. health and industry as well as reasonable ambition. What, however, is of greater interest and importance |. the fact that the institution. in it's re. cent career illustrated and epitomizes the wonderful growth of the United States in the last decade of the previous cen. tury and the first decade and a half ot the present.
 The New Era
 Very few persons realized in the early nineties that new era in finance anl banking had begun in the United States At that time the Chemical National bank typified ideal and successful banking When the daily sheets of the clearfns house were distributed showing the trans actions of the day every banker in New York fixed his eyes first upon the report Of the Chemical banks transaction. II carried the largest deposit line of any bank and it was thought a wonderful thing that there should be as much as $50, 100000 on deposit there.
 In the early nineties, James Stillman who has been cotton merchant was persuaded to take the presidency of tho National City bank. He had no experi- ence as a banker excepting that whicf a customer would have or a stockholder He did realize, however, that we were or the edge of new era and he so organ ized and expanded the institution d. speedily to attraction attention to it, ant great was the wonder which it was pos sible at last to announce that the bank was carrying a deposit line of $100, ,000, 600 Great as that was, it has been lately exceeded by some $200,00O,0O0. The institution cultivated international re lations. It's correspondents as q whols covered the United States.
 It was about that time that the trus; institutions began to realize how grea
 
 could carry on a large line of business under their state charters of kind for bdden by the federal statute to nationa banks. The late Frederick F. Olcott took hold of the Central Trust institution anC through it's resources and his own great ability was able to participate in some of the stupendous congratulations that were in progress in the eighties and so partici- pate that the institution gained rich prof it's while the country as a whole was benefited by the restored confidence which reorganization made possible.
 Undoubtedly the greatest achievement however, of any trust institution, and ont which reflects the growth of the country and the steady opening up of the new era is that which is now the record of tho institution of which MT. Sabin has beer chosen president, promoted, in fact, iron the post of vice president. Although thu institutions home office is in New Yorl city, and 1t is a state-chartered insttu tion, nevertheless it reflects in its busi ness much of the industry and the domes tic and foreign trade of the United States
 In that sense, 1t is national institu tion and the story of the growth of tn, United States can be read between tn lines which report the history of thi institution. If it were purely loca institution it would be unable to repor that its annual turnover of business il recent years is exceeded in amount prob ably by only one bank in the world, thu great Reighs bank of Berlin. The figures representing this turnover are simpl, symbols. for the mind cannot compre hcnd figures of that magnitude. Tn great German bank reports a turnover O about s3O.0Oo, 100000. The Guaranty Trus turnover in 1914 fell probably only a littl, short of these figures. From these trans actions are to be traced, directly orsin