New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-10
DENIES FRICTION
MADE SABIN QUIT
Vanderlip Says Purchases
of Stock Did Not Cause
His Resignation.

Frank a. Vanderlip. president OF the
National City Bank and chairman OF
the board of directors of the Ameri-
can international Corporation, yester-
day branded as false rumors that the
resignation OF Charles II. Sabin as
director and member Of the executive
committee was due TO any friction over
recent purchases Of stock Of the Inter
national Mercantile Marine Company
and the United Fruit Company. Mr.
/ Vanderbilt also declared there was no
foundation TO reports that the Morgan
and National City Bank interests were
az odds over the expansion plans OF the
American international.
Mr.. Sabin, who is chairman OF the
exporting and importing firm OF Gas
ton, Williams & Wgmore, Inc, in adj
dition to being president OF the Guar
anty Trust Company, corroborated MI
Vanderlip's statement concerning his
retirement.
No Friction. Says vanderlip.
at is true" said Mr.. Vanderlip,
that Mr.. Sabin has submitted MS
resignation as a director Of the Amerl-
can international Corporation, and II
will doubtless be accepted IN due
course. but with much regret on the
mart of the entire board. Mr.. Saoin'
in rendering his resignation, explained
that it might prove embarrassing 10
him 70 sit on the board of company
such as the American International
whose interests overlap those OF other
companies with which he is actively
identified.
REPORTS that Mr.. Sabin's retirement
is due 10 friction over our purchases
If stock of tho International Mercan-
tile Marine Company and the united
Fruit Company are absolutely without
foundation. Mr. Sabin was consulted on
all these matters, and he knew what
was going on"
There is little that can add COM
mented Mr.. Sabin on Mr.. Vanderlip's
statement, because it covers the facts
fully. I have resigned as a director OF
the American international Corpora
ton because | did not feel justified in
sitting on that board while | was d.
rector OF Castor, Williams g. Wigmore
and the Mercantile Bank OF the
Americas. in which the Guaranty Trust
/ Company is largely interested. 1t would
/ have been unfair Tor me 10 listen 10
all the plans Of the American lnterna-
tional board and at the same time act
as a member of boards where the busl-
ness Of the corporations, es Mr.. van
derlip stated, overlaps.
81 might add that there is. absolutely
no truth in the report current that my
resignation was due TO the fact that
could not obtain information regarding
the affairs of the American lnterna-
tional. It is regrettable that those re-
ports should have been circulated"
Call for Payment Voted.
! Mr.. Nanderhp, as chairman OF the
American International, announced yes
terday that the board had voted to call
AZ the close of business on May 10 FOR
d the payment of $50 on each share OF
the common and preferred stock. The
call is payable in three lnstalments 8
$40 on June 8, SO on July 10 and $40 a
month later. If the stockholders elect,
however, the full amount may be paid
on June O. Payments are 70 be made
at the National City Bank.
The additional call is for the pur-
pose of financing the recent acquiai-
tions of international Mercantile and
United Fruit shares.
The American international at the
time of organization authorized an
issue Of SAC, 100000 common stock and
$1,000. 900 managers shares. or the
total. 20 per cent has been paid in two
instruments The present call will
bring the payments up TO 90 per cent,
or S25 900, 600. II this call covers the
entire amount OF the two steamship
companies stocks purchased the pay
ments will amount to Sl5,0O00OO
"