The
Guaranty News

Published by The Guaranty Club of New York for employees of the Guaranty Trust Company of New York and affiliated companies in the United States and abroad. Readers are invited to contribute suggestions and copy for publication. Address communications to The Guaranty News, Publicity Department, Main Office.

Vol. XXIX

JANUARY, 1941

No. 11

Mr. Potter Becomes Chairman of Executive Committee; Mr. Conway Elected Chairman of Board and Mr. Stetson President

IN accordance with the provision for succession in office arranged for in the organization of the Guaranty Trust Company and the provisions of its Retirement System, William C. Potter, who has been Chairman of the Board and President of the Company during the last 20 years, announced on January 15, following the annual meeting of stockholders of the Company, that he had decided to relinquish his more active duties and to make way for younger men in the Company.

As a consequence of Mr. Potter's decision, the Board of Directors, at a meeting held immediately after that of the stockholders, elected Mr. Potter Chairman of the Executive Committee of the Board, and W. Palen Conway succeeded Mr. Potter as Chairman of the Board. Eugene W. Stetson was chosen President of the Company, and J. Luther Cleveland, Vice-President, will assume the duties heretofore performed by Mr. Stetson.

The four executives whose positions are affected by these important changes in the management of the Company have had long and outstanding careers with the institution, the details of which are so well known to their associates as to need little added mention here. Mr. Potter became Chairman of the Board of

Directors on January 5, 1921, to succeed Alexander J. Hemphill, who died on December 29, 1920. He was elected President of the Trust Company on October 5, 1921, and held that office until January 17, 1934, when he was reëlected Chairman of the Board to succeed Charles H. Sabin, who died on October 10, 1933.

Mr. Conway became President of the Guaranty on January 17, 1934, and has been a member of the Board of Directors since January 16, 1924.

Mr. Stetson was born in Georgia, in 1881, and finished his studies at Mercer University, Macon, Georgia, in 1901. He began his banking career with the American National Bank of Macon, Georgia. Later he became Cashier of the Exchange National Bank of Fitzgerald, Georgia. In 1908, he organized the Citizens National Bank at Macon, serving as its Cashier and later as President. He came to New York in 1916, as Vice-President of the Guaranty Trust Company.

Mr. Cleveland entered the Banking Department of the Company in April, 1923, was appointed a Vice-President in January, 1928, and elected a director on November 6, 1940. He was born in Cleburne, Texas, on March 11, 1891, received his early business training in the southwest as a banking official, and for

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Vol. XXIX, No. 11

William C. Potter, who relinquishes his more active duties after 20 years as Chairman of the Board and President of the Company.

W. Palen Conway, formerly President of the Company, who has been elected Chairman of the Board to succeed Mr. Potter.

Eugene W. Stetson, formerly Vice-President, who was elected President of the Company on January 15.

J. Luther Cleveland, Vice-President, who now assumes the duties heretofore performed by Mr. Stetson.

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January, 1941

a number of years after coming to New York was identified with the Guaranty's business in that section of the country.

## Other Official Changes

At their annual meeting the directors also acted on a number of other official appointments, affecting several officers of the Company's foreign staff. Andrew F. Patterson, formerly Joint Manager, Kingsway Office, was elected Assistant Secretary; Omer V. Claiborne, formerly Assistant Manager, Brussels Office, was elected an Assistant Manager of the Foreign Department, and J. B. Avegno, formerly Manager of the Antwerp Office, was elected an Assistant Manager of the Foreign Department.

## Stockholders' Meeting

The annual meeting of stockholders of the Company was held at 11 A.M. on January 15, and was taken up chiefly with the reëlection of nine directors whose terms had expired, the election of inspectors of election for the ensuing year, and the presentation and discussion of the annual report to stockholders.

The following directors were unanimously reëlected to serve three years: J. Luther Cleveland, W. Palen Conway, John W. Davis, Gano Dunn, Philip G. Gossler, Frederick P. Keppel, Charles S. Munson, George E. Roosevelt, and Eugene W. Stetson.

Elected as inspectors of election for the ensuing year were Henry G. Atwater, William B. Clark, Faris R. Russell, Henry Rogers Winthrop, and J. R. Youatt.

## Mr. Potter Discusses Report

The annual report, which was signed jointly by Mr. Potter and Mr. Conway, was discussed by Mr. Potter at the stockholders' meeting, and copies were subsequently sent to all stockholders. The report presented the Company's earnings for the last year and discussed various factors affecting bank earnings and the banking situation in general. It also presented a memorandum in tabular

form regarding profits on securities and amortization fund.

The report also contained timely details of the Company's operations, and devoted several paragraphs to outlining various services and matters of policy pertaining to the personnel of the institution. The report as a whole was considerably longer than usual, and space limitations prevent its presentation in full in these columns, but for those interested in more complete details than are given in this summary, copies of the report are available through the Publicity Department.

## Earnings

Earnings of the Company for the year 1940, as compared with those of the preceding year, are shown in the following table:

<table><thead><tr><th></th><th>1940</th><th>1939</th></tr></thead><tbody><tr><td>The Earnings of the Company were</td><td>$13,546,666</td><td>$13,018,955</td></tr><tr><td>Out of which were paid Dividends of..</td><td>10,800,000</td><td>10,800,000</td></tr><tr><td>Leaving</td><td>2,746,666</td><td>2,218,955</td></tr><tr><td>During the period there were set aside as reserves, and for various charges—net</td><td>502,121</td><td>325,421</td></tr><tr><td>Resulting in a credit to Undivided Profits of</td><td>$ 2,244,545</td><td>$ 1,893,534</td></tr></tbody></table>

## Foreign Branches

Concerning the operation of the Company's foreign branches, the annual report stated:

The branches in London and Liverpool have continued to function with reduced volume under difficult conditions. The building in which the Main London branch was located was demolished, fortunately without loss of life to any of the London staff. While the building was destroyed, the vault used for custody of cash and securities remained intact. Within three days, through the friendly coöoperation of one of the English banks, the Main London branch was enabled to rent quarters at 11 Birchin Lane, at which address the business of the branch is now being conducted. The Pall Mall Office was evacuated September 3, 1939, and its business has since been transacted at the Kingsway Office in Bush House.

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The business of the Antwerp Office was transferred to Brussels shortly after Belgium was invaded, and the Brussels Office has continued to operate, but on a restricted basis. When the invasion of Paris became imminent, the securities in the Paris Office were transported to the vaults of the Bank of France at Nantes, France, such securities remaining under control of the Guaranty Trust Company, Nantes subsequently became "occupied" territory, and the securities later were returned to your Company's vaults in Paris.

When the evacuation of Paris took place, all of the records and most of the staff of the Paris branch were removed, under great difficulties of transportation, to Vichy, and the principal business of the Paris branch continues to be conducted from there. Two officers and a few clerks were left in charge of the Paris Office. The branch at Havre operated for a time, but subsequently was closed, in order that the staff might not be subjected to unnecessary risk. Too much praise cannot be given to the courage and faithfulness of the officers and staffs of your foreign branches, and in some instances acts of heroism have been performed.

Three of the European branches are located in buildings owned by your Company. The cost of these buildings has been amortized or written off, and all of the furniture and equipment is carried on the books at no value. The latest reports are that none of these buildings has been damaged. The branches in London, Liverpool, and Havre are in rented quarters, and the furniture, fixtures, and equipment in those offices have also been amortized or written off and show on the books as of no value.

## Personnel

In briefly reviewing matters pertaining to the Company's staff, the report cites a number of figures of interest. As of December 31, 1940, there were 2,437 members of the Company's new contributory Retirement System, who represented 97.05 per cent. of the total eligible employees on that date. This compares with 94.74 per cent. of those eligible who joined when the System became effective, March 1, 1940. Twenty-nine members have retired on pension since the System became effective, and the total pension roll now numbers 121.

A summary of Group Insurance operation reveals that since the plan was established in 1926, claims for death or permanent disability have been allowed in 270 cases, amounting to an aggregate payment of $2,027,309. The amount

of insurance coverage at the close of December 31, 1940, was $19,117,802, with 3,510 employees participating.

The total staff of the Company is given in the report as 3,920 employees and officers, of whom 3,365 are located in the United States and 555 in the offices abroad. More than 125 officers and members of the staff have been actively connected with the Company for 25 years or more.

## Military Service

The following statement of particular interest to men of the staff of military age is contained in the annual report:

With reference to the effect of the Selective Service Act, it is the desire of your management to make equitable reëmployment and financial arrangements for employees who may go into military or naval service. In general, the arrangements made provide that such employees will be returned to their former positions, or positions of similar seniority, status, and pay, if they apply for reinstatement within a period of one year and forty days after leaving your Company's employ. Upon entering the service, each employee who has been with your Company a year or more will receive one month's full salary, and in addition, will receive a vacation allowance if, because of induction into the service, he has been unable to avail himself of a vacation for which he is eligible.

The Group Insurance will be continued for the benefit of the employee for a period of not more than a year and forty days, without cost to the employee. Pension benefits will not lapse, although during the employee's absence no contributions will be required from him or made by your Company to the Pension Fund for his account—the period of his absence will merely be deducted in computing his credited service. It is believed, based on advance estimates of the number of men who will be called, that the operations of your Company will not be seriously affected by the withdrawal of men as a consequence of the draft call.

## Motion of Tribute

Following Mr. Potter's brief announcement at the annual stockholders' meeting that it would probably be the last such meeting over which he would preside, one of the stockholders present, calling attention to the institution's unbroken dividend record since 1892, proposed "a vote of confidence in our Board and our Executive Committee and offi-

January, 1941

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cers and staff and a vote of appreciation for their loyal and effective service to this institution."

"This institution," the stockholder stated, "under your leadership, Mr. Chairman, has been so managed that the stockholders have had their dividends every year, and I think particularly at a time when you retire from the post of Chairman of the Board to be-

come Chairman of the Executive Committee, it is appropriate that we give such a vote as I have suggested, of thanks and appreciation and confidence to the captain of this ship and the officers and crew who have steered it so well through the troublous waters of these past eleven years."

The motion was immediately approved by a rising vote of those present.

## Thomas J. Watson, International Business Machines Head, Elected to Guaranty Board

WILLIAM C. POTTER announced that at a meeting of the Board of Directors held on January 2, Thomas J. Watson was elected a director of the Company.

Mr. Watson has been president of the International Business Machines Corporation since 1914, and although that association constitutes his chief business interest, he has for many years been widely connected with organizations in the fields of international relations, foreign trade, government, education, and philanthropy. He served as a director of the Federal Reserve Bank of New York from January 1, 1938, until the close of 1940.

## Active In International C. of C.

Mr. Watson was for two years president of the International Chamber of Commerce and is now its honorary president. He is also chairman of the Committee for Economic Reconstruction and is actively engaged in the work of that committee under the auspices of the International Chamber of Commerce and the Carnegie Endowment for International Peace.

He is serving as chairman of the International Commercial Arbitration Commission, and also holds office or directorship in many other organizations, including the Citizens Budget Commission of the City of New York, Metro-

politan Museum of Art, Boy Scouts of America, Travelers Aid Society of New York, Salvation Army, and Roosevelt Hospital. He is a trustee of Columbia University and of Lafayette College, and has received honorary degrees from many colleges and universities and has been honored with decorations by thirteen foreign countries.

Thomas J. Watson, President of the International Business Machines Corporation and until recently a director of the Federal Reserve Bank of New York, who was elected a member of the Guaranty Board of Directors on January 2.

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Vol. XXIX, No. 11

William Widmayer Appointed Comptroller;
Other Promotions in Official Staff Announced

SEVERAL appointments effecting promotions in the official staff of the Company were announced following meetings of the Executive Committee of the Board of Directors held during the closing weeks of 1940.

William Widmayer, previously Second Vice-President, was appointed Comptroller of the Company at a meeting of the Executive Committee held on December 16, his promotion becoming effective at the close of business December 31. At the same December 16 meeting, John P. Langan was appointed an Assistant Auditor of the Company.

At a meeting of the Executive Committee held December 23, Arthur C. Vogt, formerly Assistant Treasurer, was appointed a Second Vice-President, and Clifford R. Rohrberg was appointed an Assistant Treasurer. Both were associated with the Collection Division of the Banking Department at the Main Office.

Also announced last month was the resignation, effective November 1, 1940, of Francis G. Burke Roche, Assistant Secretary, who for many years has resigned in Paris and has been associated with the Company's office there.

Mr. Widmayer

With his new appointment as Comptroller, Mr. Widmayer succeeds Stuart H. Patterson, Vice-President and Comptroller, whose retirement under the Company's Retirement System became effective at the close of the year and is reported elsewhere in these columns. Mr. Widmayer has spent his entire business career with the Guaranty. He was born in New York City in 1900, and after receiving his early education in the schools of this city joined the Guaranty staff as a young man in 1918.

During the greater part of his service with the Company, Mr. Widmayer has

been identified with the work of the Comptroller's Department. He became chief accountant in 1928, Assistant Comptroller in 1929, and Second Vice-President in 1930. In recent years his duties have been concerned chiefly with coordinating the operating activities of the various divisions of the Banking Department.

Mr. Langan

John P. Langan has also spent all of his business years with the Guaranty, and with his appointment as Assistant Auditor continues to be associated with the department that he joined as a boy in 1926. He came to the bank in May, 1926, as a Page, and was assigned to the Auditing Department the following month. For a few months in 1931 and

William Widmayer, previously Second Vice-President, whose appointment as Comptroller of the Company to succeed Stuart H. Patterson became effective at the beginning of the year.

January, 1941

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1932 he was assigned to the Fifth Avenue Office as a member of the Auditing staff there, and since April of the latter year has been back at the Main Office.

Born in Carbondale, Pa., in 1909, Mr. Langan received his early education in the schools of that city, later attending evening high school in New York and taking many courses at the College of the City of New York after joining the Guaranty staff.

Mr. Vogt

Arthur C. Vogt has been with the Guaranty for 23 years, and his appointment as Second Vice-President has a background of long experience in Banking Department operations. He came to the Company as a clerk in the Bookkeeping Division in May, 1917, served later in the Loan Division, and since 1925 has been identified with the Collection Division. He was appointed an Assistant Secretary in 1928 and Assistant Treasurer in 1933.

Born in New York City in 1895, Mr. Vogt entered the banking field, to which has has devoted his subsequent career exclusively, in 1911 as a messenger with the Chatham & Phenix National Bank. He was with that institution for five years and with the Union Exchange Bank for a year before joining the Guaranty.

Through his Collection Department experience, as well as through extensive personal research and his studies at New York University, Mr. Vogt has acquired wide practical knowledge of the Negotiable Instruments Law, and he has written much on the subject and spoken before many organizations. He has also for a number of years conducted a course on negotiable instruments for the New York Chapter, American Institute of Banking, and is serving as a member of the local chapter's board of governors. He has held various offices, including that of chairman, in the Bank Management Conference of New York City, and three years ago made an extended trip aboard as the

only American delegate to a meeting of the Commission on Banking Technique and Commercial Documentary Credits of the International Chamber of Commerce, held in Paris.

Mr. Rohrberg

Clifford R. Rohrberg, previously engaged in the administrative work of the Collection Division, becomes an officer of the Company with his present appointment as Assistant Treasurer. He will continue to be identified with the work of the Collection Division at the Main Office, where he has served in various capacities since 1925.

Mr. Rohrberg was born in Philadelphia in 1904 and received his early education in the schools of Brooklyn, later continuing his studies through courses in the American Institute of Banking after joining the Guaranty staff as a boy in July, 1918. He started with the Company as a Page, and spent about seven years in various divisions of the Foreign Department before becoming assistant head of the Collection Division in September, 1925. He served as head of Foreign Outgoing Collection for a number of years, and more recently has been in charge of the administration desk. He is well known among the general staff of the bank, having served as president of the Guaranty Club for a term during 1934.

Lewis Gawtry Now Chairman
of Bank for Savings

At the annual meeting of the trustees of the Bank for Savings in the City of New York, Lewis Gawtry retired as president of that institution and was elected to the newly created position of chairman of the board. Mr. Gawtry, who is treasurer of the Boy Scouts of America and active on the boards of various charitable organizations, has also been a director of the Guaranty Trust Company for many years, and prior to the merger in 1929 served as a member of the board of the National Bank of Commerce.

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## Year-End Retirements Include Several Veteran Executives of the Company

AS the new Retirement System of the Company nears the close of its first year of operation, several retirements of unusual interest became effective at the turn of the year under the System's provisions. Officially announced as becoming effective December 31, 1940, are the retirements of Stuart H. Patterson, Vice-President and Comptroller; Willis H. Booth, Vice-President; James M. Pratt, Vice-President, and Henry A. E. Chandler, Economist.

The retirement of Mr. Pratt, while not announced officially until this time, was

reported in these columns in May, 1940, when he gave up the active management of the Company's Madison Avenue Office, and reference is made to the *Guaranty News* of that date for an account of his service with the bank. Mr. Pratt was the oldest member of the Company's staff in years of service at the time of his retirement, and in a short time would have completed fifty years of service.

The service records of the other three members of the official staff who now retire are given in the following pages.

## Stuart H. Patterson, Vice-President, Comptroller

STUART HAYT PATTERSON, Vice President and Comptroller, retired on December 31, after thirty years' service with the Company. He was dean of bank comptrollers and one of the earliest surviving holders of a Certified Public Accountant's certificate. He was born in New York City, February 12, 1871.

His business career started on January 1, 1887, as office boy with a wholesale drygoods commission house at $3 per week. He held various clerical positions in the drygoods business until, when slightly over nineteen, he was made cashier and head of the office, with a salary of $12 per week.

### Went West In '91

About a year after starting to work, he took out a membership in a building and loan association, and in the summer of 1891 he withdrew his savings from it to finance a trip to Seattle, Washington, to join an electrical inventor who had opened an electrical supply store there and was doing a general electrical contracting business. In addition to keeping the accounts, he tended

store and did various kinds of manual labor, such as repairing electrical apparatus and wiring houses. The practical experience then obtained proved of great value to him later in the accounting business, and assisted him to become recognized as one of the leading expert accountants in the utility business.

Realizing that his opportunities in the electrical field were limited through lack of technical education, he left Seattle in February, 1892, with his capital of about $300 and went to San Francisco looking for a job. Not finding one there, he decided to visit some friends owning a cattle ranch in Texas, where he helped on the ranch as a "tenderfoot."

### Deputy U. S. Marshal at 21

After a couple of months on the ranch, an uncle of his friends was appointed United States Marshal for the Northern District of Texas, with headquarters at Dallas, and asked young Patterson to go to Dallas with him and organize his office. This he did, and on May 12, 1892, at the age of 21, he was appointed Chief Deputy United States Marshal for

January, 1941

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Stuart H. Patterson, who retired on December 31 as Vice-President and Comptroller after thirty years' service with the Company.

that district, and in that capacity experienced enough interesting thrills to remember the rest of his life.

Mr. Patterson valued this experience greatly, as it afforded an opportunity to see how he would act under conditions totally foreign to his former mode of life. In the summer of 1893 he resigned as deputy marshal to become financial man and assistant manager of a fair-sized cattle ranch in Northeastern New Mexico, and he was able to experience the life of a cowboy and the "roundup" as it was in the old days before the country was fenced.

### Became C.P.A. In New York

In January, 1894, he returned to New York to join his father, who was the first American to establish a public accounting business in this country, and in February, 1899, he received his certificate as a Certified Public Accountant. He was a partner in the accounting firm of Patterson, Corwin & Patterson, and later Patterson, Teele & Dennis.

In January, 1906, he was invited by a firm of investment bankers to go with them as manager, with an interest in the profits. The bond business started to go bad in 1906 and the panic of 1907 made matters worse, and that condition lasted for a considerable period, so that when in January, 1910, Benjamin Strong, active head of the Bankers Trust Company, asked him to go with that Company to organize an auditing department, he did so and gave up the bond business.

### Joined Guaranty In 1911

On January 1, 1911, Mr. Patterson came with the Guaranty Trust Company, not only to organize an auditing department but also to reorganize thoroughly its methods and personnel and create an organization capable of giving the best service possible to customers, an organization which has contributed much to the Guaranty's success and which for many years has been so ably administered by Vice-President O'Neill. The accounting system then installed was sufficiently comprehensive to function smoothly throughout the Guaranty's enormous expansion, with only minor changes to meet changed conditions, and it is one that has been copied by banks all over the country.

### Par Value Control

One of his first acts was to install a system of Par Value Control of securities. Under this system the par values of securities received and delivered are entered in separate columns provided in the books of original entry, which permits the Auditor to prove daily the transactions in securities, in the same manner as cash transactions are proved by the Tellers.

During 1939, the par value of the securities received and delivered by the Trust Department alone amounted to over 23 billion dollars. It speaks well for the integrity of the Guaranty staff, the Par Value Control, and the other safeguards surrounding securities, that

*(Continued on Page 31)*

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Vol. XXIX, No. 11

Mr. BOOTH, born in Winnemucca, Nevada, on February 15, 1874, was educated in the public schools of Los Angeles, California, and at the University of California. After leaving college, he became Treasurer of L. Booth & Sons, dealers in machinery on the Pacific Coast. His banking career began in 1905 as vice-president of the Equitable Savings Bank of Los Angeles and in 1912, when that institution was consolidated with the Security Trust & Savings Bank, he continued as vice-president and was also vice-president of the Southern Trust Company and the Security National Bank. He was elected president of the Los Angeles Chamber of Commerce in 1910, later serving as president of the Associated Chambers of Commerce of the Pacific Coast.

Mr. Booth's appointment as Vice-President of the Guaranty came on October 25, 1918, and he assumed charge of new business for the Company at that time. In addition to his banking activities, Mr. Booth has had many important outside interests. He is vice-president and director of the Sierra Tal Company, Los Angeles, and a director of the Edison General Electric Appliance Company, Commercial Solvents Corporation, Fireman's Fund Indemnity Company, Guaranty Safe Deposit Company, International Business Machines Corporation, Intertype Corporation, The Mortgage Corporation of New York, Weston Electrical Instrument Corporation, Dividend Shares, Inc., Excess Insurance Company of America, Constitution Reinsurance Corporation and American Electro Metal Corporation.

Prominent in Foreign Trade

Through his travels and extensive studies of business and financial conditions throughout the world, Mr. Booth became an authority of foreign trade, and among the important positions he has held is that of president of the International Chamber of Commerce, from

1923 to 1925. At the present time Mr. Booth is honorary president of that organization. He was a member of the special committee representing the American Bankers Association at the 1920 meeting of the International Chamber in Paris.

At various other times Mr. Booth has been vice-president and director of the Foreign Trade Committee of the Chamber of Commerce of the United States, treasurer and director of the Kosciusko Foundation, and American member of the Permanent International Commission established under the Treaty for the Advancement of Peace, entered into by the United States and Brazil.

Mr. Booth has been vice-president of the United States Chamber of Commerce, president of the United States Council of State Banking Associations and has been president and filled other

Willis H. Booth, who retired at the end of the year after more than twenty-two years' service as a Vice-President of the Guaranty.

January, 1941

offices in the Merchants Association of New York. In April, 1934, Mr. Booth was elected a Director of the American Arbitration Association. He is a director of the Argentine-American Chamber of Commerce, Inc., the Swedish Chamber of Commerce of the U. S. A., and was elected a vice-president and member of the executive committee of the National Institute of Social Sciences. He was also one of the incorporators and served as a director of the National Foreign Trade Council, February, 1938.

In May, 1939, he was reëlected for three years as trustee of the real estate of the Chamber of Commerce of the State of New York, and he has also served as trustee and treasurer of the School Art League, treasurer of the

Travelers Aid Society, trustee of the Solomon R. Guggenheim Foundation and honorary chairman of the International Management Conference. In July, 1940, he was appointed a member of the Mayor's Business Advisory Committee, and in October, Mayor LaGuardia named him to the local defense council of the New York State Council of National Defense.

Because of his long and active service in international affairs and his interest in developing and maintaining friendly relations between the United States and foreign governments, Mr. Booth has been honored with decorations by various foreign countries, including France, Holland, Sweden, Poland, China and Italy.

Dr. Henry A. E. Chandler, Economist

Dr. CHANDLER has completed twenty years as economist of the National Bank of Commerce and the Guaranty Trust Company. Before coming to the bank he had devoted some fifteen years to study, instruction and advisory work in economics and finance. After pursuing graduate work here and abroad, he received his Ph.D. at Columbia University. He was head of the Department of Economics of the University of Arizona for six years and associate professor of Economics in Columbia University for five years. He served as adviser in public finance to several governmental and other agencies, including the State of Arizona, the State of New York, and the Mexican Government. He also made special studies in the capital and money markets.

After coming to the National Bank of Commerce in 1920, he made several trips to Europe in the interest of the bank and, over a period, made investigations into the financial and economic conditions of a number of European countries. At the request of the bank, he also made several special studies in central bank and money market problems,

studying the money market in London and conferring with the heads of a number of the central banks of Europe concerning currency and reserve banking problems.

Served International Committees

He also served on several international committees: was a member of the financial section at the London meeting of the International Chamber of Commerce; attended the Rome Conference on International Settlements; was American representative on the Committee on International Balance of Payments and participated in the work of other conferences on international economic problems. He has also been called into conference on numerous occasions by those responsible for Federal Reserve and fiscal policies in this country.

During the more recent years he has been called upon by the officers and clients of the bank to examine a wide range of subjects and problems arising from the depression and the newer governmental economic policies. While, in retiring from the bank, he permanently

*(Continued on Page 24)*

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Vol. XXIX, No. 11

Election Day scenes around the one and only polling place at the Main Office, where more than a thousand members of the Guaranty Club balloted on December 17 to select new members of the Executive Committee to succeed those whose terms were about to expire. The rank and file of the great electorate, as may be seen from these snaps, remained orderly throughout the day, and street fighting was kept at a minimum, despite the fact that voting was so close that recounts were necessary in a number of instances.

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Joseph Brophy Chosen as Club President
Following Executive Committee Elections

THE annual election of officers to direct the affairs of the Guaranty Club for the ensuing year took place at a special meeting of the executive committee held on Friday, December 27, and the distinction of serving as president during the thirty-first year of the Club's existence went by unanimous vote to Joseph Brophy, member of the Coupon Collection Division. As second in command, with the title of first vice-president, the executive committee chose John S. Burris of Paying Tellers, who thereby succeeds to the office so capably filled by Mr. Brophy during the recently ended administration of President James D. Clearwaters.

Other Club officers were elected or re-elected at the same meeting of the executive committee. Alfred F. Langner was re-elected secretary and treasurer, Miss Adelaide G. Elliott assistant secretary, and Ralph Visco assistant treasurer. To serve at the Fifth Avenue Office, Joseph William Herbert was re-elected vice-president, and Thomas B. Sitler was named assistant treasurer. For Madison Avenue, J. William Sartor was re-elected vice-president, and Joseph G. Acker was re-elected assistant treasurer.

Brophy Long Active in Club

The new president of the Guaranty Club takes office with a background of long experience in the social and other activities of the Club. He has been a member of the executive committee for a number of years, and in the recent December election was named to the committee for a second term, receiving the largest vote of any of the candidates. During 1940, Mr. Brophy served as first vice-president of the Club. For the last two years he has performed effectively the difficult duties of chairman of the entertainment committee, and in 1938 he was chairman of the athletic committee. He has been with the Company

for 16 years, serving most of that time in Coupon Collection.

John S. Burris, newly elected first vice-president, also has a long record of Guaranty Club service, and was re-elected in December for a second term on the executive committee. He was chairman of the athletic committee during 1940, and for two years prior to that was vice-chairman of the same committee.

New Executive Committee Members

In accordance with custom and under the provisions of the constitution of the Guaranty Club, the election of the aforementioned new officers of the Club was preceded, on December 17, by the general election at which 13 new members were voted to membership on the Club's executive committee. For several weeks preceding that date, electioneering of

Joseph Brophy, member of the Coupon Collection Division, whose election as President of the Guaranty Club took place at a meeting of the Club's Executive Committee on December 27.

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Vol. XXIX, No. 11

one form or another provided daily divertissement at both the Main and Fifth Avenue offices, and ranged from the prominent display of posters and widespread distribution of campaign literature, to the actual distribution of free confectionery in the name of one of the candidates.

Well over a thousand votes were cast on election day at the women's clubroom polls, and some of the results proved to be so close that the official board of election resorted to several recounts in order to insure the accuracy of its figures. Running well ahead of the field was Mr. Brophy, whose term had expired this year, and for whom 75% of the voters indicated a preference for re-election to the executive committee.

That the free samples passed out on his behalf also proved efficacious was revealed when returns showed Temple Dalrymple of the Credit Department to be number two man in the total column. Of the 13 candidates among the men, those elected in addition to the Messrs. Brophy and Dalrymple were Philip Bender of the Telegraph-Cable Department, John Burris of

Paying Tellers, Harry Crist of Bookkeeping, Howard Ford of Collection, John Geraghty of Coupon Paying, and Kenneth Hume of Foreign Bookkeeping.

The slate of women candidates provided an easier list from which to choose, since there were but five girls in the running for the four vacant posts. The successful quartet turned out to be the Misses Frances Dieckert of Corporate Administration, Mary Elizabeth Minchin of Chief Clerk's, Marion Scherf of Bookkeeping, and Elsie Zimmerman of Commercial Credits.

Club members at the Fifth Avenue Office also held their annual election on December 17, but there only one vacancy on the executive committee existed, and Thomas Sitler was returned the winner in a two-man race. This year saw no need for an election at Madison Avenue, since no terms of the representatives of that uptown office had expired.

## New Committee Chairmen

One of the first official acts of the newly elected president of the Club was the appointment of nine committee chair-

Neither Temple E. Dalrymple (left) nor his campaign manager, Carl Brandebury (right) was accused of exceeding the limit in campaign expenditures, despite the partisan presence in the dining rooms on election day of two pretty precinct captains who passed out smiles and Life Savers and button-holed many votes for Dalrymple. Mary Gibbons is at the left; Lorraine Healy at right.

January, 1941

THE GUARANTY NEWS

15

Austin B. Grant, (upper left), restaurant manager and head buyer for the Guaranty Club store, and his trio of storekeepers (lower left) were kept on the jump at election time and throughout the Christmas shopping season catering to the needs of the Main Office staff for a wide variety of gift specialties that were stocked especially for the Christmas trade.

men and an equal number of vice-chairmen to head the various groups that will have charge of the Club's activities under the Club's new administration. The chairmen and vice-chairmen are appointed by the president, and they in turn choose the personnel of the committees to assist them. At the time of this report the committees had not all been filled, but as soon as the roster is complete it will be published from time to time in the Guaranty News throughout the year.

Notable among Mr. Brophy's appointments are those to fill the chairmanships of the important entertainment and athletic committees. For the former post he has designated John Burris, first vice-president of the Club, and for the latter John Geraghty. Mr. Burris succeeds to the post held by Mr. Brophy last year, while Mr. Geraghty takes the athletics berth previously held by Mr. Burris. Howard V. Ford is vice-chairman of the Athletic committee.

The Entertainment committee, largest assisting group in the Club organization,

has three vice-chairmen, namely, Temple E. Dalrymple, who is newly appointed this year; J. William Herbert, and William J. Sartor, both reappointed, from the Fifth and Madison Avenue offices, respectively. The committee also has special divisions in charge of bridge and table tennis activities, the former now in charge of Kenneth V. Hume and the latter headed by Harry W. Crist.

## Other Chairmen

Three committees have the same chairmen and vice-chairmen as last year, as follows: Membership, William Zink and Daniel McVeigh; Publicity, Florence L. Ford and C. B. McCreery; Purchasing, J. V. Kelleher and A. Wildhack. New chairman of the House committee is Thomas Coghan, with Philip H. Bender as vice-chairman, while the Visiting committee is now headed by Miss Agnes O'Dea, with Miss Mary E. Minchin as vice-chairman.

## President's Report

In concluding the year's work of the 1939 officers, Mr. Clearwaters, on behalf

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of the capable group of administrative officers and assistants with whom he had been associated during the year, summed up in his annual report to the executive committee the Club's events and achievements of 1940. He pointed out that the report was confined to a brief summary of activities, since most of the details had already been recorded in the regular issues of the Guaranty News.

Among the activities conducted during the year under the more or less direct supervision of the entertainment committee were the numerous bridge parties, table tennis activities, the dinner of the alumni of the Club's executive committee, the Midtown Hospital benefit party, the men's annual stag party at the New York Athletic Club, the women's party at the World's Fair, the annual Christmas parties, and various other social gatherings. Attendance at these affairs varied from few to many, with the high marks reached on May 16, when 1,600 gathered for the Midtown Hospital party; April 16, when 375 attended the men's stag, and October 1, when 200 women did the World's Fair, including dinner at Perylon Hall.

## Membership 2,750

Mr. Clearwaters' report also summarized the bowling, golf, and other activities conducted under athletic committee auspices, the year's programs of the Philatelic Society and the Camera Club, and the activities of the various other committees and sub-committees, including membership, house, publicity, purchasing, and visiting. Club membership during the year, he pointed out, reached 2,750 and included nearly all eligible persons in the bank.

In his report, Mr. Clearwaters also took occasion to thank the members of the executive committee for their fine cooperation during the year; also Messrs. Langner and Visco and Miss Elliott, as well as the General Organization of the bank, the Publicity, Restaurant, Building, and other departments that were frequently called upon for assistance in Club matters.

## Resources and Deposits at Highest Points in Company's History

The statement of condition of the Guaranty Trust Company as of December 31, 1940, which was published on January 6, showed total resources and deposits at their highest points in the Company's history. Total resources as of December 31 were $2,718,966,013.88, as compared with $2,584,742,898.05 on September 30, 1940, the date of the last published statement, and with $2,401,634,265.01 on December 31, 1939. Deposits were $2,423,223,952.23, as compared with $2,291,011,486.40 on September 30, 1940, and with $2,088,427,345.88 a year ago.

The current statement shows holdings of United States Government obligations of $1,137,212,692.63, as compared with $1,045,273,926.86 on September 30, and with $729,600,979.13 a year ago. The Company's capital and surplus remain unchanged at $90,000,000 and $170,000,000, respectively, and undivided profits total $16,946,499.61, as compared with $14,701,954.35 a year ago.

## Color Photography Demonstration
### A Camera Club Feature

An illustrated talk on color photography was a feature of wide interest to camera fans who attended the regular meeting of the Guaranty Camera Club at the Main Office on December 12. The speaker was Edward Boyce, member of the Trust Department, who discussed informally and non-technically many phases of color work that are claiming an ever-increasing share of the attention of amateurs.

Mr. Boyce has taken hundreds of color shots, and from his ample collection exhibited a representative group by projection to illustrate his discussion, which was given added interest by his answers to numerous questions from his audience. J. O. Maddux, president of the Camera Club, presided at the meeting.

January, 1941

THE GUARANTY NEWS

17

## Two Springer Spaniels of Guaranty Owners Make Good Showings at Recent Field Trials

UNLESS he dabbles in archaeology as a sideline, the average dog-lover probably has only a faint idea of just when our early ancestors started using dogs to help them collect their daily groceries. We do know, however, that they were used extensively some six hundred years ago, as the early pictures and tapestries show us some strange looking canines and even stranger sportsmen, more or less cooperating in slaughtering large quantities of still stranger looking game.

By the Eighteenth Century both the dogs and men had improved, or perhaps it was merely that the artists were doing better. In any event, we find the Englishmen of the times using two types of hunting dogs that looked something like the spaniel. The first was trained to find game and then sit down, so that the huntsman could throw a net over the dog as well as the game. These so-called setting dogs were a little later crossed with the Spanish pointer and eventually became our modern setter.

The other type was the springing spaniel, which was supposed to spring the birds or rabbits into the open so that they could be pursued by hawks. About 1800, when guns were sufficiently perfected to permit shooting birds on the wing, these springers became popular and were used on all types of game. The small ones were particularly good for woodcock and thus came to be called cockers.

## Trials Test Hunting Ability

Probably as soon as dogs were used in hunting at all, various proud owners would meet to try the respective merits of their pets. This practice still continues, and no week-end during the Fall is complete without one or more trials of this sort. The looks of the dogs make no difference, since all the owner of a hunting dog cares about is its hunting ability. Pointers and setters tear over the countryside looking for quail and prairie chicken. Dachshunds (believe it or not) chase rabbits. Labradors, Chesa-

W. Palen Conway, Chairman of the Board (left), with his springer spaniel, "Daily Sport", at the recent annual meeting of the Cocker Spaniel Field Trial Club of America. At right is Frank R. Kelly, one of the country's leading skeet shots and one of the official guns at the meet; in center, Lawrence McQueen, handler of "Daily Sport".

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Vice-President Kingsley Kunhardt, with his springer, "Greenfair's Trailer". The retrieve pictured here, made at a Connecticut field trial meeting, was considered the "ace retrieve of the day" by one newspaper commentator. (See accompanying story.)

peakes, and Goldens retrieve duck and pheasants, and hounds chase foxes or just a bag of asafetida. Among the most popular trials are those held for springer and cocker spaniels.

Don't think your little house pet would enjoy one of these events, for a good deal is expected of a field trial spaniel. He must never go out of gun range, say forty yards, and he should cover all the ground within the range of your gun as you walk through a field at a comfortable hiking pace. That means he must really keep on the move and not stop to pass the time of day at any attractive tree or rabbit hole. When he flushes a pheasant, the game bird commonly used, he must sit down, for if it is a low flying bird he might otherwise get a load of shot in his ear. When, or if, the bird is killed, he must go out and bring it in.

If because of being too deep in the brush, the dog does not see where the bird falls, he must go where his trainer sends him by waving his hands. If you think this is easy, try sending your petsy-wetsy across your garden, and then, try sending him out for a couple

of hundred yards and when you get him there make him turn to the right or, if you think it any easier, to the left.

## Expert Shots Required

Only the best shots are asked to shoot at trials, and even the best can miss and miss until they froth at the mouth. Springers and cockers don't stop and point when they smell a pheasant. They only run faster, so the gunner must be always alert, for a fast jumping bird that gets up thirty yards away is no cinch to hit with a lot of people looking on, particularly if at that moment the gunner is tangled up in the blackberry bushes.

W. Palen Conway, Chairman of the Guaranty, is as fine a shot as one is likely to find, and he once shot one whole day at a spaniel trial without a miss, but he doesn't care to say when that will happen again. Needless to say, he is in great demand, but this year he has had a springer, Daily Sport, running in seven of the eastern trials so he hasn't been displaying his own prowess. An owner isn't supposed to shoot when he has a dog entered, as he might be

work on, from duck and woodcock to pheasant or quail. Trailer, incidentally, is also a house pet, and his chief joy in life is to have some member of the family sick so he can spend the day on or preferably in their bed.

## E. M. Bentley, Retired Last Year as Officer, Dies

Elias M. Bentley, 66, who retired from active business a year ago after an association of more than 20 years with the bank and with the Guaranty Company, died on December 16 in River Edge, New Jersey, where he resided at 304 Summit Avenue. He is survived by his wife, Mrs. Mary C. Bentley.

News of Mr. Bentley's death was received with deep regret by his many friends and former associates in the Guaranty, where he enjoyed a wide acquaintance and popularity gained through long service during which his duties brought him into close contact with both officers and staff. His first position with the Company, for which his earlier experience in office supervision and operating methods eminently qualified him, was as Office Manager, in which capacity he was for a number of years in charge of the clerical force and operation of the bank, subject to the supervision of the Vice-President in charge of the general organization.

Mr. Bentley was born on a farm in Bennington, Wyoming County, N. Y., July 17, 1874, and received his early education in the country schools of that district, later attending the Union School at Attica and business colleges in Rochester. He started his business career in the employ of a narrow gauge railroad, and devoted many years of his early life to railroad work with various lines before coming to the Guaranty in September, 1918.

In 1921, not long after the organization of the Guaranty Company of New York, former securities affiliate of the bank, Mr. Bentley was appointed Treas-

criticized for making it too tough for his opponents. Just how he could actually do this, no one seems to know.

The accompanying photo shows Mr. Conway with his trusty Kodak (yes! the boss buys American) at a recent field trial at Millbrook, N. Y. In the middle of the picture is Lawrence McQueen, who taught Daily Sport his manners, which means four to six months of daily lessons. On the right is Frank Kelly, one of the country's best skeet shots, but even he found plenty of air around the pheasants the day this picture was taken. The fourth "gentleman" is Daily Sport, himself, who won the following week at Rumson to climax as good a first year on the circuit as one could hope for.

## Greenfair's Trailer

Kingsley Kunhardt, Vice-President in the Trust Department, who has appeared in these pages as a yachtsman, has transferred his attention to springers and handles his own dog. He owns Greenfair's Trailer, a younger half-brother of Mr. Conway's dog, and, while he didn't win anything, he picked up two seconds, one of them at Saybrooke, helped by the retrieve pictured. The *Herald Tribune* had this to say about it:

> "Perhaps the ace retrieve of the day was made by Greenfair's Trailer. Flushing a bird from one side of the road to the other, from heavy cover to heavier, he romped in and eventually came out with the bird. His handler, Kunhardt, was just about to send him back into the wooded sector again when he saw the bird in the dog's mouth. It was time for nonchalance, but that was beyond the surprised Kunhardt at the moment. 'Where did you get it?' he shouted, as the dog, tail a-wag, romped down the lane to deliver his cargo."

Despite this, a grand dog from Chicago beat him for first place. Mr. Kunhardt also won a second at Millbrook, but at most of the other trials his dog got out of control. He is looking forward to teaching him better behavior before the next season. Meanwhile, both he and Mr. Conway shoot over their dogs, and it doesn't make much difference what they

January, 1941

THE GUARANTY NEWS

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surer of that Company, and in that capacity he continued to direct the Treasurer's Department until the Guaranty Company's dissolution in 1934. In succeeding years, until his retirement in October, 1939, he was associated with the Banking Department of the Trust Company as an Assistant Treasurer at the Main Office.

### Charles P. Schwarz Dies; Headed Collection Payment

Charles P. Schwarz, who had been associated with the Collection Department throughout most of his long service of more than 27 years with the Company and in recent years had served as head of the Collection Payment Division, died on December 22 at his home, 6937 Nansen Street, Forest Hills, Long Island. His death came as a great shock to his many friends throughout the bank, a delegation of whom attended the funeral services on December 26 at the funeral parlors of Albert J. Glascott, Forest Hills.

Surviving Mr. Schwarz are his wife, the former Daisy Sperry; a daughter, Ann; a son, Charles, Jr., and a sister and brother.

Mr. Schwarz was born in Brooklyn, June 19, 1895, and after receiving his early education in the schools of the city joined the staff of the National Bank of Commerce as a young man in July, 1913, as a messenger. He was soon assigned to the Collection Department, and, with the exception of about two years during which he was in military service during the World War, had since served continuously with the various divisions of that department, first with the National Bank of Commerce and since 1929 with the Guaranty.

### Pilot Officer Killed

A recent issue of the *London Times* reports the death while on active service with the Royal Air Force of Pilot Officer Lord Alington, who will be remembered by some of the older members of the

staff as Napier George Henry Sturt, who was associated with the Company at the Main Office in the early 1920's. Born in 1896, Lord Alington came to the United States to engage in banking studies soon after the World War, during which he had served as a Captain in the R.A.F.

### Bridge Team Moves into Tie for Second in Bank League

December being a month devoted mostly to Santa Claus and Christmas parties, even inveterate bridge players grudgingly gave way in the face of strong seasonal pressure to abandon tables and tally sheets in favor of such extra-curricular activities as decorating Christmas trees. As a result, only a few scattered matches were played in the Bankers Bridge League during December, but even that much was sufficient to enable the Guaranty card players to slip a little closer to the top rung of the competitive ladder.

Previously the local representatives had been in third place, with the two teams which were ahead of them deadlocked for the lead. The Guaranty's record stood at four matches won and one lost, an .300 percentage, and with this they trailed both Bank of New York and the New York Stock Exchange, whose teams remained undefeated. With Guaranty winning its December engagement and the Exchangers toppling Bank of New York out of the unbeaten class, however, the standing at the start of the new year was as follows:

<table><thead><tr><th></th><th>Won</th><th>Lost</th><th>Pct.</th></tr></thead><tbody><tr><td>Stock Exchange</td><td>6</td><td>0</td><td>1.000</td></tr><tr><td>Guaranty Trust</td><td>5</td><td>1</td><td>.833</td></tr><tr><td>Bank of New York</td><td>5</td><td>1</td><td>.833</td></tr><tr><td>Manufacturers Trust</td><td>3</td><td>2</td><td>.600</td></tr><tr><td>Irving Trust</td><td>3</td><td>3</td><td>.500</td></tr><tr><td>National City</td><td>3</td><td>3</td><td>.500</td></tr><tr><td>United States Trust</td><td>3</td><td>3</td><td>.500</td></tr><tr><td>City Bank Farmers</td><td>2½</td><td>2½</td><td>.500</td></tr><tr><td>Standard Oil of N. J</td><td>2½</td><td>3½</td><td>.417</td></tr><tr><td>New York Telephone</td><td>2</td><td>3</td><td>.400</td></tr><tr><td>Chemical Bank</td><td>2</td><td>4</td><td>.333</td></tr><tr><td>DeCoppet & Doremus</td><td>2</td><td>4</td><td>.333</td></tr><tr><td>Bank of Manhattan</td><td>0</td><td>4</td><td>.000</td></tr><tr><td>Fenner & Beane</td><td>0</td><td>5</td><td>.000</td></tr></tbody></table>

January, 1941

THE GUARANTY NEWS

21

## Several Twenty-Fifth Anniversaries of Service Among Staff Occur this Month

THE employment manager of the Company in 1916 must have put in a busy January, or at least must have put extra emphasis that month on signing up applicants who were looking for something more than just temporary positions, for a check-up of the records at the turn of the year reveals that no less than nine of those who joined the staff in January, 1916, are still members in good standing and consequently observe their 25th anniversaries of service this month. (One of them retires on pension this month, and that will leave eight.)

Charles J. Wenz was the first man hired in 1916 who is still with the Company. The date was January 3. He started in the Bond Department as a young man, and served in various divisions of that department and the Guaranty Company for 18 years; thereafter, two years in the Trust Department, and, since 1938, as an assistant vault officer.

### C. A. Clifton Retiring

Captain Clarence A. Clifton, well known to a particularly large segment of the staff because so many of the young men starting with the bank have come under his wing during the many years he has served as head of the Messengers Department, joined the staff on January 17, 1916, and is retiring from active service under the Company's Retirement System this month—practically on the button of his 25th anniversary of service.

Captain Clifton served in various departments of the Main Office and at Fifth Avenue before taking charge of the Messengers Department ten years ago. He had a distinguished military record, both in the National Guard for 11 years and during the World War. As a Captain of Field Artillery he was seriously wounded during the war, and

his leave of absence from the bank was extended at that time while he underwent hospitalization of three years.

Two of the month's anniversaries are those of officers of the Company—Joseph V. LeRoy, Assistant Treasurer at the Madison Avenue Office, and Stuart C. DuBreuil, Assistant Treasurer at the Fifth Avenue Office. Both joined the staff as young men in 1916, Mr. LeRoy on January 17 as a member of the Mail Tellers, and Mr. DuBreuil on January 31 with the Foreign Department.

Mr. LeRoy is practically a charter member of the Madison Avenue staff, having been transferred there from the Main Office only a short time after its official opening in 1918. After serving in various departments at that branch, he was appointed an Assistant Treasurer in July, 1928. He was honored on January 17 at a dinner at the Governor Clinton Hotel tendered by about 40 Madison Avenue associates and other friends. His desk at the office was be-decked with flowers and he was also presented with an appropriately inscribed walnut humidor.

Mr. DuBreuil's early years with the Company were spent in various divisions of the Main Office Foreign Department. He was transferred to the Fifth Avenue Office in January, 1925, became assistant head of the Foreign Department there later the same year, head in 1928, and Assistant Treasurer in May, 1937.

### Others at Main Office

John D. Vollmer, Louis J. Flucker, and Elmer A. Doland are other members of the Main Office staff whose service anniversaries occur this month. Mr. Vollmer is a member of the Mailing Department, with which he became associated in 1920 after having spent the previous four years with the Bond Supply Division. He joined the staff as a boy in January 17, 1916.

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Both Mr. Flucker and Mr. Doland came to the Guaranty via the National Bank of Commerce merger, and both joined the staff of the latter in 1916 as members of the Receiving Tellers, Mr. Flucker on January 25 and Mr. Doland on the 27th. Mr. Flucker served in various departments of both institutions, and is now a member of the Main Office Vault staff. Mr. Doland remained with the Tellers through the greater part of his service, was with the Bank of Commerce Receiving Tellers at the time of the merger, and has since continued in that capacity with the Guaranty.

## Phone Head Honored

It would perhaps be not quite accurate to say that in all her 25 years of service with the Company Miss Katherine Leonard has never been responsible for a single wrong number, but surely no voice with such a sweet smile as hers could have been guilty of more than two or three at the outside. And, of course, she has never, never perpetrated a disconnection in the middle of a sentence—once or twice at the end of a sentence, perhaps, but never in the middle.

The telephone was not exactly a curiosity when Miss Leonard first sat down at the Guaranty switchboard on January 19, 1916, for even in those days upward of 3,000 calls daily were being handled, which was enough conversation to make any old-style three-position switchboard groan, as well as the operators and the customers. Today's traffic is more than double that of 1916.

Miss Leonard has been head of the Telephone Department since July, 1940, when she succeeded Miss Rose Kutliak, who retired at that time. Previously, Miss Leonard had been assistant head since 1928. She was the guest of honor on Saturday, January 18, at a luncheon tendered by her associates in observance of her anniversary, and was given an appropriate gift in commemoration of the occasion. The luncheon was held at a downtown restaurant and was attended by members of the Telephone Department and other friends of Miss Leonard.

## Miscellaneous Notes

I. B. Walker, member of the Trust Commission Division, was one of many thousands of customers and friends of Lord & Taylor who gladly took the time to write in and “vote” affirmatively on that store’s advertised pre-Christmas request for opinions as to whether the traditional ringing Christmas bells should again adorn the display windows as a part of Fifth Avenue’s holiday shopping scene. Mr. Walker’s unique plea for the reappearance of the bells was done in blank verse, so constructed that the first letters of the lines, when read downward, spelled out the name “Lord and Taylor.” He was happily surprised a few days later to receive, instead of a printed card or form letter acknowledging his poetic expression, an individual letter from one of the store’s executives, also written in verse and with the opening letters of the lines spelling out the name “Walker.”

P.S.—Mr. Walker’s ballot was on the winning side, for the bells were voted in by an overwhelming majority.

Joseph Kennedy, Jr., son of J. D. Kennedy of the Bookkeeping Department, has been appointed an Ensign in the U. S. Naval Reserve and is awaiting his call into service. The young appointee has many friends in the Guaranty, where he formerly worked for a time as a Page.

Joseph M. Nye, Executive Assistant of the Company, had the pleasure last month of several visits with the Duke and Duchess of Windsor during the couple’s recent stay in Florida. Mr. Nye’s acquaintance with the Duke dates back more than 20 years to the time when, as a representative of the State Department, Bill was in charge of the official handling of the then Prince of Wales’ visits to the United States. The friendship formed at that time has persisted through the years, with the intervals between personal visits enjoyably filled in by correspondence.

January, 1941

THE GUARANTY NEWS

23

## Hendrik van Loon Begs Bookkeepers’ Pardon; Admits Committing an Illegible Signature

EVER on the alert to protect customers from inconvenience and possible financial loss due to irregularities in documents that pass through their hands, the Bookkeeping Department not long ago found occasion to question the authenticity of the signature on a check that apparently had been signed by Hendrik Willem van Loon, famous author and long a Guaranty customer and friend of Vice-President Alfred C. Howell of the Fifth Avenue Office.

The questioned signature was not quite bad enough to prevent the bookkeepers from successfully applying deductive reasoning to the document and developing a clue as to the writer’s identity, and from that point the item was handled in routine manner, tagged with one of the customary notations, and referred back to the customer for verification.

A full confession that he personally had uttered the suspected signature was quickly forthcoming from Mr. van Loon, and some idea of the repentent spirit in which he acknowledged authorship of the check may be gained from the accompanying reproduction of his letter, which the Bookkeeping Department will no doubt treasure among its memorabilia for years to come.

## Letter Hand Illuminated

The illustration, done in typical van Loon style in pen-and-ink and water color, shows a penitent standing humbly on the threshold before a door labeled “Guar-

anty Trust Co.”, and the accompanying text reads as follows:

> “To the Bookkeeping Department of the Guaranty Trust Company . . . of Fifth Avenue. I, having assumed the garb of a penitent pilgrim, approach your honorable establishment, confess my unfortunate shortcoming and beg that it may be overlooked since my handwriting went even woser than usual during the last two years, when I wrote over a million words a year promoting a new bill by which all bank offices will be sten a twent hour-week, a month holiday with double pay and rittem per cent of the profits but having now realized he and I deficient I have been in cooperating with you for the greater safety of your customers and the greater protection of my pumili and 53 cents I promise that in the future no check will turn up unless it be duly crossed with a most elegant letter from Hendrik Willem van Loon.

F6 December xxx,

Nine Years
Old Greenwich, Conn.
Tel. Old Greenwich 7-1868

To the Bookkeeping Department of the
Guaranty Trust Company...of Fifth Avenue
I, having assumed the garb of a penitent
pilgrim, approach your honorable establishment
...confess my unfortunate shortcoming
and beg that it may be overlooked
since my handwriting went even
woser than usual during
the last two years, when
I wrote over a
million words a
year promoting
a new bill
by which
all bank
offices

I will be sten a twent hour-week, a month holiday with double pay and rittem per cent of the profits but having now realized he and I deficient I have been in cooperating with you for the greater safety of your customers and the greater protection of my pumili and 53 cents I promise that in the future no check will turn up unless it be duly crossed with a most elegant letter from Hendrik Willem van Loon.

Hendrik Willem van Loon,

The Guaranty & Co. Est. 1900.

Reproduction of illustrated letter received by the Bookkeeping Department from the penitent Mr. van Loon after an allegedly faulty signature on one of his checks had been brought to his attention.

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Vol. XXIX, No. 11

teen per centum of the profits, but hav-
ing now realized how sadly deficient I
have been in cooperating with you for
the greater safety of your customers and
the greater protection of my remaining
7 dollars and 93 cents, I promise that in
the future no check will turn up unless
it be duly graced with a most elegant

(Signed) HENDRIK WILLEM VAN LOON.”

The postscript at the bottom of the
page reads, "The typewriting is not so
hot either."

The envelope in which the letter came
to the Bookkeeping Department is also
a "collector's item" of no small interest,
being also hand-decorated by Mr. van
Loon. The picture in this case shows a
bookkeeper (He must be a bookkeeper
because he's perched on a high stool
and is wearing the traditional eyeshade)
making a ledger entry that reads, "van
Loon $3.26." Beneath the desk is a
pail labeled "Red Ink."

Edward Sheehy, Jr., Vies with
Talented Sisters for Honors

Edward J. Sheehy, Jr., son of Edward
J. Sheehy of the Telegraph and Cable
Department, had the distinctive honor
on December 19 of being awarded first
prize in an essay contest sponsored by
the Chamber of Commerce of the State
of New York. The timely subject of the
essay was "The Importance of Cultural
and Commercial Relations Between the
Americas," and competition was fur-
nished Edward, Jr., by some 350,000
high school and grammar school stu-
dents in greater New York.

Patsy (Sheehy) O'Shea, talented
seven-year-old daughter of Mr. Sheehy,
has just completed an engagement in
Ferenc Molnar's comedy, "Delicate
Story." Theatre Guild production in
which Edna Best played the leading role.
Patsy will be remembered by those who
saw the show as the little red-headed las-
sie who shouted so insistently for
"Napoleons."

In addition to her legitimate stage

appearances, some of which have been
reported in these columns before, Patsy
has been busy with radio and motion
picture work. On Christmas night she
appeared with Jean Hersholt on the Dr.
Christian hour in a song and dance
routine, broadcast over the Columbia
network. Other recent radio appear-
ances have found Patsy turning her
talents, quite successfully, to participa-
tion in the commercials for such popular
radio serials as "The O'Neill s," a WEAF
presentation, and "Life Can Be Beauti-
ful." a WABC feature.

Just before the holiday season, Patsy
completed a movie short, "Christmas
Story," at the Fox Studios in New York.
The picture, in which Patsy plays the
part of Virginia, one of the three prin-
cipal actors, is made for both sound and
silent projection and is obtainable on
eight and sixteen millimeter film for
home motion pictures.

Dr. Henry A. E. Chandler Retires
as Economist of Company

(Continued from Page 11)

relinquishes work in many of these
fields, he will continue to devote a por-
tion of his time to several of the larger
economic questions which have been the
source of many inquiries and of increas-
ing interest in the last several years, par-
ticularly the problem of conserving the
income and principal of the savings and
trust funds of the nation, and the asso-
ciated problems of the future of cor-
porate earnings, the future trend of
interest rates and of the purchasing
power of fixed incomes. Also, he will
collaborate with others on the problem
of the control of bank reserves and
credit.

"I know how to settle this unemploy-
ment problem," said the club wag. "If
we put all the men of the world on one
island, and all the women on another,
we'd have everybody busy in no time."

"Well, what would they be doing?"

"Why, boat-building."

January, 1941

THE GUARANTY NEWS

25

Christmas Parties, Carols, Decorations Give
Gay Welcome to Year-End Bank Holidays

THE extra claims that are made on
office-workers' time by added year-
end work, Christmas shopping, and the
inevitable surplus of home duties did
not prevent the staff from extending its
traditional enthusiastic welcome to the
twin holidays that marked the close of
1940, and carol singing, parties and
get-togethers throughout the organiza-
tion during the days immediately pre-
ceding Christmas generated enough holi-
day spirit to carry right on through the
rest of the old year and over into the
new. Everyone seemed to find time to
take some part in the festivities, even
if only to visit one of the various
matinee dances and receptions that were
held at all New York offices, or simply to
pause and admire one of the many
decorated trees that adorned the bank.

As usual, the Guaranty Club had a
major part in planning the proceedings,
and the annual Christmas party on De-

cember 20 at the Main Office, while not
booked as a farewell to anything but
the old year, was also in reality the fare-
well official function to be held under
the sponsorship of the outgoing Club
administration, which was so capably
headed during the year by James D.
Clearwaters as president. The party was
held in the restaurants of the Main
Office, from 3 P.M. to 7 P.M., with the
main dining room cleared for dancing
and the other rooms given over to the
serving of refreshments.

Group Singing

During an intermission in the danc-
ing at the Main Office party, those pres-
ent were led in the singing of Christmas
carols by H. L. Schoeppler of the Credit
Department, and at the conclusion of
the group singing the audience was
treated to a number by John Baker,
baritone soloist of St. Paul's Church,

One of the most strikingly decorated Christmas trees at the Main Office, and the Foreign Bookkeeping girls who were responsible for it. Back row, left to right, are Misses Agnes Bentz, Ruth Bohling, Margaret Collins, Inga Carlson, and Wanda Deck; in foreground, Misses Helen Toman, Ruth Scholz, and Jeanne Sherman.

26

THE GUARANTY NEWS

Vol. XXIX, No. 11

The sweet and the swing were judiciously mixed to suit all tastes at the annual Christmas party of the Guaranty Club, held during the afternoon and early evening of December 20 at the Main Office. Some of these pictures show the carolers carolling, which was a different part of the program and should not be confused with the other views of the waltzers and rug-cutters. The picture at right center was taken at Fifth Avenue Office (Helen Lillis and Robert Coyle); all others are Main Office.

Great Neck, and a talented singer who is rapidly making a name for himself in the concert field. He recently won a Metropolitan Opera Company scholarship and is presently being coached by Mme. Queena Mario of the Metropoli-

tan. He also appears four times weekly on radio programs, and has recently been guest soloist at various concerts.

Caesar's Orchestra provided music for dancing, at the same time officially dedicating a new orchestra platform that

January, 1941

THE GUARANTY NEWS

27

Not the committee, and not wallflowers, either—just a group at the party selected by a photographer with an eye for a picture. Seated, left to right, are the Misses Peggy Farrell, Nellie Kurian, and Helen Tiedemann, of Transfer Stencil; Gloria Good and Catherine Heater, of Credit, and Edith Ball, Bookkeeping. Standing, Misses Doris Hehner and Jean Jameson, Bookkeeping; Anne Donellan and Catherine Weston, Collection; Virginia Wolf and Lillian Edwards, Credit.

had been specially built for the occasion in the center of the dance floor instead of at one side of the room. Band-listeners accustomed to gathering ten deep in front of the orchestra and parking there to soak up the hot licks at close range were completely disorganized by the innovation, for the new platform had no "front" and could not be effectively surrounded by the kibitzers.

Catering was by the restaurant staff, and here, too, an innovation wrought by Manager Austin Grant and his assistants proved popular. Refreshments that were tasty and yet had stick-to-your-ribs qualities — a variety of sandwiches and beverages, plus ice cream and cake — were served buffet style by a committee of girls of the bank, the group including the Misses Mary Conklin, Virginia Ramsdell, Ruth Lauritzen,

Agnes Grossmann, Kathleen McGinnis, Elizabeth Minchin, and Mrs. Emma Adams. J. D. Clearwaters, president of the Club; Joseph Brophy, president-elect; A. F. Langner, Miss Adelaide Elliott, Ralph Visco, and other Club executives and committee members also contributed liberally to the success of the party.

## Carols and Entertainment at Fifth Avenue Office

Christmas carols from the balcony of the Fifth Avenue Office again ushered in the holiday season for members of the staff and their friends, when as many of them as could spare a few moments from the year-end flow of work, joined a group led by Bob Falk of the Personal

28

THE GUARANTY NEWS

Vol. XXIX, No. 11

Trust Division. Just after banking hours on December 17, 19, and 22 the lights on the main floor were dimmed and in the subdued, multicolored glow of the towering and tastefully decorated Christmas tree, the familiar strains of the carols rang forth. Those who were unable to join the group on the balcony

were invited to sing from their desks below.

On Monday, December 22, the Guaranty choristers were augmented by a number of depositors and friends, including some members of the University Glee Club. A half-hour program including most of the well known carols was

And here's a panorama of the proceedings at the Fifth Avenue Office Christmas party. The hillbilly jive ensemble (solid) at top left, are Kingston Seibert, sweet potato; Walter Nape, mouth-harp; Miss Olga Enochson, squeeze box; Werner Schwartz, hot fiddle, and Howard Edel, git-tar. The two chefs presiding over the festive buffet board at bottom are William Furst and James McCudden.

January, 1941

THE GUARANTY NEWS

29

The girls of the Fifth Avenue Office, including a scattering of visitors who trekked up from the Main Office to join in the annual Christmas party on Thursday evening, December 19. Supper, dancing, and the singing of Christmas carols took up the late afternoon and early evening hours.

greatly enjoyed by all including numerous visitors, guests, and friends. Soloists during the week included F. K. Bullard, Assistant Secretary; John McCrae, whose association with the Guaranty several years ago is cordially remembered, and Bob Falk. On Monday, visitors also had the privilege of hearing Clarence D. O'Connor of the University Glee Club, whose tenor solo, "O Holy Night," was one of the outstanding contributions of the afternoon. This year the girls too had a few moments of the "spotlight" when, unaccompanied, they sang a verse of "Silent Night," giving the effect of an angelic chorus in the distance.

From the comments of the office staff and their guests about the singing and the setting in which it was performed, one must conclude that the eyes, ears and emotions of those present enjoyed a stirring and inspiring experience. Credit for this goes to the soloists and other performers and in an extra measure to Bob Falk, for his expert coaching and conducting, and to Mrs.

Hazel Stivers for her invaluable assistance as accompanist.

## Dance and Hillbilly Music

The party proper was held Thursday night, December 19, between 5 and 9 P.M. in the eleventh floor dining room. Maitre Allan Nash, in charge of the Fifth Avenue restaurant, had prepared an inviting buffet supper that was a delight to the eye as well as the palate. After the party-goers had nibbled their way through to the last crumb, Caesar's orchestra took over and general dancing ensued.

The absolute highlight of the evening's entertainment was the unexpected performance of a pick-up hillbilly band composed of the following all-Guaranty instrumental staff: Miss Enockson, accordian; Walter Nape, harmonica; Howard Edel, guitar; Werner Schwartz, hot fiddle, and King Seibert, ocarina. Some of the numbers played were "Comin' Round the Mountain," "My Walkin' Cane," "Wreck of the old 97," "Tavern in the Town," and "Little

30

THE GUARANTY NEWS

Vol. XXIX, No. 11

Brown Jug." While Miss Enockson
manipulated her "come-to-you-go-from-
you" with professional nimbleness, and
Messrs. Seibert and Schwartz tore off
some ineffable hot licks on the sweet
potato and fiddle, respectively, Messrs.
Edel and Nape, acc customer to perform-
ing at highbrow chamber music musi-
cales, really went, to use a charming
vulgate expression, to town. Unable to
control their hands or feet, the audience
clapped and stomped in unison.

Among the visitors from Main Office
who enjoyed the party were L. D. Scheu,
Assistant Trust Officer, and F. B. King-
sley, who for many years was at Fifth
Avenue Office. As an added fashion
note, Sanford T. Bennett, Second Vice-
President, who had some painting and
paperhanging to do later in the evening,
appeared in a tuxedo and a fetching
peaked cap made out of a flour bag.

All in all, the party was voted one of
the most enjoyable ever held at the Fifth
Avenue Office.

A Trinity Church booklet listing the
carols sung by the Trinity Church choir
during their Christmas services, con-
tains the following:

### HYMN TO THE VIRGIN

Loveliest of women,
In thy wisdom tell us, pray,
Whence the spell that binds us in thy
love, alway,
What then, tell us truly,
Fills our hearts unruly
As 'mid sorrow's wounds you wend your
anguished way?

A footnote at the bottom of the page
states that the music is by Grieg and the
English version by Robert B. Falk. Mr.
Falk, who is a member of the Fifth
Avenue Office Personal Trust Division,
translated this beautiful hymn from the
Norwegian last fall. Also published are
English versions made by Mr. Falk of
other Swedish and Scandinavian songs.

"Say, you must think you're a pretty
hard guy, don't you?"

"I am—I wasn't born, I was quar-
ried."

### Gazooka Talent Featured at
Madison Avenue Yule Party

Major Bowes was not present at the
annual Christmas party of the Madison
Avenue Office, but even if he had come
it is doubtful if his trusty gong could
have prevented the exhibition of gazooka
playing that was a feature number on
the afternoon's program. Three Pages,
under the capable leadership of Bob
Hawkins, put on the act, and despite the
fact that even good gazooka playing
usually leaves something to be desired,
the audience bore up well and had to
admit that the buzzing was blasted out
in perfect harmony.

The Christmas party, matinee style,
is a Madison Avenue Office tradition,
and the annual showing this season on
December 21 was fully up to the high
standard set in other years. Members
of the staff and their friends gathered
for the afternoon in rooms on the sec-
ond floor that had been tastefully decor-
ated for the occasion, where an orchestra
played for dancing and delicious re-
freshments were served. During an
intermission in the dancing a jovial
Santa Claus came coasting into the room
on a rolling sleigh and distributed gifts
to all those present.

And if another mention of Major
Bowes may be permitted, his fans are
hereby put on notice to be on the look-
out for the appearance on that familiar
program one of these Thursday nights of
the newest father-and-son fiddle duet.
Al Peck of the Madison Avenue Office
gave his son a violin for Christmas, and
the senior Peck is already allowing his
hair to grow long for obvious reasons.
It looks like a repetition of the situation
in Rome during Nero's time—only this
time it will be Peck and Peck fiddling,
while the audience burns.

"I wish the boys wouldn't call me Big
Bill."

"Why?"

"These college names stick. And I'm
studying to be a doctor."

January, 1941

THE GUARANTY NEWS

31

### Stuart H. Patterson, Vice-President
and Comptroller, Retires

(Continued from Page 9)

in thirty years the only loss of securities
sustained by the Guaranty was $2,000
Liberty Bonds years ago when they were
printed on small informal sheets of paper
and easily misplaced.

### Cost of Deposit Accounts

As far back as 1912 Mr. Patterson
started analyzing deposit accounts to
ascertain which were unprofitable, and
worked out a formula for testing the
accounts by combining the factors of
activity in the account, the balance car-
ried, and the rate of interest allowed
(when payment of interest on commer-
cial deposits was legal).

After a time he felt there would be
less apparently unfair competition if
other banks also analyzed their de-
posit accounts, so he wrote a booklet
entitled "Cost of Deposit Accounts,"
which was widely distributed by the
Guaranty and started the movement now
in general vogue by banks all over the
country of service charges for unprofit-
able deposit accounts.

### The Budget System

He made another important innova-
tion in putting the Guaranty expenses
under a budget control system in 1918.
Under this system the expenses of the
Company are centralized, approved, and
controlled before expenditures are made,
instead of criticizing certain expendi-
tures after the money has been spent.
This system has operated smoothly for
twenty-two years, and in that time has
unquestionably saved the Guaranty a
large amount of money.

### Buildings and Vaults

He had charge of the interior plan-
ning and laying out of the original office
at 140 Broadway, as well as those at the
Fifth Avenue and Madison Avenue
offices. In 1927 he and John Cross, the

Guaranty's architect, went to Paris to
arrange for remodeling the building on
the Place de la Concorde which was to
become the new home of the Paris
branch.

Mr. Patterson also designed and had
charge of the construction of the vaults
at 140 Broadway and at the Fifth Ave-
nue and Madison Avenue Offices, the
Paris Branch, and a new vault erected
in 1936 at the Lombard Street Office in
London. He always gave careful atten-
tion to reinforcing the roofs of the
vaults, so that a vault will remain intact
even if the building is destroyed. This
feature, as well as the foundation, was
given special attention in constructing
the new London vault in 1936, and while
probably no vault could withstand a di-
rect hit by a 1,500-pound bomb, he felt
that the Lombard St. building could be
completely destroyed without injury to
the vault. In November, 1940, the Lom-
bard Street Office was completely de-
molished but the vault remained intact.

### Other Contributions

Mr. Patterson's services and advice
have been sought in many other quar-
ters. In 1908 he was offered the posi-
tion as Comptroller of the General Elec-
tric Co., but declined because he did not
wish to leave New York City. From
1910 to the end of the Taft Administra-
tion he acted in an advisory capacity to
Franklin MacVeagh, Secretary of the
Treasury, who was endeavoring to reor-
ganize the antiquated methods in the
Treasury Department.

Early in 1914, the American Water
Works & Electric Co. was reorganized.
Up to that time it was the largest reor-
ganization which had ever been effected,
except in railroads, and Mr. Patterson
was asked to handle the finances of the
reorganized company. This he did for
over three years as a Director, Vice-
President and Treasurer, in addition to
his duties with the Guaranty.

When Henry P. Davison was made
head of the Red Cross during the World
War, Mr. Patterson was one of the first
men he asked to go to Washington to

32

THE GUARANTY NEWS

Vol. XXIX, No. 11

help him. The Navy Department asked him twice to go to Washington and assist in its organization problems and offered him the rank of Commander. While he felt obliged to decline these requests, thinking he was needed more in New York, he did organize and was captain of a Motor Corps in the Home Defense in Plainfield, N. J.

In February, 1918, he received a letter from Wm. G. McAdoo, Secretary of the Treasury, saying that he had been informed that Mr. Patterson had rendered valuable services to his predecessor and asked him if he would go to Washington and advise them on the problem of handling the public debt. This he was able to do. His last call to Washington was in the spring of 1935, when Congress appropriated its first four billion dollars for relief. At that time Frank C. Walker was head of the Emergency Council and all of the relief projects were to be routed through the Emergency Council. Mr. Walker asked him to organize a department to handle this work, but he felt obliged to decline, although he did spend a few days in Washington to help get the work started.

## Income Tax Service

In October, 1913, the income tax law was enacted. The language in the law regarding the withholding of the tax on coupons was so vague that attorneys for the banks were of the opinion that any bank handling coupons for collection might be liable if it did not withhold the tax, even if ten other banks also withheld the tax on the same coupon. Mr. Patterson solved the perplexing problem by originating an Ownership Certificate to be used in collecting coupons.

Mr. Patterson then went to Washington and secured the consent of the Treasury Department to the plan. The Assistant Secretary of the Treasury appointed a committee of five in the Treasury Department, with a Deputy Commissioner of Internal Revenue as Chairman, to work out appropriate regulations with him. Finally, after four

days of conference, the Deputy Commissioner requested him to draw up the regulations that night as he thought they should be and present them to the Committee the following day. He went to his room at 6 p.m., and worked steadily through until 4 a.m., writing out in long hand the first regulations to be issued for withholding the tax on income.

Realizing that the regulations were necessarily technical and would be confusing to the general public, he also prepared a booklet entitled "How to Comply with the Income Tax," which was distributed at the same time the technical regulations were issued. The Ownership Certificates have now been in use for 27 years.

## Writings on Bank Subjects

After an investigation of banks by the so-called Pujo Committee a number of years ago, Mr. Patterson felt strongly that the banks should educate the public upon their real functions, operations, and methods of doing business, and the vital importance of banks to all business. He thought this could best be accomplished by a series of questions and answers, and accordingly prepared a booklet along those lines in simple language, entitled "A Bank Catechism." This booklet was issued by the Guaranty and there was so great a demand for it that it ran through a number of editions.

His most complete effort along the line of educating the public concerning banks was a book entitled "A Bank's Relations with Its Customers," which was distributed by the Guaranty and for which there was also a large demand. Although these two publications were first issued many years ago, there is still a demand for them, but owing to the constant changes in laws and regulations in recent years it has been impossible to keep them up-to-date and they are now out of print. He was selected by the Encyclopedia Britannica to write the article on "Banking and Credit in the United States" for its revised edition of 1929.

January, 1941

THE GUARANTY NEWS

33

## Guaranty Girls Win Honors in Table Tennis Competition Among Bank League Teams

GUARANTY table tennis—both interbank and intramural—has shown a marked increase in activity during recent weeks, with the result that almost every evening sees a large turnout of paddle enthusiasts, developing or perfecting their talents at the indoor ball and bat game.

Interest in the pastime was heightened last month by the showing of local talent in outside competition among banks. Shortly before press time, the standings in the women's and men's divisions of the Bankers Athletic League showed Guaranty representatives in first and second places, respectively. The girls, with a record of 23 wins and 10 defeats, for a .697 percentage, were topping their closest competitors, National City Bank, whose mark of 28 victories and 16 defeats kept them at a .636 pace.

The men's team was evidently up against stiffer competition, for even with 63 games won, 25 lost and a .716 percentage, they trailed the Chase National's delegation by a small margin. However, members of the team were hopeful of erasing their rival's lead when play was resumed this month. Individual scores of the local players in competition with other banks reveal Steve Curran holds the edge, having won 15 matches while dropping only 3. Tom Fitzgerald's record stood at 15 and 7, and he was followed by Charles Dileo, 6 and 3, and Henry Lipinski, at 15 and 8. The showing of the men's team is considered more than favorable, inasmuch as their play was expected to be adversely affected by the loss of John Spence, last year's singles champion of the bank.

## Miss Hawthorne Starred

It was the Guaranty girls, though, who stole most of the spotlight last month. Two of them, the Misses Ella

May Schnepf and Davida Hawthorne, came out winner and runner-up in the recent New York City Bankers tournament. And in addition to being one of the main reasons for the first-place showing of the Guaranty team in the Bankers Athletic League, Miss Hawthorne currently maintains the highest individual average in the loop. All of which explains why the New York Sun devoted a considerable amount of space in its sports section recently, writing up the achievements of the Guaranty team in general and Miss Hawthorne in particular.

After reviewing the outstanding work of the team, the Sun goes on to say, "Miss Hawthorne, a native of the Bronx, is a tall, typical outdoor girl, blonde and blue-eyed. Sports have always claimed her attention, and she has played football (sic), baseball, and softball, and won honors at track and swimming. Her devotion to table tennis started a little more than a year ago in the recreation room at the bank. Last May she gained the final round of the New York City bank championship and also that of the Guaranty Trust. In both instances she lost her chance at a crown to her team mate, Ella May Schnepf. Downcast as she was, the Bronx girl went back into action and is now leading the championship group in the league."

For the information of those interested, Monday and Tuesday evenings the local table tennis courts are reserved exclusively for the girls of the bank. For those on the staff who may be hesitant to come out because of their inexperience, the table tennis committee assures a competent staff of instructors will be on hand to teach strokes, chops, cuts and serves to all comers. Perhaps some other future champions are destined to get their table tennis start in the recreation room at the bank."

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THE GUARANTY NEWS

Vol. XXIX, No. 11

Bowlers Resume Tournament Play after
Two-Week Layoff over Holidays

DESPITE the fact that a couple of holiday dates somewhat upset the schedule of the Guaranty Bowling League last month, the close race for the League leadership continued unabated at the start of the new year, with the two Fifth Avenue teams—Number One and Custody—still battling it out for first place. The geographical contiguity of the two squads was closely rivaled by their respective spots in the league standings as the January sessions got under way on the Park Row alleys, for only a single game marked the difference between the leading Number One outfit and the runner-up Custody team. The former's record stood at 29 games won and 10 lost, while the latter squad had captured one less encounter and had been defeated one time more.

The slim margin of leadership was the direct result of a dramatic encounter between the two teams on the evening of December 18. Before the match, the uptown teams were deadlocked for the lead, having compiled identical records of 27 and 9, but in the ensuing roll-off, the Fifth Avenue Number One representatives took two out of three from the uptown Custody men, and with it, uncontested possession of first place.

The regular Custody team (Main Office) retained its hold on third place during the month, finishing with 24 victories and 15 defeats, while Transit and Transfer tied for fourth with 22 and 17. Behind the initial leaders came Madison Avenue, Comptrollers, Tabulating and Telegraph-Cable in that order, rounding out the first division.

Individual and Team Records

Only one change was evidenced in the individual and team pace-setting statistics during December, this coming on the night of the 18th, when Custody

eclipsed Transit's high series mark of 2,624 with their own record of 2,644. This feat entitled the third-place squad to a clean sweep of team honors, for the Custody keglers already held the single game high of 964, high average of 168, and in addition, they had rolled the most 200 games, 23.

Otherwise the individual leaders retained their positions at the head of the respective lists—Martin of Madison Avenue with a single game top of 256, and Harbourne of Transfer with a series total of 623; Krisch of Custody with nine games of 200 or over; and Krisch, Brunt of Comptrollers and Zink of Custody, with individual high averages of 183.6, 178, and 177.33, respectively.

Summaries

Results of December 11—Transfer defeated Fifth Avenue Custody, 3-0; Fifth Avenue defeated Transfer Research, 3-0; Transit defeated Building, 3-0; Foreign Outgoing Collection defeated Loan, 2-1; Comptrollers defeated Tabulating, 2-1; Madison Avenue defeated Tellers, 2-1; Custody defeated Telegraph-Cable, 2-1; Collection Payment defeated Special Officers, 2-1. Games of 200 or over were bowled by A. Paull (216), W. Krisch (216), J. Harbourne (213), W. Sullivan (208), F. Stern (207), M. White (203), G. Schlobohm (201), and W. Goettsche (200). Blind prize for the first-game total nearest 110 was won by J. Rogers of Building (110).

Results of December 18—Tabulating defeated Transit, 2-1; Custody defeated Transfer Research, 3-0; Tellers defeated Transfer, 2-1; Telegraph-Cable defeated Fifth Avenue, 3-0; Building defeated Loan, 2-1; Foreign Outgoing Collection defeated Collection Payment, 2-1; Fifth Avenue Custody defeated Madison Avenue, 3-0; Special Officers defeated Comptrollers, 2-1; Building defeated

January, 1941

THE GUARANTY NEWS

35

Foreign Outgoing Collection, 2-1; Special Officers defeated Tabulating, 3-0; Transfer defeated Transfer Research, 2-1; Comptrollers defeated Transit, 2-1; Fifth Avenue defeated Fifth Avenue Custody, 2-1; Custody defeated Tellers, 3-0; Collection Payment defeated Loan, 3-0; Madison Avenue defeated Telegraph-Cable, 2-1. Games of 200 or over were bowled by W. Krisch (218, 203), W. Phadenhauer (217, 202), J. Geraghty (208), M. Holzer (203), G. Brunt (200), W. Myles (222), J. Livingston (212), C. Swanson (213), W. Zink (208) and T. Bannon (200). Blind prizes for the first-game total nearest 168 and for the three game total nearest 419 were won by W. Wells, Madison Avenue (168), and W. Nape, Fifth Avenue (419), respectively.

Engagements and Marriages

Mr. and Mrs. Arthur Borkstrom, of North Arlington, N. J., have announced the engagement of their daughter, Anne Elizabeth, to Francis X. McGorry, son of Mr. and Mrs. William McGorry of Bayside, L. I. Mr. McGorry is a member of the Trust Accounting Division at the Main Office, and Miss Borkstrom is a member of the Custody Division at the Fifth Avenue Office.

The engagement of Miss Veronica C. Reilly, daughter of Mr. and Mrs. John J. Reilly, of Brooklyn, to Raymond J. Clark, also of Brooklyn, was announced on Christmas Day. Miss Reilly is a member of the Purchasing Department.

Mr. and Mrs. William Colquhoun have announced the engagement of their daughter, Frances, to Homer Korner of Kingston, N. Y. Miss Colquhoun is a member of the Custody Vault Division.

On December 24, Mr. and Mrs. William Cummins announced the engagement of their daughter, Margaret Catherine, to Thomas Dowling. Miss Cum

mins is a member of the Tabulating Section of Trust Accounting Division. No date has been set for the wedding.

The engagement of Miss Marguerite Hevert of Jersey City, New Jersey, to Frederick G. Sundheim of Buffalo, has been recently announced. Miss Hevert is a member of the Commercial Credits Division, Foreign Department.

Mr. and Mrs. Sidney C. Hazelton of Hanover, New Hampshire, announce the engagement of their daughter, Phyllis, to Robert T. McWilliam of Garden City, New York, on December 28. Mr. McWilliam is a member of the Loan Department.

The engagement of Miss Betty Simpson, daughter of Mr. and Mrs. Harry Simpson of Rahway, New Jersey, to Thomas J. Robinson, Jr., of Rahway, was announced at a Christmas party on December 26. Mr. Robinson is a member of the Guaranty staff, at present on leave of absence for military service with Troop E of the 102nd Cavalry.

The engagement of Miss Mary C. Kohlman, daughter of Mr. and Mrs. August Kohlman of Brooklyn, N. Y., to Joseph A. Banningan, was announced on Christmas Eve. Miss Kohlman is a member of the Main Office Bookkeeping Division. No date has been set for the wedding.

The engagement of Miss Virginia Halamanters, daughter of Mrs. H. G. Halamanters of New York City, to James Meikle of Ozone Park, Long Island, was announced on December 30. Miss Halamanters is a member of the Main Office Bookkeeping Department. No date has been set for the wedding.

The engagement has been announced of Miss Marion Scherf, daughter of Mr. and Mrs. Frank Scherf, of Queens Vil-

36

THE GUARANTY NEWS

Vol. XXIX, No. 11

lage, L. I., to Harold E. Platt of Queens Village, L. I. Miss Scherf is a member of the Main Office Bookkeeping Division. No date has been set for the wedding.

The engagement of Miss Doris Hehner of Rockaway Beach, L. I., to George McLean was announced on Christmas Eve. Miss Hehner is a member of the Bookkeeping Division. No date has been set for the wedding.

Mr. and Mrs. Thomas Hoey announced the betrothal of their daughter, Margaret, on Christmas Eve, to Bernard Connolly. Miss Hoey is a member of the Fifth Avenue Office Trust Department, and Mr. Connolly is an employee of the United States Post Office.

Mr. and Mrs. H. Eckerdt of Laurelton, L. I., have announced the engagement of their daughter, Beatrice, to Henry Biela of Glendale, L. I., on Christmas day. Miss Eckerdt is a member of the General Stencil Department.

Mr. and Mrs. J. O'Connor of the Bronx, New York City, have announced the engagement of their daughter, Patricia, to Joseph Kelly, on Christmas day. Mr. Kelly is a member of the Stock Bookkeeping Department.

Mr. and Mrs. Garret G. Vander May of Little Falls, New Jersey, announced the engagement of their daughter, Anne, to George W. Cronk, son of Mr. and Mrs. Peter Cronk, of Paterson, New Jersey, on Thanksgiving Day, November 21. Mr. Cronk is a member of the Transit Department.

Mr. and Mrs. Sander H. Nelson of Brooklyn announced the engagement of their daughter, Gloria, to Leslie E. Oland, son of Mr. and Mrs. Gustav Oland of Brooklyn on Christmas eve,

December 24. Miss Nelson is a member of the Transit Department and Mr. Oland a member of the Foreign Collection Department.

The engagement of Miss Ruth Saamundsen of Weehawken, N. J., to Arnold Nelson of Grantwood, N. J., was announced last month at a supper party held at Miss Saamundsen's home. Mr. Nelson is a member of the Loan Department at the Main Office. No date has been set for the wedding.

Mr. and Mrs. Charles J. Leavitt of West Orange, N. J., have announced the engagement of their daughter, Miss Jane Frances Leavitt, to Owen Lawrence Keefe, son of Mr. and Mrs. Lawrence J. Keefe of South Orange. Miss Leavitt, who has been with the Guaranty for about a year, is a member of the General Files.

## Alumni Notes

Charles J. Kershaw, former member of the Guaranty staff who left in 1931 to become associated with the New York Stock Exchange firm of Reynolds & Co., as head of their order room, has been admitted to general partnership in that firm.

Frederic P. Fiske, former Vice-President of the Guaranty Company who in recent years has been vice-president and a director of the Montclair Trust Company, has been appointed a member of the Board of Adjustment of the Town of Montclair, N. J.

Junius Powell, formerly assistant manager of the Guaranty Company's Municipal Bond Department and more recently associated with the firm of E. H. Rollins & Sons in this city, has recently gone to Raleigh, North Carolina, and is with the office there of the firm of J. S. Bache & Co.