New-York tribune., 1921-10-06
Retiring President Held Of
lice Since 1915; Stetti-
MUS and Whitney of Nor
gan Co. New Directors
Change Long Rumored
New Executive Succeeded
Hemphill and Is Active
in Many Other Companies

USHCF OF lfe INSTITUTION. succeeding
Charles H. Sabin, who takes Mr.. Pot
ter's place as chairman.
At the same time it was announced
that two partners of J. P. Morgan &
Co, Edward Z. Stettinius and George
Whitney, have been added to the
Guaranty board. With Thomas w.
Lamont, chairman Of the executive
committee of the trust company, thew
give the Morgan frm three members on
the board
In his new capacity as chairman Of
the board, Mr.. Sabin will continue in
active touch with the management Of
the institution A formal Statement.
issued yesterday by the retiring presi-
dent after the meeting os the board,
announcing the changes, said:
At to-day's regular meeting, W c.
Potter was chosen president to succeed
Mr.. Sabin, and Mr.. Sabin was un-
animously elected chairman OF the
board Two new directors were elected
Edward r. Stettnius and George
whitney, both Of ]. 7. Morgan & Co
To Continue Actively
mt. Potter was actively associated
with the management OF the company
Tor many wears, and his ability and
judgment were real factors in helping
n rs building lie is thoroughly
famllla. with its affairs, and as pres-
dent MS recognized capacity as an
executive viii have a Wider field of
activity. As chairman of the board.
shal. continue to devote my entire
time to the management of the com
pany and shall maintain close touch
with its affairs and its customers"
AS Mr.. Sabin was hurriedv leaving
the meeting Of the board to catch a
subway train for the Polo Grounds to
see the first game OF the Worlds Series.
he was asked by Tribune reporter
whether his retirement as president
meant he was cut as the active head
OF the Guaranty Trust Company. The
statement ! have just issued speaks for
itself, replied the banker as he
pointed to the last sentence Of the
formal announcement Other officers
of the institution had no comment to
make upon the change in Official per
sonnel
Although the Guaranty Trust Com.
pany, Ike other banking institutiora
faced pressing problems in connection
with the recent business readjustment
and credit defation, it set I'D ma
chinery to meet contingencies. and the
easing Of credit and the Improvement
IN business lead fnanciers to exnect
that banking viii become more profit
aole in the next few months than il
has been in the recent past. Recently
the Guaranty company reduced its
dividend from 20 per cent 10 II per
cant year,
Morgan Company Interested
The placing Of two additional mem
bers Of j. ?. Morgan & Co. on the
board is accepted in Wall Street as
corroborating recent reports that the
Morgan firm has added heavily to its
holdings of stock in the trust company
and ls now the dominant interest.
Guaranty Trust stock, which sold two
years ago at SAP a share, RECENTLY
touched low of $145 a share, but has
lately rallied to around $1s5 a share
Members OF the Morgan firm recently
adm tied the purchase of Guaranty
stocA' but would give no figures as to
the amount acquired
Mr.. Sabin began his banking career
IN 1881 as cl.ra n the National Com
mercial Bank Of Albany Later he
became Identified With inc Park Bank
ot tny. also the Albany City Ma
tlona Bank. and then general manager
Of the National Commercial Bank. He
made his debut ~ New York banking
circles n the panic year of 1907. when
ne became head OF the National Cop
per Bank. On It's absorption by the
Merchants and Metals National Bank.
I IN 1910. Mr.. Sabin became d vice-presi-
/ dent OF the new institution, bat soon
! after ne resigned to become vice-presi-
! dent Of the Guaranty company. From
that position he stepped into the p1esi-
I dency OF the trust company in 1915,
succeeding the late Alexander J. Hemp
/ hill, holding the Office during the
period Of greatest growth Of the in
stitgtion.
W. c. Potter the new president Of
the Guaranty company, before taking
the chairmauship Of the board Of the
trust company last March, was mem
Der % the firm Of Gugeenheim Bros.
and prominently identified with sew
/ oral leading copper companies Several
! Years ago he was rnember Of the
official family Of the Guaranty Trust
Company, serving for a time as vice
president He is chairman Of the
Kennecott Copper board, head Of the
Braden Copper Company, and on tae
finance committees OF the Utah Cop
per Company and the Nevada ConsOi-
lated, besides being a director IN .
number Of other mining, steamship and
industrial companies.
The action Of the board yesterday
lncreages the ii rectorate OF the Guar
anty Trust Company to twenty light
mem bers. as folows: Charles II. Allen
A G. Bedford. chairman Of board OF
Standard oil Of New Jersey; Edward
! Berwind, president Herwrd White
Coai Mining Company; T. De WITT
Cuylcr. Caleb G. Qua Marshall Field
Robert " G0oiet. Eugene 9. Grace
Rcthlchen steel Corporation; Danie
+ Guggenheim. W Ayereli Hartman
Albert H. Harris, Frederick A. juilli
ard, Cornelius f Kelley, Tnomas "
Lamont, william &. Lane, Edgar l.
~ .t,sftr rr