The Guaranty Trust

Bank History, Guaranty Trust Company of New York

(From: New York Bank History. By Bob Kerstein, President of Scripophily.com)

1864 Established as New York Guaranty and Indemnity Company
12/01/1895 Name Change To Guaranty Trust Company of New York
01/26/1910 Acquire By Merger Morton Trust Company
10/16/1912 Acquire By Merger Standard Trust Company
05/04/1929 Acquire By Merger Bank of Commerce in New York
04/24/1959 Acquire By Merger J.P. Morgan & Co., Incorporated
04/24/1959 Name Change To Morgan Guaranty Trust Company of New York
06/26/1959 Acquire By Merger Morgan & CIE, Incorporated
12/27/1968 Acquire By Merger Morgan Guaranty Safe Deposit Company
06/01/1996 Acquire By Merger J.P. Morgan Delaware
New York Bank History G / Scripophily.com
The New York Guaranty & Indemnity Company

N.Y. Guaranty and Indemnity Co., 1892-93

In 1891, the company was reorganized under the auspices of the Mutual Life Insurance Company. (The New Trust Company. New York Times, Oct. 21, 1891, p. 10.) Directors and officers: Edwin Packard, President; Adrian Iselin, Jr., Vice-President; George R. Turnbull, 2d Vice-President; Henry A. Murray, Treasurer and Secretary; J. Nelson Borland, Assistant Secretary. Directors: Samuel D. Babcock, Frederic Cromwell, Josiah M. Fiske, Walter R. Gillette, Robert Goelet, George Griswold Haven, Oliver Harriman, R. Somers Hayes, Charles R. Henderson, Adrian Iselin, Jr., James N. Jarvie, Augustus D. Juilliard, Richard A. McCurdy, Alexander E. Orr, Edwin Packard, Henry H. Rogers, Henry W. Smith, H. McK. Twombly, Frederick W. Vanderbilt, William C. Whitney, J. Hood Wright. (Display Ad 9, New York Times, May 16, 1892, p.7.) Stock of the Edison General Electric Co. and Thomson-Houston Electric Co. was deposited with the company in 1892. J. Pierpont Morgan and H. McK. Twombly were members of the Committee. (Display Ad. New York Times, Feb. 24, 1892 p.6.) Babcock and Fiske were the only directors from the old company. In 1893, George F. Baker replaced Fiske. (Display Ad 7. New York Times, Jul. 25, 1893 p. 6.)

George F. Baker

George Fisher Baker (1840-1931) was born in Troy, N.Y. "Baker was one of the founders of the First National Bank of New York in 1863 and became (1877) its president and then (1909) chairman of its board of directors... His philanthropic bequests were many. The most notable were $6 million to found and support the Harvard graduate school of business administration; $2 million to Cornell Univ.; $1 million to build the Baker Memorial Library at Dartmouth; and the money for Baker Field of Columbia." (George Fisher Baker. From: The Columbia Encyclopedia, Sixth Edition, 2007.) Circa 1914, Baker was the third largest stockholder in the National Bank of Commerce, after the Equitable Life and the Mutual Life; the largest stockholder in the Chase National, the First National; and the second largest in the Liberty National, after E.C. Converse. George F. Baker Jr. was the fifth largest stockholder in the First National. (Banks' Stock List Full of Surprises. New York Times, Sep. 23, 1914.) Baker Sr. was elected a Trustee of the Mutual Insurance Company in 1879, and, with Henry H. Rogers, was the ringleader of the Mutual Insurance takeover. Also in 1879, his sister Elizabeth was married to tobacco financier Grant B. Schley.

Baker was a director of the Farmers Loan and Trust Company from at least 1900 to 1913. He was elected a director of the First National Bank of Chicago in 1903, along with James H. Hyde, Vice President of the Equitable Life Assurance Society; and H.H. Porter, Jr., who "practically succeeds his father," a past director of the bank. (Chicago Bank Directors. New York Times, Jan. 14, 1903.) Max May came to the Guaranty Trust from the First National Bank of Chicago in 1904. Norman B. Ream and Clarence M. Woolley were directors of the First National Bank and National Safe Deposit Company along with Baker in 1910. (Display Ad 12. Chicago Daily Tribune, Apr. 2, 1910 p. 15.) Baker made a contribution to New York Hospital in 1912, and, together with his son, George F. Baker Jr., contributed $2 million in 1920 to rebuild Lying-In Hospital. George F. Baker 3d is the fourth generation of the family to serve on the hospital's board of governors. (Medical Center Gets $1.5 Million Whitney Gift. By Kathleen Teltsch. New York Times, Oct. 24, 1982.) Baker Sr. was on the board of directors of the New York Hospital for thirty-two years, and was succeeded by his son when he died. (G.F. Baker Jr. in Hospital Post. New York Times, June 3, 1931.) George F. Baker Sr. was the largest stockholder of A.T. & T. in 1924. (Baker Still Chief Holder of A.T. & T. New York Times, Apr. 20, 1924.) In 1925, he picked Henry S. Sturges, Harvard 1917, as his assistant. (G.F. Baker, 84, Picks Sturges, 31, As Aide. New York Times, Feb. 26, 1925.) George F. Baker Sr. and Jr. were both directors of A.T.&T. in 1930. (A.T. & T.'s Banking Directorate. New York Times, Aug. 24, 1930.)

George F. Baker Jr. was a fund raiser for the American Society for the Control of Cancer. (Peacock Point Fete Attracts Throngs. New York Times, Sep. 13, 1927.) He was a director of A.T.& T. in 1930, and represented the George F. Baker Trust on the directorate of the National City Bank.

George F. Baker Sr.'s daughter, Florence B. Baker, married stockbroker William Goadby Loew. Ex-President Benjamin Harrison and his wife were guests at their wedding reception. Loew founded Loew & Co. in 1915, which was absorbed in 1938 by the firm of his late uncle, W.H. Goadby & Co., which was one of William Payne Whitney's stockbrokerage firms. (Easter Monday Nuptials. New York Times, Apr. 12, 1898; W.G. Loew Dead; Stockbroker, 79. New York Times, May 24, 1955.) Mrs. George F. Baker Jr. and Mrs. William Goadby Loew were among the illustrious boxholders for Edward L. Bernays' famous Green Ball in 1934. Baker's granddaughter, Florence Julia Loew, married Robert E. Strawbridge Jr. (Miss Loew is Wed in Newport Church. New York Times, Aug. 16, 1931.) Strawbridge, whose mother was a niece of Guaranty Trust director Edward J. Berwind, joined the Board of Managers of Memorial Hospital in 1946, and she was active in fund raising for MSKCC until at least 1968.

Walter R. Gillette

Gillette was born in Philadelphia in 1840, and got his MD at the College of Physicians and Surgeons in New York City. He was formerly the family physician of Richard A. McCurdy. One of his brothers became the Mutual's general agent for the state of Texas, with "a most favorable commission arrangement," and another had the general agency in Newark. After working with one of his brothers for several years, Gillette was made General Manager of the Company, until the place wanted for McCurdy's son, when he was made a Vice President with the same duties. After falling from favor with the Baker gang for telling about the Mutual's secret funds at the Morristown Trust, his position was reorganized out of existence. A month later, he was indicted for perjury, convicted, and sentenced to six months . (Dr. Gillette Seeks to Upset Sentence. New York Times, Oct. 30, 1907; The Mutual Life Sues Graniss and Gillette. New York Times, June 6, 1906.)

George Griswold Haven (1837-1908)

George Griswold Haven (1837-1908) was a graduate of Columbia University, 1857. He joined the Stock Exchange in 1866, and was a director of twenty or more companies, including the Morton Trust Company, Guaranty Trust Company, the Bank of America, and the National Bank of Commerce. (George G. Haven Dies After An Operation. New York Times, Mar. 19, 1908 p.1). Guaranty Trust Assistant Treasurer J. Nelson Borland married the daughter of his first wife. Haven's second wife was Fannie Arnot Palmer, whose sister, Marianna Arnot, married William B. Ogden, a relative of Central Trust director William Allen Butler. (Mrs. George Griswold Haven. New York Times, Sep. 21, 1919 p. 22; Mrs. William B. Ogden. New York Times, Sep. 29, 1904 p.9). Haven was elected a trustee of the Mutual Insurance Company in 1892. He was a manager of the New-York Cancer Hospital in 1896. (Report of the Cancer Hospital. New York Times, Apr. 25, 1896.) Haven was a director of the Bank of New Amsterdam, along with Samuel D. Babcock, Frederic Cromwell, Robert Goelet, A.D. Juilliard, Richard A. McCurdy, and Elihu Root. (Other 7. New York Times, May 14, 1897 p. 8.) Haven and Central Trust trustees Thorne, Juilliard, Olcott and Jarvie were directors of the State Bank of America (Annual Bank Elections. New York Times, Jan. 13, 1904.)

G.G. Haven Sr.'s parents were J. Woodward Haven and Cornelia Griswold, daughter of [China merchant] George Griswold. (Married. New York Spectator, Feb. 7, 1833.) He was the father of George Griswold Haven (1866-1925), Skull & Bones 1887. (Obituary Record of Yale Graduates 1925-1926, pp 127-128). He was the son-in-law of Henry Ammon James, S&B 1874.

Obituary Record 1925-1926 / Yale University Library (pdf, 350 pp)

He was the grandfather of George Griswold Haven (1893-1944), Yale 1916, who "since 1925 had traveled widely and resided in France, Italy, North Africa, and England," where he died. (Obituary Record of Graduates of Yale University Deceased during the Year 1944-1945, pp. 137-138.)

Obituary Record of Graduates of Yale, 1944-1945 / Yale University Library (pdf, 442 pp)

Charles R. Henderson

Charles Rapallo Henderson was a partner of Henderson & Co., a general banking and brokerage business, founded in 1887 with his brother, Norman Henderson, and Louis Hatzfeld. His father, John C. Henderson, was the owner of a large rubber factory, and had many interests in France, where Henderson was partly educated. He was a vice president and trustee of the Atlantic Safe Deposit Company, a director of the Bond and Mortgage Guarantee Co., the Bowery Savings Bank, the City of New York Insurance Co., the Fidelity Bank, the Guaranty Trust Company, the International Bank, the International Banking Corporation, the Matteawan Manufacturing Co., the Metropolitan Trust Co., the Mutual Trust Co., the Occitania Sugar Co., the Realty Associates, the 50 Wall Street Corp., the State Investing Co., the Title Guarantee and Trust Co., and the United States Mortgage and Trust Co.; a trustee of the Mutual Life Association and president of the Henderson Estate Co. He died at age 58 after falling out of a second floor window at his home. (Banker Henderson Dies After A Fall. New York Times, Oct. 29, 1907 p. 1) The Rev. James S. Bush, the great-great-grandfather of President George W. Bush, performed the marriage ceremonies for two of his sisters: Edith May, who married William Milne Donald; and Maria Adelaide, who married Gugy Ćmilius Irving. (Married. New York Times, Sep. 11, 1879; Married. New York Times, Oct. 16, 1879.) His father, John C. Henderson, was born in Cincinnati in 1809. He married Louisa Rapallo, the sister of Judge Charles A. Rapallo. (Obituary. John C. Henderson. New York Times, Mar. 12, 1884 p. 5.) Henderson was elected a Trustee of the Mutual Insurance Company in 1883.

Adrian Iselin Jr.

Adrian Iselin Jr. was a director of the Guaranty Trust from 1892 to 1906, then a trustee of the Central Trust from at least 1908 to 1929, when he was replaced by Ernest Iselin. His father, Adrian Iselin, was the New York Guaranty and Indemnity Company director.

Augustus D. Juilliard

Augustus D. Juilliard was a director of the Guaranty Trust from its reorganization in 1892 until his death in 1919. He was a director of the Title Guaranty and Trust, along with Guaranty Trust directors Charles R. Henderson, Alexander E. Orr, and Charles A. Peabody, and John S. Kennedy of the Central Trust. (Display Ad 11. New York Times, Jan. 14, 1901 p. 9.) He was a director of the State Bank of America, along with Central Trust trustees Samuel Thorne, Frederick P. Olcott, and James N. Jarvie, and George G. Haven of the Guaranty Trust. (Annual Bank Elections. New York Times, Jan. 13, 1904.) He was also a director of the Morton Trust at its merger with GT. He was a trustee of the will of James Gordon Bennett, and the Guaranty Trust was appointed trustee after he died. (Trustee for Bennett Estate. New York Times, Jun. 8, 1919.) He was also a director of the Chemical National Bank. (Bank Board Elections. New York Times, Jan. 15, 1902; and Jan. 9, 1907.) His nephew, Frederic Juilliard of A.D. Juilliard & Co. succeeded him as a director of the Guaranty Trust until 1927. (Guaranty Trust Changes. New York Times, May 22, 1919.) In 1906, his wife, Helen, was a benefactor of the Woman's Hospital, which later merged with Memorial. She was the daughter of Frederick H. Cossitt, Vice President and a trustee of the Central Trust (Mrs. A.D. Juilliard, Long Ill, Is Dead. New York Times, Apr. 3, 1916.) In February 1916, he attended a dinner by Thomas F. Ryan which was a veritable summmit meeting of American Tobacco and the Guaranty Trust.

Richard A. McCurdy

Richard Aldrich McCurdy (1835-1916) was the son of Robert H. McCurdy, a director in the Mutual Life Insurance Company. After attending Harvard, he practiced law with Lucius Robinson [also a Mutual trustee], who was later the Governor of New York. He was appointed attorney for the Mutual in 1860, and elected Vice President and a Trustee in 1865. He became its President in 1885, after Frederick Seymour Winston died. (R.A. M'Curdy Dies; Ex-Insurance Head. New York Times, Mar. 7, 1916.) Richard McCurdy's son, Robert H. McCurdy (~1860-1932), joined the Mutual after graduating from Harvard in 1881. He was superintendent of its foreign department from 1886 to 1903, then General Manager until resigning in December, 1905. In 1908, he reappeared as senior partner of McCurdy, Henderson & Co., replacing the late Charles R. Henderson. (R.H. M'Curdy Dead; Ex-Insurance Man. New York Times, Mar. 18, 1932.)

Richard A. McCurdy's sister, Gertrude, married Gardiner Green Hubbard, the financial mentor of Alexander Graham Bell, in 1846. Hubbard, McCurdy, and fellow Mutual Life and Guaranty Trust directors dominated the boards of directors of the International Bell Telephone Company and the United States Mortgage Company in the 1890s. Gardiner G. Hubbard (1822-1897) was born in Boston and graduated from Dartmouth in 1841. He dropped the practice of law in 1870, became interested in the telephone in 1872, and devoted his whole time to it in 1878. After the Bell instruments were established in the US, he obtained concessions in Europe and organized the International, Oriental, and other companies, and installed the American-type system throughout Russia. (Gardiner G. Hubbard. New York Times, Dec. 12, 1897 p. 7.) Hubbard's daughter, Mabel, married Alexander Graham Bell, while another daughter, Grace B. Hubbard, married Bell's cousin, banker Charles J. Bell, of Bell & Co., Washington, DC. Richard A. McCurdy's son, Robert H. McCurdy, was an usher at the latter wedding, which Mrs. H.D. Aldrich and Mr. and Mrs. C.E. Hubbard attended. (Hubbard - Bell. New York Times, Apr. 24, 1887 p. 3.) Gardiner Hubbard's youngest brother, Charles Eustis Hubbard (1842-1928), Yale 1862, studied law in the office of Dwight Foster, S&B 1848, in Boston then attended Harvard Law School. He was a director of American Bell Telephone Company from 1880-1900, then secretary of the American Telephone and Telegraph Company from 1900-1912 and a director from 1900 until his death. Their father, Samuel Hubbard (1785-1847) was a Justice of the Supreme Court of Massachusetts who graduated from Yale in 1802. Charles Hubbard was visiting his son, Gardiner Greene Hubbard, in Belgium when he died. (C.E. Hubbard Dies In Antwerp At 82. New York Times, Aug. 26, 1928 p. 40; Bulletin of Yale University. Obituary Record of Graduates of Yale University 1928-1929.) Another brother, James M. Hubbard, was a former Congregational minister. He was associate editor of The Youth's Companion 1887-1917, and a book reviewer for The Nation 1880-1916. Their mother was Mary Ann Coit, and they had Yale relatives dating back to the 1700s. (James M. Hubbard Dead in Boston at 95. New York Times, Jan. 8, 1932; James Mascarene Hubbard, B.A. 1859. Bulletin of Yale University, Obituary Record of Graduates of Yale University Deceased During the Year 1931-1932, pp 6-7.) Alexander Graham Bell was one of the founders of the Garfield Hospital in Washington, D.C., and Mrs. Gardiner G. Hubbard was a vice president of the Ladies' Aid Society. (The Garfield Hospital. The Washington Critic, Aug. 1, 1887.)

Obituary Record 1928-1929 / Yale University Library (pdf, 394 pp)
Obituary Record 1931-1932 / Yale University Library (pdf, 311 pp)

Kendall Myers, Alexander Graham Bell's grandson, has been arrested for spying for the Cuban government. (Couple’s Capital Ties Said to Veil Spying for Cuba. By Ginger Thompson. New York Times, Jun. 19, 2009.)

Alexander E. Orr

Alexander Ector Orr (1831-1914) was born in Ireland, and settled permanently in New York in 1850-1. His first wife was Juliet Buckingham Dows, a daughter of Amzi Dows, the founder of David Dows & Co., in which he became a partner. His second wife was Margaret S. Luquer. He was a president of the Produce Exchange in 1887-8, and of the New York Chamber of Commerce in 1894. He was a Vice President of the Mechanics National Bank and the Hudson Canal Company, and a director of the National Bank of Commerce, South Brooklyn Savings Bank, United Trust Company, the Produce Exchange Bank, the Continental, Queen, American and Federal Insurance Companies, Title Guarantee and Trust Company, and the Rock Island and Pacific Railroad, and a member of the Board of Rapid Transit Commissioners of New York, and the board of trustees of the New York Life Insurance Company. He "inherited a considerable fortune from his father, a man of Scotch-Irish descent." (M'Call, Resigning, Pays In $235,000. New York Times, Jan. 2, 1906; Alexander E. Orr, the New York Life's New President. New York Times, Jan. 7, 1906; Alexander E. Orr Dies In 84th Year. New York Times, Jun. 4, 1914.) Orr was one of the executors of the will of David Dows, who was a director of the Guaranty Trust's predecessor, the New York Guaranty and Indemnity Company. (David Dows's Will. New York Times, Apr. 11, 1890.) Orr's estate included $2,360,000 in certificates of the U.S. Trust Co.; $400,000 in Columbia Collage bonds; $227,250 in Central Trust stock; $152,900 in shares of the Guaranty Trust; $168,000 in New York and Harlem Railroad bonds; and $87,000 in Continental Insurance stock. (A.E. Orr Left $10,000,000. New York Times, Jun. 20, 1915.) He was a director of the Guaranty Trust from its formation in 1892 until at least 1902.

Alexander E. Orr was elected to succeed Dows as a director of the Chicago, Rock Island and Pacific Railroad. The board also included Sidney Dillon, Roswell P. Flower, Benjamin Brewster, H.R. Bishop, H.M. Flagler, and David Dows Jr., of New York; Hugh Riddle, H.H. Porter, Marshall Field, and John De Koven of Chicago; R.R. Cable of Rock Island, Ill., and George G. Wright of Des Moines. (News About Railroads. New York Times, Jun. 5, 1890 p. 5.)

Orr was President of the Board of Trustees of the Produce Exchange when they made loans on forged mortgages by its attorney, William R. Foster Jr., in the form of personal checks. Foster was a partner of the son-in-law of Butler law firm partner George W. Parsons. (Foster's Strange Folly. New York Times, Sep. 30, 1888.) Guaranty Trust directors Augustus D. Juilliard, Charles R. Henderson, and Charles A. Peabody, and John S. Kennedy of the Central Trust were fellow trustees of the Title Guarantee and Trust. (Display Ad 11. New York Times, Jan. 14, 1901 p. 9.). Orr and Kennedy were trustees of the United States Trust Company of New York (Display Ad 15. New York Times, Jan. 21, 1901 p. WF8.) Orr and Kennedy were on the Finance Committee of the New York Life Insurance Company in 1904, when it paid J.P. Morgan & Co., of which New York Life Vice President George W. Perkins was a partner, to reimburse him for a campaign gift of $48,702.50 to the Republican National Committee, of which Cornelius N. Bliss of the Central Trust was Chairman. (Perkins Is Arrested and Denies Wrongdoing. New York Times, Mar. 29, 1906.)

Edwin Packard

"Mr. Packard was born in Roxbury, Mass., and was a direct descendant of John Alden of the Mayflower and of Captain Samuel Packard, who came to this country from England in 1638. In 1865 he came to this city and became European buyer for A.T. Stewart & Co. In 1889 he became President of the Franklin Trust Company, resigning in 1892 to become President of the New York Guaranty and Indemnity Company." He was also a founding director of the Franklin Safe Deposit Company, the American Writing Paper Company, the Fajardo Sugar Company and the Brooklyn Y.M.C.A. (Edwin Packard. New York Times, Apr. 28, 1921 p. 10.)

Packard was elected to the board of directors of the Richmond Terminal Company along with Thomas F. Ryan. (Richmond Terminal Election. New York Times, Sep. 16, 1892.) Packard was a trustee of the Franklin Trust Company in 1898, along with Thomas E. Stillman, formerly of the Butler law firm that created the Central Trust; and Crowell Hadden, the grandfather of Time magazine co-founder Briton Hadden. In 1906, Wilhelmus Minderse of the Butler law firm was also on the board; and William Allen Butler Jr. was on the board in 1908. (Display Ads. New York Times, Jan. 10, 1898 p. WFRQS8 and July 11, 1906 p. 10; July 11, 1908 p.11.) Packard left the board in 1914.

Henry H. Rogers

Henry Huttleston Rogers Rogers migrated to the Pennsylvania oilfields in 1861, where he met Charles M. Pratt; he joined Pratt in Brooklyn in 1866. The Pratt interests were absorbed into the Standard Oil Company in 1874. At Standard, he was Chairman of the Manufacturing Committee and organized its pipeline system. (Dual Personality of Henry H. Rogers. New York Times, May 20, 1909.) Rogers was president of the Petroleum Refiners and Dealers, of New York City. (The Oil War. New York Times, Mar. 11, 1872.) He was superintendent of the plant of Charles L. Pratt & Co. (Strike of the Coopers. New York Times, May 14, 1874.) The Buffalo Lubricating Oil Co. accused Rogers, John D. Archbold of Standard Oil, Ambrose McGregor of Cleveland, Hiram B. Everest of California, and C.M. Everest of Rochester, of conspiring to blow up their works. (Accusing the Standard. New York Times, Oct. 12, 1885; Indicted for Conspiracy. New York Times, Feb. 4, 1886.) The defendants other than the Everests were dismissed (The Oil Conspiracy. New York Times, May 11, 1887.) He married Abby Palmer Gifford, whose family was "one of the oldest in the New-England States." (The Obituary Record. New York Times, May 22, 1894.) He was a member of gas company syndicates with William Rockefeller, and John G. Moore of Moore & Schley as their brokers; also with William Rockefeller in the United Metals Selling Co., which took over the interests of the Lewisohn Brothers and controlled 70% of the US output of copper. (The New Copper Trust Move. New York Times, Feb. 3, 1900.) "Mr. Rogers, by letter and through the agents of the Standard Oil Company in Denmark, among them Niels Grön, made a proposition to the Danish Government that for a commission of 10 per cent. on the purchase price he would undertake the sale of the Danish West Indian Islands, St. John, St. Croix, and St. Thomas, to the United States." The agent of the Danish goverment said Rogers told him that he "controlled the votes of twenty-six United States Senators, who were at all times ready and willing to obey any oder given them by the Standard Oil Company." (Standard Oil Plot Foreshadowed War. New York Times, May 1, 1900.) He was a director of the Chicago, Milwaukee & St. Paul Railroad, along with William Rockefeller. (Chicago, Milwaukee and St. Paul Election. New York Tmes, Sep. 29, 1901; St. Paul Railway Election. New York Times Sep. 27, 1903; Directors Re-elected. New York Times, Sep. 20, 1908), and the Union Pacific. (Union Pacific Directors. New York Times, Oct. 9, 1901; Union Pacific Meeting. New York Times, Oct. 15, 1903.) He was among directors of the Amalgamated Copper Company who failed to show up when directed to appear and show cause why they should not be jailed, fined or otherwise punished for contempt of court. The group also included William G. Rockefeller, Frederick P. Olcott, and Leonard Lewisohn, while Anson R. Flower refused to be sworn. (Financiers in Trouble. New York Times, Nov. 24, 1901; Sunpaenas Copper Directors. New York Times, Jan. 9, 1902.) Amalgamated was financed by an effectively interest-free $39 million loan from the National City Bank. The bank loaned the public money to buy Amalgamated stock, which they were forced to sell at a loss when the bottom dropped out of the copper market. Rockefeller and Rogers made $36 million from this trickery. (Thomas Lawson's Tale of "Frenzied Finance." New York Times, Aug. 20, 1904.)

Hamilton McK. Twombly, Harvard 1871

Hamilton McKown Twombly was the son of Alexander Hamilton Twombly and Caroline Williams. He was born in Boston in 1849, and graduated from Harvard in 1871. (The Harvard graduates' magazine. By William Roscoe Thayer, et al, 1910.) "Some of the companies of which he was a director were the Chicago and Northwestern, the Cleveland, Cincinnati, Chicago & St. Louis, the Delaware, Lackawanna & Western, the New Jersey Shore Line, the Chesapeake & Ohio, and the Chicago, St. Paul, Minneapolis & Omaha Railroads, the Clearfield Bituminous Coal Corporation, the National Union Bank, and the New York Mutual Gas Light Company. He was a Trustee of the Guarantee [sic] Trust Compamy and the Mutual Life Insurance Company." He married Florence Adele Vanderbilt, daughter of William Henry Vanderbilt, in 1877. A daughter and his only son died young, and two daughters survived, Ruth Vanderbilt Twombly and Florence, Mrs. William A.M. Burden. (H. M'K. Twombly, Capitalist, Dead. New York Times, Jan. 12, 1910.) He left nearly his entire estate to his widow, and the interest in his father's estatevalued at $70,000, to his brother, Arthur B. Twombly, plus some land in Virginia. Francis Lynde Stetson was the witness. (H. McK. Twombly's Will. New York Times, Jan. 19, 1910.) He had an older half-brother, Alexander Stevenson Twombly, Skull & Bones 1854, whose aunt was the mother of Dr. Edward W. Lambert, S&B 1854, of the Equitable.

The Harvard graduates' magazine / Google Books

Frederick W. Vanderbilt, Yale 1876

Frederick William Vanderbilt was the son of William Henry Vanderbilt, and grandson of Commodore Cornelius Vanderbilt. He was born on Staten Island in 1856, and died in Hyde Park, N.Y., in 1938. After graduating from Yale in 1876, he served in every department of the New York Central Railroad, and was a director of 22 other railroads. With his brothers, he was a co-founder of the Vanderbilt Clinic of Columbia-Presbyterian Medical Center, and he was a benefactor of Vanderbilt University. In 1880, he married Louise Holmes Anthony Torrance, daughter of Mr. and Mrs. Charles L. Anthony. They had no children. (Obituary Records of Graduates of Yale, 1937-1938, p. 158.) Mrs. Frederick W. Vanderbilt was one of the founders of the American Society fior the Control of Cancer. (To Fight Cancer. Boston Daily Globe, May 23, 1913.) She left most of her $2,653,011 estate to the Anthony Home for working girls. She left money and jewelry to her sister, Mrs. William Post, and her family; and to her friends, Lady Louise Montagu, daughter of the Duke and Dutchess of Manchester. (Estate Appraised. Newport Mercury and Weekly News, Aug. 17, 1928.)

Obituary Records of Graduates of Yale, 1937-1938 / Yale University Library (pdf, 305 pp)

William C. Whitney, Skull & Bones 1863

William C. Whitney, S&B 1863, was a director of the Guaranty Trust from its reorganization in 1892 until 1898; Harry Payne Whitney, S&B 1894, took over from 1899 to 1930; and Cornelius Vanderbilt Whitney was a director from 1926 to 1940. The Whitney family was a big investor in the American Tobacco Company, and William C. Whitney's brother-in-law, Oliver H. Payne, funded Cornell University's medical school.

Francis Lynde Stetson

The senior partner of the Guaranty Trust's counsel, Francis Lynde Stetson of Stetson, Jennings & Russell, was Assistant Corporation Counsel of New York City under William C. Whitney, and was a personal friend and counsel to both J.P. Morgans, Senior and Junior. Stetson's father was a US Congressman and a county judge in Albany from 1847-51. Stetson met Grover Cleveland there and was his law partner between his two terms as president (1885-89 and 1893-97). He was president of the Stetson Kindred of America, an association of descendants of Robert Stetson, who settled in Scituate, Mass. in 1634, and may have identified GT director Eugene W. Stetson as one of them. (Francis L. Stetson Dies At 74. New York Times, Dec. 6, 1920.) Stetson's niece, Helen Rogers, was the second wife of Allen Wardwell, who was an executor of his estate. (Stetson Will Gives Estate to Williams. New York Times, Dec. 15, 1920.) All three original partners of the firm died within a period of a year, and it became Davis Polk Wardwell Gardiner & Reed, with Davis and Reed serving as directors of the Guaranty Trust. Whitney's business partner, Thomas F. Ryan, appointed Cleveland as one of the trustees of his stock in the Equitable Life after he purchased control. Stetson and Ryan were directors of the State Trust Company (Display Ad 20. New York Times, Mar. 7, 1898 p. FR8.) Wilson Shannon Bissell, S&B 1869, was another of Cleveland's early friends, whom he appointed Postmaster General: "[Bissell] had not been graduated three years before he was intimate with Grover Cleveland, then little past 30 years of age, whose experiences were not those fortunate ones which had been Mr. Bissell's lot. What drew the two men together puzzled those who knew Bissell in his college days. He was then not disposed to be chummy with students who had something of toil to face in their efforts to get through the college courses." (Bissell and Grover. New York Times, Feb. 20, 1893.) In 1916, Stetson attended a dinner by Thomas F. Ryan which was a veritable summmit meeting of American Tobacco and the Guaranty Trust.

Guaranty Trust Company of New York, 1896-98

Walter G. Oakman, President and a director; Adrian Iselin, Jr., Vice-President and a director; George R. Turnbull, 2d Vice-President; Henry R. Murray, Treasurer and Secretary; J. Nelson Borland, Assistant Treasurer and Secretary. Directors: Samuel D. Babcock, George F. Baker, George S. Bowdoin, Frederic Cromwell, Walter R. Gillette, Robert Goelet, G.G. Haven, Oliver Harriman, R. Somers Hayes, Charles R. Henderson, Augustus Juilliard, James N. Jarvie, Richard A. McCurdy, Alexander Orr, Henry H. Rogers, Henry W. Smith, H. McK. Twombly, Frederick W. Vanderbilt, William C. Whitney [Skull & Bones 1863]. (Display Ad 19. New York Times, Jan. 3, 1896, p. 13.) In 1897, Henry W. Smith left, and August Belmont joined. John Gault was Manager of the Foreign Department; F. Neville Jackson was Secretary of the London Branch. Bankers: Bank of England, Clydesdale Bank, Ltd., National Provincial Bank of England, Ltd., and Parr's Bank, Ltd. Solicitors: Freshfields and Williams. London Committee, Arthur John Fraser, Chairman, and Donald G. Haldeman. (Display Ad 15. Nov. 29, 1897 p. WQS8; Financial. Feb. 21, 1898 p. 8.)

George S. Bowdoin

George Sullivan Bowdoin was a partner of Morton, Bliss & Co. and Morton, Rose & Co. London until 1884, when he joined Drexel & Co., Drexel, Morgan and Co. and Drexel, Harjes & Co., and later J.P. Morgan & Co. (Legal Notice 3. New York Times, Jan. 3, 1884 p. 6; Bowdoin's Estate Goes to His Family. New York Times, Jan. 17, 1914; Temple Bowdoin Dead. New York Times, Dec. 3, 1914.) He was a director of the newly-formed Commercial Union Fire Insurance Company, along with William Allen Butler, in 1890. (Display Ad 8. New York Times, Nov. 19, 1890 p. 7.) Bowdoin was elected a Trustee of the Mutual Life Insurance Company in 1893. His father-in-law, Moses H. Grinnell, was a director of Horace Greeley's tobacco racketeering company in 1871-72.

Walter G. Oakman

Walter G. Oakman was a director of the Interborough Rapid Transit Company, the Brooklyn Rapid Transit Company, and the Hudson & Manhattan Company. He was a trustee of the estate of Andrew Freedman. (Refuses to Show Freedman's Papers. New York Times, Jun. 28, 1916.) He was born in Philadelphia and graduated from the University of Pennsylvania in 1864. His wife was Eliza Conkling, daughter of Roscoe Conkling. (Walter G. Oakman Dead. New York Times, Mar. 19, 1922.) They married despite Sen. Conkling's opposition. He was a mechanical engineer connected with the Grant Locomotive Works at Paterson, N.J., and had been Superintendent of the Utica and Binghamton Division of the Delaware, Lackawanna and Western Railroad. (Marriage of Miss Conkling. New York Times, May 1, 1879.)

Guaranty Trust Company of New York, 1899-1903

Walter G. Oakman, President; Adrian Iselin Jr., Vice President; George R. Turnbull, 2d Vice President; Henry A. Murray, Treas. and Sec; J. Nelson Borland, Asst. Treas. and Sec.; Wm. C. Edwards, 2d Asst. Treas. and Sec.; John Gault, Manager Foreign Dept. Directors: Samuel D. Babcock, George F. Baker, George S. Bowdoin, August Belmont, Frederic Cromwell, Walter R. Gillette, G.G. Haven, E.H. Harriman, R. Somers Hayes, Charles R. Henderson, Adrian Iselin Jr., Augustus D. Juilliard, James N. Jarvie, Richard A. McCurdy, Levi P. Morton, Alexander E. Orr, Walter G. Oakman, Henry H. Rogers, H. McK. Twombly, Frederick W. Vanderbilt, Harry Payne Whitney. (Display Ad 15. New York Times, Oct. 2, 1899 p. 8). The lineup was the same in 1900 (The Financial Markets. New York Times, Aug. 6, 1900 p. 8.), and in 1901 (Display Ad 10. New York Times, Jan. 21, 1901 p. 9.). In 1902, F.C. Harriman, Assistant Treasurer; and R.C. Newton, Trust Officer, were added (New York Times, Jan. 5, 1902 p. 18.) The lineup was the same in 1903, with the exception of the late S.D. Babcock. (Display Ad 30. New York Times, Jan. 4, 1903 p. AFR23.) Max May joined the company during 1904.

Max May

"Mr. May was born July 3, 1861, in Germany, and had his schooling in that country. He engaged in the foreign exchange business in Darmstadt and Karlesruhe from 1878 to 1883. In the latter year he came to this country and was employed successively with the Union, Atlas and First National Banks of Chicago until 1904, when he moved to New York. He became a naturalized American citizen in 1888. Upon arrival here Mr. May entered the employ of the Guaranty Trust Company, and worked his way to the position of vice president and head of the foreign exchange department. During the World War he was mentioned as becoming the head of a proposed 'foreign exchange bank' to be operated in conjunction with the Federal Reserve Bank. In 1918 he became managing director of the Foreign Trade Banking Corporation, the first discount company of its kind to be established in this country. The institution was dissolved in 1921. In 1922 Mr. May became a director and member of the board of the Russian Commercial Bank of Moscow, the first private bank organized under the Soviet government, and made several trips to Russia between that time and his retirement in 1925." (Max May Dies at 69; Formerly A Banker. New York Times, May 21, 1931.) George F. Baker had been elected a director of the First National Bank of Chicago in 1903. (Chicago Bank Directors. New York Times, Jan. 14, 1903.) "Arrangements have been completed whereby a committee of New York bankers will, in cooperation with the State Department, handle any unusual problems which may arise during the war. The committee is composed of Max May, vice-president of the Guaranty Trust Co.; J.H. Carter of the National City Bank; J.E. Bovensky of the National Bank of Commerce; and George Leblanc of the Equitable Trust Co. The committee states that the step was taken simply to meet any emergency which may arise as a result of changing financial relations between the nations while the war lasts. Its function, if the need arises, may be similar to the committee of bankers in London which was formed under the trading with the enemy measures early in the conflict, which scrutinizes all financial transactions put through by British subjects with other nations." (Bankers Committee to Handle Foreign Exchange War Problems. Bankers' Magazine, May 1917;94(5):614.)

Harry Payne Whitney, Skull & Bones 1894

William C. Whitney, S&B 1863, was a director of the Guaranty Trust from its reorganization in 1892 until ?1898; Harry Payne Whitney, S&B 1894, took over from 1899 to 1930; and Cornelius Vanderbilt Whitney was a director from 1926 to 1940. The Whitney family was a big investor in the American Tobacco Company.

Guaranty Trust Company of New York, 1905

Retiring directors re-elected: George S. Bowdoin, Walter R. Gillette, James N. Jarvie, Augustus D. Juilliard, Norman B. Ream, Frederick W. Vanderbilt, Harry Payne Whitney, James Speyer, and Oscar G. Murray; to serve two years, Daniel G. Read [Reid]. The directors elected J.W. Castles, President; Oscar L. Gubelman and A.J. Hemphill, Vice Presidents; William C. Edwards, Treasurer; Max May, Manager Foreign Department; E.C. Hebbard, Secretary; and R.C. Newton, Trust Officer. (Guaranty Trust Company Election. New York Times, Apr. 13, 1905 p. 8.) Murray, Rea, Ream, and Speyer were directors of the Baltimore & Ohio Railroad in 1910. (B&O Directors Re-Elected. New York Times, Nov. 22, 1910.)

Alexander J. Hemphill

Alexander J. Hemphill was born in Philadelphia in 1856. At 19, he joined the accounting department of the Pennsylvania Railroad instead of going to college. In 1883, he became secretary of the Norfolk & Western Railroad, "at that time... probably the youngest officer of any railroad in the United States." He joined the Guaranty Trust in 1905, and became its President from 1909 to 1915, when he was elected Chairman. He was on the boards of the American Surety Company of New York, Fidelity and Casualty Company, Hudson & Manhattan Railroad Company, Interboro Consolidated Corporation, Locomobile Company, Missouri Pacific Railroad, Richmond Light and Railroad, Southern Cotton Oil Company, Texas & Pacific Railway, United Gas & Electric, and Virginia-Carolina Chemical. In 1914, he was Treasurer of the Commission for Relief in Belgium, and later, Treasurer of the Food for France Fund, the Fatherless Children of France Fund, and other organizations. His wife was Jeannette Cadmus of Philadelphia. (The Guaranty Trust Company. The Independent. Feb. 3, 1910;68(3192):282; Alex. J. Hemphill Dies While Asleep. New York Times, Dec. 30, 1920.) His largest holding of stocks was 2,558 shares of the Guaranty Trust Company, valued at $741,820; also 631 Italian Discount & Trust Co., $110,425; and 450 Computing-Tabulating-Recording Co., the predecessor of IBM, $15,300. He left everything to his wife. (A.J. Hemphill Left $1,462,731 Estate. New York Times, Nov. 28, 1922.) Frederic C. Harriman's uncle was assistant to the president of the Norfolk & Western in the 1890s. In 1916, Hemphill attended a dinner by Thomas F. Ryan which was a veritable summmit meeting of American Tobacco and the Guaranty Trust. His son, Clifford Hemphill, was a senior partner of Hemphill, Noyes & Co. when it was a major underwriter of Philip Morris & Co., Inc., Ltd. in the 1940s.

Oscar G. Murray

Murray was born in Bridgeport, Conn. circa 1848, and began his career as ticket agent at Galveston, Texas for the Houston & Henderson Railway. He left in 1880 to join the Gulf, Colorado & Santa Fe Railway; was Vice President of the Big Four until 1896, when he was appointed First Vice President and receiver for the Baltimore & Ohio Railroad. He was its First VP until 1904, and President until 1910, then Chairman of the Board of Directors until his death. (Oscar G. Murray Dead. New York Times, Mar. 15, 1917.)

Samuel Rea

Samuel Rea (1855-1929), of Hollidaysburg, Blair County Pennsylvania: His great-grandfather, Samuel Rea, immigrated from Ireland in 1755. His grandfather, John Rea, was an officer in the Revolutionary War and a Congressman from 1808-11 and 1813-15. Samuel Rea left school at age 15 to work on the Pennsylvania Railroad. He advanced to be its assistant engineer in 1889. After a couple of years with Maryland railways, he was chosen assistant to the president of the Pennsylvania Railroad in 1892. He became a vice president in 1899, and president in 1913, following James McCrea, who had given him his first job on the road. In 1917, he was appointed to the executive committee of the special commission on national defense of the railroad war board. Upon his retirement as President of the Pennsylvania Railroad, he said, "My family will admit, I think, that as a consumer of tobacco I am entitled to high rank, and as to woodchopping I have done my share in the last ten years." (Samuel Rea Dies In His 74th Year. New York Times, Mar. 25, 1929.)

Norman B. Ream

Norman Bruce Ream (1844-1915) was born in Pennsylvania and briefly returned there after serving in the Civil War. In 1866 he moved to Princeton, Ill. and then to Osceola, Iowa. In 1871, he went to Chicago and became a live stock and grain commission merchant. "The real foundation of his fortune is said to have been laid in the famous Armour pork corner of 1879. The Armour crowd began buying pork at $6 and $7 a barrel, and when the climax came it controlled nearly all the pork in the world, which it closed out for $10 a barrel. Mr. Ream acted as one of the Armour brokers in this operation, and his share of the profits was large." He invested in Pullman and bank stocks, and became a friend of Marshall Field (the largest stockholder in the Pullman Co.), George M. Pullman, and E.H. Gary. He joined the New York Stock Exchange in 1885, and speculated along with John Cudahy, Nathaniel Jones, and Charles Singer. He was a director of trustee of the Baltimore & Ohio Railroad, Equitable Life Assurance Society, Erie Railroad, Fidelity-Phenix Fire Insurance Co., First National Bank of Chicago, Metropolitan Trust Company of New York, National Biscuit Company, the Pullman Company, the United States Steel Corporation, and other companies. (Norman Ream, Capitalist, Dead. New York Times, Feb. 10, 1915.) Marshall Field, James J. Hill, Philip Armour and others were in a syndicate that acquired an important interest in the B&O Railroad in 1899. (Baltimore and Ohio Plans. New York Times, Jan. 14, 1899.) Ream was a director of the Corn Products company, along with Morton Salt founder Joy Morton and C.H. and E.A. Matthiessen. (Corn Products Company Officials. New York Times, Mar. 6, 1902.) Ream was a director of the Chicago & Alton Railroad, along with T.H. Hubbard and Joy Morton. (Alton's control complete. New York Times, Oct. 3, 1907.)

Norman Ream, Robert T. Lincoln, J.S. Runnells, and T.B. Blackstone were honorary pallbearers at the funeral of George M. Pullman of the Pullman Palace Car Company, and W.A. Angell was an active pallbearer. (Funeral of G.M. Pullman. Oct. 24, 1897.) Ream and Lincoln were the executors of Pullman's will, for which they received $425,000, and William A. Angell received a bequest of $10,000. (George M. Pullman's Will. New York Times, Oct. 28, 1897; Executors Get $425,000 Fee. New York Times, Jan. 6, 1900.) William Angell was Purchasing Agent for the company in 1897. Another Angell, Charles, had been Secretary of the Pullman Company since its formation in 1867. In 1878, he absconded with $120,000. "He was born in Rhode Island, and has been in the employ of the Pullman Palace Car Company for 14 years. About four years ago he was married to a most estimable lady, the daughter of A.C. Badger, of this city [Chicago], by whom he had two children, one of whom is living. His wife died some time ago and this seemed to have changed his manner of living considerably. After the death of his wife he became acquainted with a young lady at Kenosha, the daughter of A.B. Smith. To her he became attached, and last April asked her to become his wife, which she refused to do, and this, it is said, caused him to lead a life of dissipation. He left Chicago on the 24th of July last. About five days before that he claimed to have taken down with illness, and in the interim he called to his bedside a girl named Sadie, an inmate of Carrie Watson's establishment, one of the most notorious houses of ill fame in Chicago. She spent three days and nights with him, unknown to the clerks or proprietor of the house." (A Startling Defalcation. New York Times, Aug. 18, 1878 p. 1.) Several months later, he was captured in Portugal with $80,000 of the loot, which was in his name in the Bank of Portugal. He was returned via diplomatic channels, pled guilty, and sentenced to ten years at Joliet. (Angell, the Defaulter, Sentenced. New York Times, Feb. 28, 1879.) In 1909, a Charles Angell, age 73, died in New York, whose obituary stated that he was a brother of James B. Angell, President of the University of Michigan. (New York Times, Mar. 29, 1909 p. 7.) Way back in 1864, George M. Pullman of Chicago and William G. Angell of Providence, R.I., had been trustees of the Briggs Gold Company of Gilpin County, Col. (Display Ad. New York Times, Apr. 21, 1864 p. 10.) James B. Angell had a brother, William, of Chicago, who was with him when he died.

Pullman Company Archives / The Newberry Library (pdf, 808 pp)

Daniel G. Reid

Daniel G. Reid was a director of the Guaranty Trust from 1905 until at least 1917, when he was re-elected to a three year term. He was a vice president of the Liberty National Bank from at least 1903 to 1915, and a director of the Bankers Trust Company from at least 1903 to 1924. In 1916, he attended a dinner by Thomas F. Ryan which was a veritable summmit meeting of American Tobacco and the Guaranty Trust.

James Speyer

James Speyer had been Collis P. Huntington's banker for 30 years. He was a trustee of the Mutual Life Insurance Company from 1898 to 1906; a director of the Guaranty Trust 1905-1907, and a trustee of the Central Trust from 1908 to at least 1910. He was one of the organizers of the American Society for the Control of Cancer in 1913, and was a trustee of Mount Sinai Hospital.

Purge of the Mutual Life Insurance Company, 1905: The public fuss created by the Armstrong insurance investigation spared the crooked insiders, while scaring the others off the board.

The Guaranty Trust and the Mutual Life

Guaranty Trust Company of New York, 1906

Directors: George F. Baker, George S. Bowdoin, John W. Castles, Frederic Cromwell, Walter R. Gillette, E.H. Harriman, G.G. Haven, Edwin Hawley, Charles R. Henderson, Adrian Iselin Jr., James N. Jarvie, Augustus D. Juilliard, Levi P. Morton, Oscar G. Murray, Norman B. Ream, Daniel G. Reid, Henry H. Rogers, James Speyer, H. McK. Twombly, Harry Payne Whitney. John W. Castles, President; Oscar L. Gubelman, and Alexander J. Hemphill, Vice Presidents; Max May, Manager Foreign Department; William C. Edwards, Treasurer; E.C. Hebbard, Secretary; F.C. Harriman, Assistant Treasurer; R.C. Newton, Trust Officer. (Display Ad 17. New York Times, Jan. 7, 1906 p. AFR23.) Adrian Iselin Jr. became a trustee of the Central Trust from at least 1908 to 1929.

"The [Guaranty Trust] company operates under an usually broad and liberal charter, dating back to 1864, but has been doing business under its present form since 1891, when it was reorganized... The business of the company is constituted under five different departments, each one almost an institution in itself... The Banking Department, under the immediate supervision of Mr. William C. Edwards, treasurer, exercises all the functions and affords all the facilities of a general commercial bank..." The Foreign Exchange Department, headed by Max May in New York, with R.C. Wyse in London, "is really a bank in itself." Vice Presidents Alexander J. Hemphill and George Garr Henry supervised the Bond Department, along with R.W. Speir. "The Trust Department, in charge of Mr. R.C. Newton, Trust Officer, acts as trustee of corporate mortgages, as executor, trustee, or guardian for estates or individuals and is in fact equipped to act in almost any fiduciary capacity." E.C. Hebbard was in charge of the Registry and Transfer Department. (Modern Financial Institutions and Their Equipment. Bankers Magazine, Apr. 1907;74(4):613.)

Guaranty Trust Company of New York, 1909

Directors: Walter G. Oakman (Chairman), George F. Baker, Frederic Cromwell, E.H. Harriman, Edwin Hawley, Edgar C. Hebbard (Secretary), Augustus D. Juilliard, Levi P. Morton, Oscar G. Murray, Rollin C. Newton, Daniel G. Reid, Henry H. Rogers, James Speyer, Alexander J. Hemphill (Vice Pres.). Treasurer: William C. Edwards. (Trow's Directory, 1909.)

Morton Trust Company

In 1899, the Morton Trust Company was created to take over the business of Morton, Bliss & Co. Levi P. Morton, President; E.J. Berwind, Vice President; J.K. Corbiere, 2d Vice President; W.R. Cross, Secretary. Directors: James W. Alexander, John Jacob Astor, George F. Baker, Edward J. Berwind, Frederic Cromwell, Henry M. Flagler, G.G. Haven, Jos. C. Hendrix, Abram S. Hewitt, James N. Jarvie, Augustus D. Juilliard, Joseph Larocque, D.O. Mills, Levi P. Morton, R.A. McCurdy, W.G. Oakman, John Sloane, William C. Whitney, A. Wolff. (Display Ad 15. New York Times, Oct. 2, 1899 p. 8.) James B. Duke, Daniel Guggenheim and Samuel Rea were on the board in 1906. (Display Ad 19. New York Times, Jan. 3, 1906 p. 13.) William Redmond Cross, S&B 1896, was the father of William R. Cross Jr., S&B 1941, of the Morgan Guaranty Trust, and grandfather of Alan W. Cross M.D., S&B 1966.

Guaranty Trust Company of New York, 1911-12 (after merger with Morton Trust)

Directors: Levi P. Morton, Chairman; Charles H. Allen, George F. Baker, Edward J. Berwind, Urban H. Broughton, Edmund C. Converse, T. De Witt Cuyler, Henry P. Davison, James B. Duke, Robert W. Goelet, Daniel Guggenheim, Edwin Hawley, Alexander J. Hemphill, Walter S. Johnston, Augustus D. Juilliard, Thomas W. Lamont, Edgar L. Marston, John R. Morron, Gates W. McGarrah, Charles A. Peabody, William H. Porter, Samuel Rea, Daniel G. Reid, Thomas F. Ryan, Charles H. Sabin, William D. Sloane, Valentine P. Snyder, Harry Payne Whitney, and Albert H. Wiggin. (New York Times, Mar. 9, 1911, p. 13.) Allen, Duke, Ryan, Snyder, and Whitney were from the Morton Trust. Baker, Juilliard and Morton were directors of both. Broughton left the board in 1912, and George J. Gould and William K. Vanderbilt Jr. joined it. (Display Ad 19. New York Times, Oct. 18, 1912 p. 15.) In 1912, the Guaranty Trust expanded into a new building at Broadway and Liberty Street. The $150,000 vault in the basement and sub-basement was 26 by 36 feet and 23 feet high, the second largest in the world after the Carnegie Trust Company's vault. It was guarded with 27,000 burglar alarm wires, and was 28 inches thick, armored on the outside with 700 steel railway rails on end, filled with concrete. The door was 36 inches thick and weighed 40 tons, and required 22 horses to transport it. Some paving stones on South Street reportedly sank several inches from its weight. (Forty-Ton Door For Vault. New York Times, Sep. 7, 1912.)

After the break up of the American Tobacco Company, its Six Percent Gold Bonds, issued in 1904, were deposited at the Guaranty Trust. The Committee was Alexander J. Hemphill, Chairman; T. DeWitt Cuyler, Howland Davis, J. Horace Harding, and Albert H. Wiggin; Lewis B. Franklin Secretary, and Morgan J. O'Brien, Counsel. The Four Percent Gold Bonds, issued in 1901, went to the Guaranty Trust as its successor. The Committee was Charles H. Sabin, Chairman; Philip Lehman, J.R. McAllister, Samuel McRoberts, and Samuel Sloan; F.J.H. Sutton, Secretary, and Joseph H. Choate, of Evarts, Choate & Sherman, Counsel. The Preferred Stock was deposited with the Central Trust. (Display Ad 17. New York Times, Aug. 2, 1911 p. 11.) As of Dec. 31, 1911, the American Tobacco Company had $26,750,742.63 in cash accounts, including $6,737,506.69 at the Guaranty Trust Co., $4,349,521.51 at the Farmers Loan & Trust Co., $3,326,049.64 at the Central Trust Co., $2,500,000.00 at J.P. Morgan & Co., and $2,303,628.00 at the National City Bank, and amounts between one and two million dollars at the Chase National Bank, the National Shawmut Bank, the National Bank of Commerce, and the Fourth Street National Bank; and lesser amounts at other banks. (Fiscal Statements, The American Tobacco Co., Dec. 31, 1911, p. 108.)

ATC Fiscal Statements, Dec. 31, 1911 / UCSF (pdf, 355 pp)

Edward J. Berwind

Edward Julius Berwind (~1848-1936) was a director of the Guaranty Trust from 1911 to 1933. He was Chairman of the Berwind-White Coal Mining Company: "So great were his holdings in this field that he was reputed to be the largest individual owner of coal properties in the United States. The Berwind-White Company, of which he was also president at one time, for many years practically controlled the steamship bunker business in New York and Philadelphia harbors. In addition, his company supplied much coal to the United States Navy and exported it to the West Indies, South America and Europe." He served in the Navy from 1865-75, then left on physical disability. He founded Berwind, White & Co. with one of his brothers and Judge Allison White, which was dissolved in 1886 then incorporated as Berwind-White. "At his death he was an officer or director in the Berwind-White Coal Mining Company and its affiliated or subsidiary organizations; the Atcheson, Topeka & Santa Fe Railroad; the Cuba Company, Consolidated Railroads of Cuba, Cuba Railroad Company, Compańa Cuba, International Products Corporation and the Northern Insurance Company. Until recently he had been an officer or director of the International Telephone and Telegraph Company, in which he was also the second largest shareholder among officers and directors; the Interboro Rapid Transit Company, Postal Telegraph and Cable Company, the United States Realty and Improvement Company, Guaranty Trust Company, Mutual Life Insurance Company, Girard Trust Company of Philadelphia, and the North British Mercantile and Insurance Company." (E.J. Berwind Dies; Coal Operator, 88. New York Times, Aug. 19, 1936.) In 1917, the Senate Committee on Manufactures investigated the "coal shortage throughout the land," both bituminous and anthracite. Rep. McFadden of Pennsylvania blamed the Fuel Administration for setting prices so low that small operators were forced to shut down. (Shortage of Coal. Boston Daily Globe, Dec. 16, 1917.) Edward J. Berwind's sister and a nephew, Guaranty Trust director Charles E. Dunlap, were the principal legatees of his estate. (E.J. Berwind Left $31,422,853 Estate. New York Times, Jul. 10, 1942.) His niece, Margaret E. Dunlap, Charles E. Dunlap's sister, married Sosthenes Behn in 1921. (Miss Dunlap Weds Col. Sosthenes Behn. New York Times, Jun. 1, 1921.)

E.J. Berwind's brother, John E. Berwind, was intersted in the development of Porto Rico, as it was then called. His largest bond holding was $908,000 in the San Juam Hotels Corporation, valued at $454,000. His most valuable securities other than more than $2.2 million in Berwind-White stock included the Wilmore Coal Co. $150,850; the Wilmore S.S. Company, $930,520; International Telephone & Telegraph, $818,901; National Biscuit common $574,000; Pennsylvania Railroad $367,500; and South Porto Rico Sugar preferred $162,400. (J.E. Berwind Left $12,033,469 Estate. New York Times, Jan. 18, 1930.).He gave $2,000 to the American Society for the Control of Cancer in 1927.

James B. Duke

James B. Duke was president of the American Tobacco Company, and Thomas F. Ryan, who was William C. Whitney's partner, was a director. He was a director of the Morton Trust when it was acquired by the Guaranty Trust in 1910, and left the board sometime between 1917 and 1922. Representation of Duke interests continued through Caleb C. Dula and George G. Allen.

Charles A. Peabody

Charles A. Peabody (1849-1931) was President of the Mutual Life Insurance Company from 1906 until retiring in 1927. He was a director of the Farmers Loan and Trust Company since at least 1900. After graduating from Columbia University and Columbia Law School, he joined his father's law firm, Peabody, Baker and Peabody. Partner Fisher Ames Baker was counsel to the First National Bank and the uncle of its President, George Fisher Baker. Peabody was trustee of the estate of the first John Jacob Astor since 1893, and was associated with William Waldorf Astor and represented him in this country. "It was said at the time Mr. Peabody left law for insurance, that the change was, at least in part, due to the influence of the elder Baker in the councils of the Mutual." He was a director of the Guaranty Trust Company from 1911-26, and his granddaughter, Anita Peabody Hadden, married Arthur W. Page Jr, whose brother Walter H. Page became chairman of the Morgan Guaranty Trust.

Thomas W. Lamont

Thomas William Lamont (1870-1948) was founding Secretary and Treasurer of the Bankers Trust Company of New York in 1903, and a director since at least 1905 until 1910, when he was a vice president of the First National Bank. He was a partner of J.P. Morgan & Co. 1910-1948, and a director of the Guaranty Trust from 1911 to 1940. He was an Overseer of Harvard University 1919-1925, during the period that its School of Public Health was being established. He was a founding layman of the American Society for the Control of Cancer in 1913, and headed its General Committee in 1926, when John D. Rockefeller Jr. funded its health fascist congress at Lake Mohonk, and sponsored a luncheon for its endowment fund in 1927. (To Fight Cancer. Boston Daily Globe, May 23, 1913; Rockefeller Aids Cancer Study Fund. New York Times, May 3, 1926; Anti-Cancer Fund Goes to $338,515. New York Times, Jun. 19, 1926.) Mussolini's private physician spoke at the Lake Mohonk congress. (Leacock Denounces Quacks. New York Times, Sep 25, 1926.) "John P. Diggins, in Mussolini and Fascism: The View from America, has noted in regard to Thomas Lamont of Guaranty Trust that 'Of all American business leaders, the one who most vigorously patronized the cause of Fascism was Thomas W. Lamont. Head of the powerful J.P. Morgan banking network, Lamont served as something of a business consultant for the government of Fascist Italy.' Lamont secured a $100 million loan for Mussolini in 1926 at a particularly crucial time for the Italian dictator." (Chapter 11, The Alliance of Bankers and Revolution. Wall Street and the Bolshevik Revolution, by Antony C. Sutton.)

Chapter 11, Wall Street and the Bolshevik Revolution / Reformed Theology

He was also on the Board of Governors of the New York Heart Association. (New York Heart Association Appeals for Aid in Its Work. New York Times, Dec. 21, 1924.) In 1933, he was a director of Texas Gulf Sulphur Co., Phelps Dodge Corp., and Continental Oil Co. and its subsidiary, Great Lakes Pipeline Co. (Morgan Group Helps Direct Big Industries. Chicago Tribune, May 24, 1933.) The Lamonts were guests of Mr. and Mrs. Roger Tickermann in a benefit dinner at the Stork Club on behalf of the First Division Cardiac Clinic of Bellevue Hospital, along with Mr. and Mrs. Benjamin Brewster Jennings. "With Mr. and Mrs. William Galey Lord [S&B 1922] were Mr. and Mrs. Oswald Bates Lord [S&B 1926], Mr. and Mrs. W. Averell Harriman [S&B 1913], Mr. and Mrs. Ward Cheney [S&B 1922], Mr. and Mrs. Artemus L. Gates [S&B 1918] and Mr. and Mrs. Lewis Douglas." Others who had guests at the benefit included Mrs. Howard Dean, an ancester of Presidential candidate Howard Dean. (Cabaret Benefit Assists Hospital. New York Times, May 16, 1935.) Lewis Douglas was the grandson of James Douglas, the benefactor of James Ewing of the American Society for the Control of Cancer. Lamont was president of the Associated Harvard Clubs in 1915, and honorary chairman in 1940. Roy E. Larsen of Time was a member of the executive committee in 1940. (Harvard Alumni Meet Here Friday. New York Times, May 12, 1940.)

Charles H. Sabin

Charles Hamilton Sabin was born in Williamstown, Mass. in 1868. Sabin started his banking career in 1887 with the National Commercial Bank in Albany as a bookkeeper and a pitcher for their baseball team. He was made Cashier of the Park Bank of Albany in 1898, Cashier of the Albany City National Bank 1898-1902, and then Vice President of the National Commercial Bank, when it merged with the Albany City Bank. In 1907, he came to New York as President of the National Copper Bank, which had merged with the Mechanics and Metals National Bank. He joined Guaranty Trust as a Vice President in 1910. He became President in 1915, when Alexander J. Hemphill replaced Levi P. Morton as Chairman. He was elected Chairman of the Board in 1921 after six years as President, and the Chairman, his brother-in-law, William C. Potter, replaced him as President. (Sabin Succeeds Hemphill. New York Times, Jan. 21, 1915; W.C. Potter Heads Guaranty Trust. New York Times, Oct. 6, 1921.) Sabin was a director of General Motors (General Motors Changes. New York Times, Nov. 17, 1915), and of the American International Corporation at its founding in 1915. (See $500,000,000 Gain in Venture in World Trade. New York Times, Nov. 24, 1915 p. 1.) Sabin's first wife, Mabel Whitney of Albany, divorced him in 1916, and married Dexter Blagden. She was the mother of Charles H. Sabin Jr. (Mrs. Mabel Sabin Weds. New York Times, Apr. 2, 1918.) Sabin's second wife was Pauline Morton Smith, the daughter of Paul Morton, the former Secretary of the Navy under President Theodore Roosevelt and late president of the Equitable Life Assurance Society. (Chas. H. Sabin Weds Mrs. Pauline Smith. New York Times, Dec. 29, 1916.) Her sister, Caroline, married William C. Potter in 1902. Sabin's successor at the National Commercial Bank of Albany was James H. Perkins, who became President of the Farmer's Loan and Trust Company in 1921, just before it became a big stockholder in the American Tobacco Company.

In 1925, Sabin was Treasurer of the Beekman Street Hospital fund drive. Marshal Field was Vice Chairman of its Campaign Executive Committee, and Howard Cullman the President. Members of its Committee of One Hundred included Clarence H. Mackay, Eugene W. Stetson, and Thomas J. Watson, of the Guaranty Trust; also H.F. Guggenheim, William V. Griffin of Time Inc., and Frank Altschul of Lazard Freres. The Masonic Foundation held eight of the twenty-four positions on its Board of Directors. (Beekman Hospital Fund Drive Opens. New York Times, Apr. 15, 1925.)

Guaranty Trust Company of New York, 1913-14 (after merger with Standard Trust)

Directors: Levi P. Morton, Chairman; Charles H. Allen, George F. Baker, Edward J. Berwind, T. De Witt Cuyler, Henry P. Davison, James B. Duke, Robert W. Goelet, George J. Gould, Daniel Guggenheim, Alexander J. Hemphill, Walter S. Johnston, Augustus D. Juilliard, Thomas W. Lamont, William C. Lane, Edgar L. Marston, John R. Morron, Gates W. McGarrah, Charles A. Peabody, William H. Porter, William C. Potter, Daniel G. Reid, John D. Ryan, Thomas F. Ryan, Charles H. Sabin, William D. Sloane, Valentine P. Snyder, William K. Vanderbilt, Jr., Harry Payne Whitney [Skull & Bones 1894], Albert H. Wiggin. (Display Ad 23. New York Times, Mar. 13, 1913 p. 16.) In 1914, Davison and Porter left the board, and John S. Runnells and John A. Speer joined it. (Display Ad 18. New York Times, Mar. 7, 1914 p. 15.)

William C. Lane

William Channing Lane organized the Standard Finance and Trust Company in 1899, from which the Standard Trust Company was formed. He was President of the Standard Trust until its merger with the Guaranty Trust in 1912, then he became a vice president of the combined company. His father, David Lane, senior partner in Lane, Lamson & Co. importing firm, was a trustee of the Atlantic Mutual Insurance Company from at least 1852 to 1884. (W.C. Lane, Banker, Dies of Pneumonia. New York Times, Feb. 10, 1923, p. 13; David Lane. New York Times, Jan. 28, 1885, p. 5.)

William C. Potter

William Chapman Potter (~1875-1957) was born in Chicago, and graduated from the Massachusetts Institute of Technology in 1897 with a BS in mining engineering. He prospected on his own in the Rocky Mountains, and was later employed as a mining engineer in Colorado and Montana. He became an engineer for the Atchison, Topeka and Santa Fe Railroad in 1901, then became a partner in the Chicago mining engineering firm of Dickman, Mackenzie & Potter. In 1904, he managed the Guggenheim Exploration Company in Mexico, then became the general manager in Mexico and the Southwest of the American Smelting and Refining Company. In 1911, he became president of the Intercontinental Rubber Company, and joined the Guaranty Trust in 1912 as a vice president. In 1916, he resigned to become a member of Guggenheim Brothers, but continued as a director and member of the executive committee of the Guaranty Trust. In 1918, he was chief of the Equipment Division of the Army Signal Corps in Washington. He became chairman of the board of the Guaranty Trust from 1921 to 1934, then became chairman until 1941. He was chairman of the executive committee from 1941 to 1946, and was a director until January 1957. He was a director of the Anaconda Company, Bethlehem Steel Corporation, Atchison, Topeka and Santa Fe Railroad, Electric Bond and Share Company, Columbia Gas and Electric Corporation, Interborough Rapid Transit Company; and other firms; former chairman of the Kennecott Copper Corporation and former vice president of the Braden Copper Company. He was a life member of the Corporation of Massachusetts Institute of Technology. (William Potter, Retired Banker. New York Times, Jan. 3, 1957.) In 1916, he attended a dinner by Thomas F. Ryan which was a veritable summmit meeting of American Tobacco and the Guaranty Trust; and in 1928, he was a director of the Tobacco Products Corporation, the predecessor of Philip Morris, during its brief merger with United Cigar Stores. (Tobacco Products Committee. New York Times, Feb. 15, 1928.)

William C. Potter's first wife was Caroline Morton, whom he married in Chicago in 1902. She divorced him in 1922, and became the second wife of Harry F. Guggenheim, the son of Daniel Guggenheim, a director of the Guaranty Trust from 1911-24. (Mrs. Potter Weds H.F. Guggenheim. New York Times, Feb. 4, 1923.) Her sister, Pauline, was married to Charles H. Sabin. The Morton sisters' father was Paul Morton, was Secretary of the Navy under President Theodore Roosevelt. Their uncles, Joy and Mark Morton, formed the Morton Salt Company in 1902. (Mark Morton, 92, Led Salt Concern. New York Times, Jan. 26, 1951.) Their grandfather, J. Sterling Morton, was a childhood friend of Roswell P. Flower in Adams County, New York. He moved to Nebraska ca. 1855, and by 1858 became Acting Governor of the Territory. (Mr. Morton Goes West. New York Times, Feb. 19, 1893; J. Sterling Morton Dead. New York Times, Apr. 28, 1902.) Their father was Paul Morton, president of the Equitable Life from 1905 until his death in 1911.

Potter's former partner, John Kenneth Mackenzie, was the son of Colonel John Mackenzie of the English Army. He was a special student in chemistry at the Sheffield Scientific School at Yale. He was killed by Yaqui Indians on his way to some silver mines. (Obituary Record of Graduates of Yale, 1900-1910, p. 509.)

Obituary Record of Graduates of Yale, 1900-1910, p. 509 / Google Books

Potter's brother, Edwin A. Potter Jr., came to New York in 1913 and formed Potter, Duer & Griswold, "formerly known as G.M.P. Murphy & Co., specializing in the liquidation of properties and in accounting," and reformed it again as the Finance and Trading Company." Grayson M.-P. Murphy; Adolphe E. Borie, President of Driggs-Seabury Ordnance Company; and Potter's father, who was President of the American Trust and Savings Bank of Chicago from 1898-1912, were among the directors. (Buys Liquidating Business. New York Times, Mar. 16, 1916; Display Ad 21. New York Times, Jun. 19, 1916 p. 14; More Than Trebles His Banks Deposits. Chicago Daily Tribune, Jun. 3, 1901; Edwin A. Potter, Former Chicago Banker, Is Dead. Chicago Daily Tribune, Jan. 15, 1936.) Potter Jr. joined the Guaranty Trust as a vice president in 1919. (Edwin A. Potter, 62, Bank Official Here. New York Times, Aug. 22, 1940.)

John D. Ryan

Ryan was a director of the Guaranty Trust from 1913 to 1915. He was born in Hancock, Michigan, in 1864, where his father, John C. Ryan, had discovered the Copper Range mines. In 1904 he became managing director of Amalgamated Copper. He was involved with Daniel G. Reid in forming the Tobacco Products Corporation in 1912. He was chairman of the board of the Anaconda Copper Company at his death. (John D. Ryan, Copper Leader, Dies Suddenly. Chicago Daily Tribune, Feb. 12, 1933.) In 1916, he attended a dinner by Thomas F. Ryan which was a veritable summmit meeting of American Tobacco and the Guaranty Trust. Ryan was also a director of the American International Corporation during the Hog Island corruption. He was elected to the board of the National City Bank in 1926. (J.D. Ryan on Board of National City. New York Times, Jun. 30, 1926.)

Thomas F. Ryan

Thomas F. Ryan (1851-1928) was a partner of William C. Whitney and one of the financiers of the American Tobacco Company. He was a director of the Guaranty Trust from at least 1911 until his death.

The Life Extension Institute

In 1913, the Life Extension Institute was founded in the boardroom of the Guaranty Trust. Charles H. Sabin was on its board of directors.

Guaranty Trust Company of New York, 1915

Directors: Charles H. Allen, President American Sugar Refining Co.; George F. Baker, Ch. First National Bank of NY; Edward J. Berwind, Pres. Berwind-White Coal Mining Co.; T. DeWitt Cuyler, Pres. Commercial Trust Co., Philadelphia; James B. Duke, Ch. British-American Tobacco Co.; Robert W. Goelet, Capitalist / Real estate; George J. Gould, Railroad Executive; Daniel Guggenheim, Pres. American Smelting & Refining Co.; Alexander J. Hemphill, Ch. Guaranty Trust; Walter S. Johnston, Vice Pres. American Surety Co.; Augustus D. Juilliard, of A.D. Juilliard & Co.; Thomas W. Lamont, of J.P. Morgan & Co.; William C. Lane, Vice Pres. Guaranty Trust; Edgar L. Marston of Blair & Co.; Gates W. McGarrah, Pres. Mechanics & Metals National Bank; John R. Morron, Pres. Atlas Portland Cement Co.; Charles A. Peabody, Pres. Mutual Life Insurance Co.; William C. Potter, Vice Pres. Guaranty Trust; Daniel G. Reid, Capitalist; John S. Runnells, Pres. Pullman Co.; John D. Ryan, Pres. Amalgamated Copper Co.; Thomas F. Ryan, Capitalist; Charles H. Sabin, Pres. Guaranty Trust; William D. Sloane of W. & J. Sloane; Valentine P. Snyder, former Pres. National Bank of Commerce; John A. Spoor, Chairman, Union Stock Yards & Transit Co.; Harry Payne Whitney, Capitalist; Albert H. Wiggin, Pres. Chase National Bank. (Display Ad 21. New York Times, Mar. 18, 1915 p. 15.) During 1915-16, seven directors - Baker, Johnston, McGarrah, JD Ryan, Sloane, Snyder, and Wiggin left, and five joined - Dula, Harriman, Harris, Murphy and Strauss.

Mexican Revolution, 1915-16

"Payment for the ammunition that was shipped from the United States to the Mexican revolutionary Pancho Villa was made through Guaranty Trust Company. Von Rintelen's advisor, Sommerfeld, paid $380,000 via Guaranty Trust and Mississippi Valley Trust Company to the Western Cartridge Company of Alton, Illinois, for ammunition shipped to El Paso, for forwarding to Villa." (Chapter 4, Wall Street and World Revolution. In: Wall Street and the Bolshevik Revolution, by Antony Sutton.) William C. Potter, Vice President of the Guaranty Trust, was chairman of the Mexican Red Cross Relief Committee. (Impossible to Send Relief. New York Times, Jul. 1, 1915; Relief Problem for Wilson. New York Times, Jul. 17, 1915.) Members of the family of Central Trust trustee John S. Kennedy and the Bishop of New York and Brown Brothers & Co. were also involved in the Mexican Revolution.

Sutton, Ch. 4, Wall Street and the Bolshevik Revolution / Reformed Theology

According to Senate hearings, the Guaranty Trust loaned $450,000. However, the Chase National Bank loaned $3 million, the Equitable Trust Company $1.8 million, and the Mechanics and Metals National Bank $1 million. However, most of the loans came from Germany. The Guaranty Trust transferred the money to the Mississippi Valley Trust Company in St. Louis. (Shows Germans Financed Villa. New York Times, Jan. 8, 1919.) One of the founding directors of the Mississippi Valley Trust Co., John Dietz Perry, was the father-in-law of David Rowland Francis, the US Ambassador to Russia when Kerensky deposed the Czar, and also when the Bolsheviks seized power from them.

Guaranty Trust Company of New York, 1916

Directors: Charles H. Allen [formerly president of American Sugar Refiners]; Edward J. Berwind, Pres. Berwind-White Coal Mining Co.; T. De Witt Cuyler, Pres. Commercial Trust Co. of Philadelphia; James B. Duke, Chairman of British-American Tobacco Co.; Caleb C. Dula, President of Liggett & Myers Tobacco Co.; Robert W. Goelet, Real Estate; George J. Gould, Railroad Executive; Daniel Guggenheim, Pres. American Smelting & Refining Co.; W. Averell Harriman, Vice Pres. Union Pacific Railroad Co.; Albert H. Harris, Vice Pres. New York Central Railroad Co.; Alexander J. Hemphill, Chairman of the Board; Augustus D. Juilliard of A.D. Juilliard & Co.; Thomas W. Lamont, partner of J.P. Morgan & Co.; William C. Lane, Vice President; Edgar L. Marston of Blair & Co.; John R. Morron, Pres. Atlas Portland Cement Co.; Grayson M.-P. Murphy, Vice President; Charles A. Peabody, President of Mutual Life Insurance Co.; William C. Potter of Guggenheim Brothers; Daniel G. Reid, Vice President of the Liberty National Bank, New York; John S. Runnells, Pres. Pullman Co.; Thomas F. Ryan, financier; Charles H. Sabin, President; John A. Spoor, Chairman, Union Stock Yards & Transit Co.; Albert Strauss of J.&W. Seligman & Co.;Harry Payne Whitney, banker. Vice Presidents not on the board: Max May, Albert Breton, Lewis B. Franklin, N.D. Jay; Eugene W. Stetson, James M. Pratt, William C. Cox, William P. Conway, Charles M. Billings, William C. Edwards, and E.C. Hebbard. N. Devereux Putnam was Treasurer, and Fred W. Ellsworth, Secretary. 19 other officers were listed. (New York Times, Dec. 7, 1916, p.15.)

The Guaranty Trust had the largest number of men called up by the National Guard, 55. The Title Guarantee and Trust Co. had 50, the National City Bank 25, the American Exchange Bank 12, and the Hanover National Bank, the Central Trust, and the Chase National Bank had less than ten each. (Call of the Guard Hits Wall Street. New York Times, June 20, 1916.)

Charles M. Billings, Yale Class of 1896

Charles Miller Billings joined the Standard Trust Company when it was organized in 1898, and became an assistant treasurer at the Fifth Avenue office when it merged with the Guaranty Trust in 1912. He became a vice president from 1915 to 1935. His father was Oliver P.C. Billings, and he was born in 1874. (C.M. Billings Dead; Banker 36 Years. New York Times, Feb. 20, 1935.) He was an incorporator of the Union Tobacco Company in 1898. He had two brothers, David Lane Billings, Wolf's Head 1891, who was involved in stocks and bonds in Louisville, Ky., from 1903-1906 (Obituary Record of Graduates of Yale University Deceased during the Year 1947-1948, p 25), and Oliver Chandler Billings, Book & Snake 1893 (Obituary Record of Graduates of the Undergraduate Schools Deceased during the Year 1949-1950, pp. 137-138.) Oliver C. Billings married Elizabeth Bonbright Evans (Weddings of A Day. New York Times, Jun. 16, 1899); her sister, Madeline, married David H. McAlpin 2d, son of Edwin A. McAlpin. (Men Wear White at Wedding. New York Times, Jun. 18, 1905.) Their grandfather was Oel Billings of Woodstock, Vt., who was the father of Frederick Billings of the Farmers' Loan and Trust. (Mortuary. Chicago Inter-Ocean, Oct. 2, 1890.)

Obituary Record of Graduates of Yale, 1947-1948 / Yale University Library (pd, 254 pp)
Obituary Record of Graduates of Yale, 1949-1950 / Yale University Library (pd, 221 pp)

Grayson Mallet-Prevost Murphy

Murphy was active as early as 1903 in planning military interventions in the Americas. After World War I, he headed the Red Cross in Europe, was involved in Morgan loans to Mussolini, and made fact-finding trips with William J. Donovan, later head of the O.S.S. (Grayson Mallet-Prevost Murphy, by L. Wolfe. Coalition to Oppose the Arms Trade.) He was a director of the Guaranty Trust from 1915 to 1935.

Grayson Mallet-Prevost Murphy / Coalition to Oppose the Arms Trade

Mrs. Grayson M.-P. Murphy was one of the subscribers to a benefit for the New York City Cancer Committee by the US Army Ground Forces Symphonic Band. Others included Gen. John Reed Kilpatrick, Mrs. Bayard Dominick, Mrs. Bernard F. Gimbel, Maj. Gen. and Mrs. Julius Ochs Adler, James S. Adams, Emerson Foote, and Mrs. Edgerton Parsons, the daughter of Daniel M. Lord Jr. (Cancer Unit To Be Aided. New York Times, Sep. 27, 1949.)

Eugene W. Stetson

Eugene William Stetson (~1882-1959) was born in Hawkinsville, Georgia, and attended Mercer University for two years, before going to work as a clerk at the American National Bank in Macon in 1901. In 1908, he helped organize the Citizens National Bank, and became its president. He left in 1916 to become a vice president of the Guaranty Trust. Stetson was president of the Guaranty Trust from 1941 to 1944, and chairman of the board from 1944 to 1947, when he retired from his executive position but remained a director until his death, after the merger with J.P. Morgan & Co. He was a director of the Coca-Cola Company and the Illinois Central Railroad, a past president of the Southern Society, and treasurer of the Robert E. Lee Memorial Foundation. (Eugene Stetson, Banker, 77, Dies. New York Times, Jul. 21, 1959.) George I. Seney of the Central Trust had given $130,000 to Emory College in the 1880s, and its next president in 1888 was the brother of the president of Coca-Cola. Stetson was a director of the Tobacco Products Corporation, the predecessor of Philip Morris, when the Whelans sold their interests to the Morrow group. (United Cigar Sold to Gold Dust Group In $100,000,000 Deal. New York Times, Aug. 20, 1929.)

Stetson was a member of the Committee of One Hundred of the Beekman Street Hospital fund drive, along with Clarence H. Mackay, Thomas J. Watson Sr., and H.F. Guggenheim of the Guaranty Trust, William V. Griffin of Time Inc., and Frank Altschul of Lazard Freres. Charles H. Sabin of the Guaranty Trust was Treasurer. (Beekman Hospital Fund Drive Opens. New York Times, Apr. 15, 1925.) Stetson was a member of the advisory committee of the New York City Cancer Committee campaign in 1946, and James S. Adams, a member of the Lasker ASCC takeover group, directed solicitation by the commerce and industry committee. The general campaign chairman was Gen. John Reed Kilpatrick. Other members of the advisory committee were Sidney J. Weinberg, president of Goldman, Sachs & Co.; Maj. Gen. William J. Donovan, of the law firm Donovan, Leisure, Newton & Lumbard; and Stanton Griffis, chairman of the executive committee of Paramount Pictures. (Named to Head Division in Cancer Fund Campaign. New York Times, Mar. 11, 1946.) Brig. Gen. Julius Ochs Adler, vice president and general manager of The New York Times, was named to head solicitation in the advertising, entertainment and professional fields; and Douglass B. Simonson, vice president of the National City Bank, was named treasurer. (Group Head Named In Cancer Drive. New York Times, Mar. 21, 1946.) Stetson was also president of the Council for Heart Diseases in 1946, in which Guaranty Trust vice president Alfred C. Howell and director Charles P. Cooper were also involved.

Stetson was a director of The Episcopal Church Foundation, a lay group created by twenty industrialists, financiers and lawyers. Prescott S. Bush (Skull & Bones 1917) and Alexander E. Duncan of the Commercial Credit Company were fellow directors; George E. Whitney, president of J.P. Morgan & Co., Inc. was treasurer; and Edwin S.S. Sunderland of the Guaranty Trust's law firm of Davis, Polk, Wardwell & Kiendl was secretary. Its Chairman of the Board, The Right Rev. Henry Knox Sherrill, described it as an "'unashamedly Christian movement' to seek material resources for the task of 'making a Christian America the basis of a Christian world.'" Its annual budget was set at $5,634,617 a year for the next three years. (Heads Church Group. New York Times, Apr. 15, 1950.) In November, 1200 official and 5000 unofficial delegates convened in Cleveland at what Christian Century magazine called "the most important event in the life of the Protestant Church since the Reformation." "Chief business will be the merging of eight interdenominational, cooperative agencies, including the Federal Council of Churches, to form the National Council of Churches of Christ in the United States." The merger was also to include the Foreign Missions Conference of North America, Home Missions Council of North America, International Council of Religious Education, Missionary Education Movement of the United States and Canada, National Protestant Council on Higher Education, United Council of Church Women, and the United Stewardship Council. "Church leaders say the organization will draw the battle lines for a more militant Protestantism in America." (100 From D.C. Due to Help Form Council. Washington Post, Nov. 25, 1950.)

"Gene Stetson was a key original participant in a group formed by Ernest Woodruff in 1919 to purchase the Coca-Cola Company from the Asa Candler family. He initially negotiated the purchase on behalf of the Woodruff group, and after the purchase became one of three trustees of a trust which retained voting control of the company. He was instrumental in keeping the New York banks with loans to the company calm during several difficult years after the purchase... In the library of his New York apartment during the spring of 1958, Gene Stetson arranged with Henry Clay Alexander of J.P. Morgan the merger of the Guaranty Trust Company of New York with J.P. Morgan & Co., resulting in the formation of The Morgan Guaranty Trust Co. Mr. Stetson was paid an investment banking fee by the Guaranty Trust Company as its financial advisor." (About Eugene W. Stetson. Stetson School of Business and Economics, Mercer University.) The company's outstanding capital consisted of 500,000 shares of common stock of no par value, all of which was held by the Guaranty Trust Company under a five-year voting trust which began in 1919. (Coca-Cola Company Postpones Dividend. New York Times, Oct. 25, 1920.)

Eugene W. Stetson / Stetson School of Business and Economics, Mercer University

Eugene William Stetson Jr. was a member of Skull & Bones, 1934. (Grace Richardson Engaged to Marry. New York Times, May 12, 1934.) In 1941, he was appointed assistant manager at Brown Brothers Harriman & Co. (Financial Notes. New York Times, Dec. 23, 1941.) In 1948, he joined the board of directors of Yale & Towe Manufacturing Company. He was also an assistant vice president of Chemical Bank and Trust Company, and a director of Canada Dry Ginger Ale Inc. and Reinsurance Corporation of New York. (Yale & Towne Mfg. Co. Adds Banker to Its Board. New York Times, Jan. 30, 1948.) In 1949, he was made a full vice president. (Chemical Bank Officials Elevated. New York Times, Jan. 14, 1949.)

New York investment banker Chuck Stetson, founder of the Bible Literacy Project, is "an Episcopalian who is registered as an independent voter. He has been a campaign donor to Bush, however, and he is chairman of the board of an organization that advocates 'released time' programs through which parents send their public-school children off-campus during the school day for religious instruction. Stetson's father, Charles P. Stetson, who died in 2002, was a Christian conservative who supported candidates including Alan Keyes and Gary Bauer. Chuck Stetson's grandfather was the corporate giant Eugene W. Stetson, who made his fortune with Coca-Cola, the railroads and J.P. Morgan, and was a banking colleague of the president's grandfather, Prescott Bush." (Secular bid to teach the Bible. By Margaret Talev, Bee Washington Bureau, September 22, 2005.)

Talev, 2005 / Techguy.com

Guaranty Trust Company of New York, 1917

"Stockholders of the Guaranty Trust Company re-elected as Directors to serve for three years: Edward J. Berwind, George J. Gould, Albert H. Harris, Augustus D. Juilliard, Thomas W. Lamont, William G. [sic] Lane, Charles A. Peabody, and Daniel G. Reid. The board re-elected the retiring officers." (Trust Company Elections. New York Times, Jan. 18, 1917.) In 1917, the Guaranty Trust financially backed the Bolshevik Revolution in Russia. (Wall Street and the Bolshevik Revolution, by Antony C. Sutton.)

Sutton, Wall Street and the Bolshevik Revolution / Reformed Theology

Sosthenes Behn

In 1917, Behn was appointed the representative of the Guaranty Trust Company for Cuba. He was president of the Cuban Telephone Company. (Financial Notes. New York Times, May 22, 1917.) Sosthenes Behn had been a member of the Republican National Committee from 1912 to 1916. Charles D. Hilles Sr., whose son was later a vice president of I.T.&T. during World War II, was chairman of the RNC during this period.

Sosthenes Behn / Arlington National Cemetery

Gerhardt Westrick was the administrator of I.T.&T. properties in Germany during World War II. ( The Telephone Plot, p. 93. Trading With the Enemy, by Charles Higham. Delacorte Press, 1983.)

Guaranty Trust Company of New York, 1919

Edwin A. Potter Jr., President of the Finance and Trading Corporation, was appointed a vice president; and A.D. Juilliard [sic - they meant his nephew, Frederic Juilliard] of A.D. Juilliard & Co. (Guaranty Trust Changes. New York Times, May 22, 1919.) The Guaranty Trust was appointed trustee of the will of James Gordon Bennett after A.D. Juilliard's death. (Trustee for Bennett Estate. New York Times, Jun. 8, 1919.) In 1919, the Guaranty Trust moved again. They exchanged their lease of the Postal Life Building with Louis Sherry, proprietor of Sherry's Hotel. (Sherry's to Move Across Fifth Avenue. New York Times, Apr. 3, 1919; Terms of Sherry Lease. New York Times, Apr. 20, 1919.) The National Bank of Commerce purchased their old building. (Guaranty Trust Takes Sherry's Building. Bankers Magazine, May 1919;98(5):606.) In 1920, the Guaranty Trust leased the tenth floor to the Carnegie Corporation, part of which was to be used by the Carnegie Foundation. (Carnegie Corporation Lease. New York Times, Feb. 24, 1920.) They got the building for a song, because Louis Sherry, faced with bankruptcy due to Prohibition, decided to go out of business. (Sherry's Disregard of Money Revealed. New York Times, Jun. 24, 1926.) The Guaranty Trust was appointed administrator of Sherry's estate. (Sherry Estate Report. New York Times, Jan. 23, 1927.) The contractor who remodeled Sherry's was the grandfather of former EPA Administrator Christine Todd Whitman.

The United Hospital Fund, 1919

Guaranty Trust / Central Trust directors/trustees Cornelius N. Bliss [Jr.], Adrian Iselin Jr., J.P. Morgan [Jr.], Percy R. Pyne, George Emlen Roosevelt, James Speyer, and Albert H. Wiggin, and the wives of Speyer and Oliver Harriman, were members of the campaign committee to raise money for the United Hospital Fund in 1919. Other fund raisers included Mrs. C.B. Alexander; M.N. Buckner (S&B 1895); Mrs. Benjamin Brewster (S&B 1882); W.V. Griffin; Mr. & Mrs. Oliver G. Jennings (S&B 1887); Ivy L. Lee; Ogden L. Mills; William Fellowes Morgan; Mrs. Henry L. Stimson (S&B 1888); Carll Tucker; Allen Wardwell (Yale 1895); Frank S. Witherbee (S&B 1874); and A. Zinsser. The distribution committee included Otto T. Bannard (S&B 1876), Cornelius N. Bliss, and James Speyer. (Hospitals Seek $1,000,000. New York Times, Oct. 25, 1919.)

William L. Kleitz

William Lambert Kleitz was born in Highland Falls, N.Y., and graduated from Cornell University in 1915. He joined Imorie & Co., then Hemphill, White & Chamberlain, which became Hemphill, Noyes & Co. He was a captain in the Army during World War I. He joined the Guaranty Trust in 1919 and was assistant treasurer from 1920-23, assistant vice president from 1923-28, and vice president fom 1928 to 1946, when he became a director. He was president of the Guaranty Trust from 1947 until his death, which was from falling off a ladder "while removing pine needles and leaves from gutters of his home" in Rye. He was a director of Wilson & Co., meat packers; W.T. Grant Co., Inspiration Consolidated Copper Co., International Business Machines, World Trade Corporation, American Smelting and Refining Co., and the Royal Globe Insurance Co. (William L. Kleitz, Banker, Dies At 63. New York Times, Nov. 20, 1957.)

Guaranty Trust Company of New York, 1920

The Guaranty Company, 1920

In 1920, the Guaranty Trust formed the Guaranty Company to handle its bond business. Charles H. Sabin, president of the Guaranty Trust, was also president of the Guaranty Company, and officers of its bond department became officers of the new company. "Among the directors of the new company will be the managing committee of the trust company: Albert Breton, W. Palen Conway, Eugene W. Stetson, Harold Stanley [S&B 1908] and Francis H. Sisson." (Development of Guaranty Bond Department. Bankers' Magazine 1920 Aug;101(2):317.) Stanley was a director of the Tobacco Products Corporation in 1923, during a rumored merger with British-American Tobacco. Stetson was a director of Tobacco Products in 1929 after its brief merger with United Cigar Stores. Junius A. Richards, later a director of Tobacco and Allied Stocks at its merger with Philip Morris in 1953 (which was assisted by Morgan Stanley), began his career in the Guaranty Trust's bond department; and his fellow director, J. Taylor Foster, S&B 1908, was Stanley's Bones classmate. President candidate Howard Dean's grandfather began his career in the bond department of the Guaranty Trust as well.

Two other Macon, Georgia bankers besides Stetson were also officials of the Guaranty Trust: Merrill P. Callaway; and George S. Jones, who was also a lawyer, joined as one of its seven senior vice presidents. (Macon Man Official In Guaranty Company. Atlanta Constitution, Nov. 10, 1920.)

Guaranty Trust Goes to Russia, 1920

"Soviet Govemment desire Guarantee [sic] Trust Company to become fiscal agent in United States for all Soviet operations and contemplates American purchase Eestibank with a view to complete linking of Soviet fortunes with American financial interests." Albert Breton sends Soviet gold to assay office; Max May became a director of Ruskombank. ( (Wall Street and the Bolshevik Revolution, by Antony C. Sutton. Chapter IV, Guaranty Trust Goes to Russia.)

Ch. IV - Wall Street and the Bolshevik Revolution / Reformed-Theology

Guaranty Trust Company of New York, 1922

Board of Directors: Charles H. Allen. trustee; A.C. Bedford, Chairman, Standard Oil Co. of New Jersey; Edward J. Berwind, Pres. Berwind-White Coal Mining Co.; T. De Witt Cuyler, Chairman, Commercial Trust Co. of Philadelphia; Caleb C. Dula, Pres. Liggett & Myers Tobacco Co.; Marshall Field, Trustee, Estate of Marshall Field; Robert W. Goelet, Real Estate; Eugene G. Grace, Pres. Bethlehem Steel Corp.; Daniel Guggenheim of Guggenheim Brothers; W. Averell Harriman, Chairman, W.A. Harriman & Co., Inc.; Albert H. Harris, Vice Pres. New York Central Railroad Co.; Frederic A. Juilliard of A.D. Juilliard & Co.; Cornelius F. Kelley, Pres. Anaconda Mining Co.; Thomas W. Lamont, partner of J.P. Morgan & Co.; William C. Lane, Vice President; Edgar L. Marston of Blair & Co.; Grayson M.-P. Murphy of G.M.-P. Murphy & Co.; Charles A. Peabody, pres. Mutual Life Insurance Co.; William C. Potter, President; John S. Runnells, Pres. Pullman Co.; Thomas F. Ryan, financier; Charles H. Sabin, Chairman of the Board; John A. Spoor, Chairman, Union Stock Yards & Transit Co.; Edward R. Stettinius of J.P. Morgan & Co.; Myron C. Taylor, Chairman, Passaic Cotton Mills; George Whitney of J.P. Morgan & Co.; Harry Payne Whitney, banker; Thomas E. Wilson, Pres. Wilson & Co., Inc. (New York Times, Jan. 4, 1922 p. 33.)

Willis H. Booth

Booth was a vice president of the Guaranty Trust. He, Charles Dunlap, and Thomas W. Lamont were members of a committee on national preparedness of the Merchants Association of New York, "to cooperate locally with President Roosevelt's Advisory Commission of the Council on National Defense." It was headed by Allan M. Pope, whose brother, Bayard F. Pope, later became a director of Benson & Hedges when it merged with Philip Morris. (Merchants Form Defense Council. New York Times, Jul. 5, 1940.) In 1926, Booth donated $1,000 to the American Society for the Control of Cancer.

Marshall Field 3d

Marshall Field 3d (1893-1956) was a director of the Guaranty Trust from at least 1922 to 1933. In 1929, his investment banking firm, Field, Glore & Co., formed Tobacco and Allied Stocks with Joseph F. Cullman Jr. and Howard S. Cullman, who took control of Benson & Hedges in 1941, and merged it with Philip Morris in 1954.

Kingsley Kunhardt

Kingsley Kunhardt was appointed an investment trust officer in 1926 (Bankers' Magazine, Jul. 1926;113(1):114), and was a vice president and head of the investment department of the Guaranty Trust in 1941. (Topics of Interest in Wall Street. New York Times, Dec. 6, 1941.) The Guaranty Trust was one of the executors of the large estate of his aunt, Mrs. Edmund Walpole Warren (Wills For Probate. New York Times, Mar. 3, 1925.) His father, Henry Rudolph Kunhardt Jr. (~1859-1923), had been a member of the executive committee of the Hospital Saturday and Sunday Association that was founded by George Macculloch Miller of the Central Trust (Hospital Association Grows. New York Times, Feb. 16, 1910; New York's Own Needs. New York Times, Nov. 11, 1914), and of the campaign committee of its successor, the United Hospital Fund (Prepare Hospital Drive. New York Times, Jul. 18, 1919). His grandfather, Henry R. Kunhardt, funded a wing of the Flower Hospital (Gifts to Flower Hospital. New York Times, Jan. 19, 1900.) Kingsley Kunhardt was chairman of the division on the welfare of the aged and a director of the Welfare and Health Council of New York, of which Carl M. Loeb Jr. was president. (Health Council Picks Two Division Heads. New York Times, Oct. 11, 1953; Health Council Elects. New York Times, Oct. 11, 1953.) He was a director of Royal Typewriter, and was a director and member of the executive committee of Royal McBee since 1954, and head of its finance committee. (Royal McBee Appoints Finance Unit Chairman. New York Times, Jul. 16, 1957.) Royal McBee's chairman was Allan A. Ryan Jr. Kunhardt was a director of Chemical Enterprises Inc., a firm which bought up commercial fertilizer companies, whose other directors included George H. Walker Jr., Skull & Bones 1927; and R. James Foster, the son of Benson & Hedges director J. Taylor Foster, S&B 1908. Kunhardt was also chairman of the executive committee of the Federation of Protestant Welfare Agencies, president and a director of the Peabody Home for the Aged, treasurer of the Welfare and Health Council of New York, and chairman of the investment committee of the National Council of Churches of Christ in America. (Kingsley Kunhardt Dead at 62; Retired Guaranty Trust Official. New York Times, Nov. 2, 1959.) His daughter, Alethea, married Harry Webster Walker 2d [Yale 1944]; Prescott S. Bush Jr. and William B. Macomber Jr. were ushers. (Miss A. Kunhardt to be Wed June 17. New York Times, May 19, 1950; Nuptials Are Held for Miss Kunhardt. New York Times, Jun. 18, 1950.) Macomber "served in the CIA before moving to the State Department, where he held several appointments, including Ambassador to Jordan [Kennedy administration] and Turkey [1969-73], until 1977." (Alumni Deaths. University of Chicago Magazine 2004 Feb;96(3).) His sister, Katherine, married George R. Mosle.

Myron C. Taylor

Taylor was a director of the Guaranty Trust from 1922 to 1923. He was Chairman of Passaic Cotton Mills. He gave $1,000 to the American Society for the Control of Cancer in 1927. In 1929, he was chairman of the Finance Committee of the United States Steel Company, and worked out the merger of the Guaranty Trust and the National Bank of Commerce; and was elected a director of A.T.&T. (Vote $2,000,000 A.T. & T. Stock Total. New York Times, Mar. 27, 1929.)

Cornelius Vanderbilt Whitney

William C. Whitney, S&B 1863, was a director of the Guaranty Trust from its reorganization in 1892 until ?1898; Harry Payne Whitney, S&B 1894, took over from 1899 to 1930; and Cornelius Vanderbilt Whitney was a director from 1926 to 1940. The Whitney family was a big investor in the American Tobacco Company.

George Whitney, Harvard 1907

George Whitney was born in Boston in 1885. His parents were George and Elizabeth Whitney. He graduated from Harvard in 1907, then joined Kidder, Peabody & Co. In 1909, he came to New York and formed the brokerage firm of Markoe, Morgan & Whitney. He joined J.P. Morgan & Co. 1915, and became a partner in 1919. During World War I, he helped finance British war purchases in the U.S., and was an aide to Lamont at the Versaille Conference. He was President of the Board of Overseers at Harvard from 1949 to 1953, chairman of the John and Mary Markle Foundation, a trustee of the Alfred P. Sloan Foundation and the Sloan-Kettering Institute, and was a director of General Motors until his death. He married Martha Beatrix Bacon, daughter of Morgan partner Robert Bacon. (George Whitney, Banker, 77, Dies. New York Times, Jul. 23, 1963.) In 1933, he was a director of General Motors, Kennecott Copper, Consolidated Gas Co. of New York, New York Edison, United Corporation, Texas Gulf Sulphur, Pullman Inc. and the Pullman Co., Johns-Manville Corp., Continental Oil, Foreign Finance Corp., New Jersey and New York Railroad, the American branch of Royal Exchange Assurance Co., Provident Fire Assurance Co., State Assurance Co., Willow Corp., American Securities Investing, and the Bank for Savings in New York. (Morgan Group Helps Direct Big Industries. Chicago Daily Tribune May 24, 1933.) Mrs. Whitney was a benefactor of the Women's Field Army of the ASCC. (Women's Field Army of Cancer Control Group To Be Beneficiary of Card Party Tomorrow. New York Times, Mar. 15, 1937.) George Whitney was vice chairman of the Corporations division of the 1918 Red Cross fundraising campaign. In 1945, he became a trustee of the newly-created Sloan-Kettering Institute, representing the Alfred P. Sloan Foundation which made the $4 million grant.

His father, George Whitney (1832-?1888), was a member of Whitney Brothers & Company, founded in India by George Sr.'s brother, Israel Goodwin Whitney. (Family: Whitney, George (1832-a1888.) Whitney Research Group, accessed 05/08/11.) An unmarried brother, Edward Farley Whitney, Harvard 1871, was a partner of J.P. Morgan & Co. from 1901 until 1911. (Edward Farley Whitney. New York Times, Feb. 10, 1928.) Two more unmarried brothers, Frederick Whitney and Frank Whitney, spent their business lives with Whitney Bros. in Calcutta and retired to 66 Beacon St., Boston. (Frederick Whitney Dead. Boston Globe, Sep. 11, 1915.)

Whitney, George / Whitney Research Group

His sister, Elinor Whitney, married Archibald Blanchard. Elsie Bacon was a bridesmaid, and George Whitney and her cousins Charles H. Whitney and Stanton Whitney were ushers. The wedding guests included Mrs. Louis Agassiz and several each of Amorys, Appletons, Dabneys, Lawrences, Lees, Thayers, and ten Peabodys. (At Trinity. Boston Globe, May 23, 1904.) Her father-in-law was John Adams Blanchard (1842-1885), Harvard 1864, who retired from business in 1872. He lived in Boston and Europe, and died in Florence, Italy. (Secretary's report, Volume 6, 1889 Harvard College Class of 1864, p. 27.)

Harvard College Class of 1864, p. 27 / Google Books

George Whitney's mother, Elizabeth Whitney, was a daughter of William Michael Whitney of Beverly, Mass. Her sister, Martha P. Whitney, was married to John Endicott Peabody. (Family: Whitney, William Michael (1820-1896). Whitney Research Group, accessed 05/08/11.) "John Endicott Peabody (b. 1853), son of Samuel Endicott and Marianne Cabot (Lee) Peabody, graduated from Trinity College, Cambridge, in 1874. He worked for sixteen months in a commission house in Antwerp, Belgium, before beginning employment with Drexel, Morgan in New York." Two granddaughters of Abbott Lawrence married into the Peabody family. "Another Peabody son in the Lawrence network, Francis Peabody, Jr. (b. 1854), also had extensive ties to finance through his directorships in New England trust companies. His father and a third brother held directorships in banks, as well as trust and insurance companies, through the turn of the century. Brother George Lee Peabody (1865-1911) was also a member of the important Boston investent banking firm of Lee, Higginson, and Co. The marriage of another Peabody in this same family, Martha Endicott Peabody, to John Lawrence (b. 1861), grandson of Abbott Lawrence, created an unusually tight kinship connection between these two families." (Elite families: Class and Power in Nineteenth-Century Boston. By Betty Farrell, 1993, p. 148.)

Whitney, William Michael / Whitney Research Group
Elite families: Class and Power in Nineteenth-Century Boston, p. 148 / Google Books

Guaranty Trust Company of New York, 1923-29

In 1923, Cuyler and Taylor were replaced as directors of the Guaranty Trust by Joseph P. Knapp, publisher, and Samuel W. Rayburn, President of Lord & Taylor and Associated Dry Goods Corporation of Virginia. (New York Times, Jan. 3, 1923, p. 26). In 1924, Bedford, Guggenheim, Knapp and Lane left, and were replaced by W. Palen Conway, Vice President; Howard Elliott, Chairman of the Northern Pacific Railway Co.; Clarence H. Mackay, President of Commercial Cable-Postal Telegraph System; and Lansing P. Reed of Stetson, Jennings, Russell & Davis. (New York Times, Jul. 2, 1924 p. 29). In 1925, Reyburn left and was not replaced (New York Times, Jan. 6, 1925, p. 42). In 1926, Runnells and Stettinius left, and were replaced by Edward F. Carry, President of The Pullman Co.; Richard B. Mellen, Pres. Mellen National Bank, Pittsburgh; and Cornelius Vanderbilt Whitney, banker. (New York Times, July 2, 1926 p. 29). In 1927, Juilliard, Marston, Peabody, and Spoor left, and were replaced by George G. Allen, Vice Chairman, British-American Tobacco Co.; Henry G. Dalton of Pickands, Mather & Co.; Philip G. Gossler, Pres. Columbia Gas & Electric Corp.; and Joseph B. Terbell, Pres. American Brake Shoe & Foundry Co. (New York Times, Nov. 18, 1927 p. 35). In 1928, Eugene W. Stetson, Vice President; Eugene M. Stevens, Pres. Illinois Merchants Trust Co.; and Joseph R. Swan, Pres. Guaranty Company of New York, were added. (New York Times, July 3, 1928 p. 31.) In 1929, Elliott and Ryan left (New York Times, Jan. 3, 1929 p. 46).

George G. Allen

Besides being an executive of British-American Tobacco, Allen was also President of James B. Duke's Southern Power Co. and Chairman of the Board of Trustees of the Duke Endowment at Duke University. He was on the board of directors of Guaranty Trust from 1927 until it merged with J.P. Morgan & Co. in 1959, when he was succeeded by Thomas L. Perkins.

Walter C. Baker

Walter C. Baker was assistant trust officer from 1925 to 1928 and trust officer from 1928 to 1945, then a vice president until retiring in 1959. He was born in Oneida, N.Y., and graduated from Union College in 1915. He was a salesman for the Bond and Mortgage Company of Brooklyn for three years, then a seaman in the Navy in 1918 and 1919. (Walter C. Baker, Banker, Dies; Guaranty Trust Vice President. New York Times, Sep. 26, 1971.) He married May Ida Case, daughter of Clinton P. Case, an associate of F.W. Woolworth. (Miss Case Marries Walter Baker. Brooklyn Daily Eagle, Sep. 25, 1921.) Mrs. Baker and her sister, Mrs. Anna C. Newberry, were the principal beneficiaries of Case's will. He gave each of his daughters 30,000 shares of Woolworth stock in 1934, and the largest single asset in his estate was a block of 88,350 shares of it. (C.P. Case's Estate Put At $7,932,569. New York Times, Jun. 28, 1939.) Mrs. Newberry was the wife of Charles T. Newberry, chairman of the board of J.J. Newberry Co. (C.T. Newberry, 60, Chain Store Man. New York Times, Nov. 9, 1939.)

Henry G. Dalton

Henry G. Dalton was born in Cleveland in 1862. His parents, Frederick and Ellen Gordon Dalton, were immigrants from England. He became an office boy at Pickands, Mather & Co. at the age of 20, and a partner ten years later. He became the head of Pickands, Mather & Co. in 1932 after his partner, Samuel Mather, died. He was chairman of the board of Youngstown Sheet and Tube Company, and a director of the National City Bank of Cleveland, Youngstown Steel Company, Ohio Bell Telephone Company, Steel Company of Canada Ltd., Missouri Pacific Railway Company, the New Orleans, Texas and Mexican Railway, and other companies, and a trustee of Kenyon College and Western Reserve University. (Henry G. Dalton, Steel Man, Dies. New York Times, Dec. 28, 1939.) He donated $2500 to the American Society for the Control of Cancer. (Cancer Fund Gains $90,000 in Campaign. New York Times, Sep. 28, 1926.) Dalton also replaced Mather as a director of the Bankers Trust Company.

Clarence H. Mackay

"If you find someone in 2008 who knows the name of Clarence H. Mackay, they probably only know a small part of his story... Clarence H. Mackay was the son of John W. Mackay, the driving force of the partnership that developed the richest silver mines of the Comstock Lode in Nevada during the 1860s/70s... Clarence H. Mackay became the president of the Commercial Cable Company and the Postal Telegraph-Cable Company upon the passing of his father in 1902." (Clarence H. Mackay, 1874-1938.) Clarence Hungerford Mackay's first wife was Katharine Alexander Duer, daughter of William A. Duer [who was of Royal descent]. Ushers at his wedding were Louis F. Holbrook Betts [Wolf's Head 1891], Frank Lyon Polk [Scroll & Key 1894], Philip M. Lydig, Williams P. Burden, and Walter S. Martin; Craig W. Wadsworth was absent with the Rough Riders. Columbus C. Baldwin took the place of Reginald Ronalds, also absent with the Rough Riders. Her bridesmaids were Inez Telfener (his cousin), Lila V. Sloane (daughter of William Douglas Sloane), Daisy Leiter (daughter of L.Z. Leiter), and Evelyn B. Burden, daughter of I. Townsend Burden). Nikola Tesla was among the guests. (Notable May Weddings. New York Times, May 18, 1898.) His royal relatives included Princess Colonna and Countess Telfner. (Mackay-Duer. New York Tribune, May 18, 1898.) He gave $5,000 to the American Society for the Control of Cancer. (Cancer Fund Gains $90,000 in Campaign. New York Times, Sep. 28, 1926.) The Mackay Companies merged into International Telephone and Telegraph in 1928.

Clarence H. Mackay, 1874-1938 / Mackayhistory.com

Lansing P. Reed, Skull & Bones 1904

Reed's law firm of Stetson, Jennings, Russell & Davis later became Davis Polk Wardwell Gardiner & Reed. James C. Brady, Scroll & Keys 1904, of the Central Trust, was his classmate at Yale. Reed was a director of the Guaranty Trust from 1924 to 1933.

Lansing P. Reed was the son of the Rev. Dr. Edward A. Reed, of Springfield, Mass., "one of the last representatives of a group of Congregational clergymen prominent in the Connecticut Valley" in the 1870s. (The Rev Dr. Edward A. Reed. New York Times, Jul 15, 1928.) Lansing Reed was best man at the wedding of Percy Hall Jennings (S&B 1904) to Elizabeth Auchincloss. (Weddings of a Day. New York Times, Jan. 13, 1907.) He married Ruth Lawrence, a daughter of the Right Rev. William Lawrence, the Episcopal Bishop of Massachusetts from 1893 to 1925, who was known as "the banker Bishop" because his fund raising drives "invariably developed with Midas-like magic." (Miss Ruth Lawrence Weds. New York Times, Jun. 4, 1911; Dr. Lawrence Dies; Bishop Emeritus. New York Times, Nov. 7, 1941.) The Bishop was involved in founding the Harvard School of Public Health in 1920.

In 1928, the International Telephone and Telegraph Corporation merged with the Commerical Cable Company, of which Guaranty Trust director Clarence M. Mackay was president. He and Guaranty Trust directors Edward J. Berwind, Lansing P. Reed, and W. Emlen Roosevelt joined the board of I.T.&T; also Morgan partners Arthur M. Anderson and Russell C. Leffingwell; Charles E. Mitchell and and Allen G. Hoyt of the National City Bank; John W. Cutler of Lee Higginson & Co.; Bradley W. Palmer of United Fruit; F. Wilder Bellamy of Dominick & Dominick; and Reed's law partner George H. Gardiner. (I.T.&T. Approves Mackay Merger. New York Times, May 10, 1928.)

In 1929, Reed's partner, John W. Davis, who was serving on the advisory board of the Yale Institute of Human Relations, was elected President and a Director of the Council on Foreign Relations. Fellow IHR member Owen D. Young of General Electric was also elected a director; and IHR member Charles E. Hughes and Lansing P. Reed were elected to resident membership, along with Sosthenes Behn of the International Telephone and Telegraph Corporation; Joseph R. Swan, S&B 1902, the president of the Guaranty Company of New York, and a director of the Guaranty Trust; and Christian A. Herter, a grandnephew of David Dows, who had been Secretary of the American Legation in Brussels in 1916. (Foreign Council Elects. New York Times, Dec. 14, 1929.)

Reed, Gardiner, Hoyt, Bellamy, Leffingwell, Anderson, and Cutler were directors of International Telephone and Telegraph Company in 1933. I.T.&T. made "numerous payments" to Heinrich Himmler in the late 1930s, and through subsidiaries during World War II. (Chapter 5, I.T.T. Works Both Sides of the War. In: Wall Street and the Rise of Hitler. By Antony C. Sutton.) Lansing P. Reed was counsel for International Telephone during the reorganization of the Postal Telegraph and Cable. (Court Names Smith Trustee of Postal. New York Times, Dec. 11, 1935.)

Sutton, Ch. 5, Wall Street and the Rise of Hitler / Reformed-Theology

However, both Gardiner and Reed were dead before war broke out. Reed was a director of the International Telephone and Telegraph Company and Standard Brands, Inc.; a trustee of the Public Library of New York, Union Theological Seminary, Miss Chapin's School, Phillips Andover Academy, and the Madison Avenue Presbyterian Church at his death. (G.H. Gardiner Dead; Noted As Lawyer. New York Times, Nov. 11, 1936; Lansing Reed Dies; New York Lawyer. New York Times, Dec. 3, 1937; Bulletin of Yale University. Obituary Record of Graduates of Yale University Deceased During the Year 1937-1938, pp 115-116.)

Obituary Record 1937-1938 / Yale University Library (pdf, 305 pp)

In 1934, Reed was a trustee of The Chapin School for girls, along with Mrs. Ellery S. James, S&B 1917, George Emlen Roosevelt, and Junius S. Morgan. (Maria B. Chapin, Educator, Is Dead. New York Times, Mar. 9, 1934.) In 1936, Thatcher M. Brown of Brown Brothers Harriman & Co. was elected president of the board of directors of the Union Theological Seminary, succeeding William Morgan Kingsley, president of the United States Trust Company, who remained a director. Lansing P. Reed was elected vice president of the board, and Mrs. Dwight Morrow was elected a director. (T.M. Brown Heads Seminary Board. New York Times, May 20, 1936.)

Reed's daughter, Ruth, married Samuel Hazard Gillespie Jr., S&B 1932. (Ruth Reed To Be Wed to Samuel Gillespie. New York Times, Apr. 8, 1932; Ruth Reed Is Wed On Long Island. New York Times, Jun. 23, 1935.) Mary Parmelee Reed married Roger Bulkley Shepard, S&B 1935, the brother of Blake Shepard, S&B 1936, the son of R.B. Shepard, S&B 1908, and nephew of Frank P. Shepard, S&B 1917. (Mary Reed Fiance of R.B. Shepard Jr. New York Times, Jan. 16, 1939; Church Weding For Mary P. Reed. New York Times, Jan. 29, 1939.) Hester Reed married Joseph Robinson Eggert Jr., Yale 1936; he was with the National Sugar Refining Company, and Horace Havemeyer Jr. was his best man. (Hester Reed Wed to J.R. Eggert Jr. New York Times, Aug. 10, 1947.) Joan Reed married Reginald De Koven Hudson, a Princeton graduate who was a lieutenant with the Army Counter-Intelligence Corps in the Pacific. (Joan Reed Fiancee of R. De K. Hudson. New York Times, Nov. 29, 1947; Reginald Hudson, Joan Reed Marry. New York Times, Jan. 4, 1948.) A granddaughter, Jane Trowbridge Gillespie, married H. Marshall Schwarz, the son of Frederick A.O. Schwarz, the member of Davis Polk Wardwell et al. who was a trustee of Presbyterian Hospital. Mrs. George P. Caulkins (S&B 1943) was an attendant, and James R. Sheffield, S&B 1959, was an usher. (Jane T. Gillespie Becomes Bride On Long Island. New York Times, Jun. 21, 1962.) James R. Sheffield was the son of Frederick Sheffield, board chairman of the Carnegie Corporation of New York and a director of Liggett & Myers.

The heads of the various women's committees participating in the United Hospital Fund campaign were wined and dined at a reception in the penthouse apartment of Mrs. Howeth T. Ford, who was assisted by Mrs. George Emlen Roosevelt and Mrs. S. Hazard Gillespie Jr. [aka Ruth Reed]. O. Parker McComas, the president of Philip Morris from 1949 to 1957, was president of the fund. Board members included Roy E. Larsen of Time Inc., and Thomas J. Ross, later a trustee of Ernst L. Wynder's American Health Foundation. (Reception Dec. 4 For Aides of Fund. New York Times, Nov. 23, 1957.)

Guaranty Trust Merger With National Bank of Commerce, 1929

One of the predecessor firms of the National Bank of Commerce, the National Union Bank, was founded by directors of Guaranty Trust's predecessor firm, the New York Guaranty and Indemnity Company, in 1893.

Directors of Guaranty Trust after merger with National Bank of Commerce in New York: James S. Alexander, Chairman; Charles H. Allen, trustee; George G. Allen, Vice Chairman, British-American Tobacco Co.; J. Howard Ardrey, Vice President; W.W. Atterbury, Pres. Pennsylvania Railroad Co.; Edward J. Berwind, Pres. Berwind-White Coal Mining Co.; W. Palen Conway, Vice President; Charles P. Cooper, Vice Pres. American Telephone & Telegraph Co.; John W. Davis of Davis, Polk, Wardwell, Gardiner & Reed; Henry W. de Forest, Chairman, Southern Pacific Railroad; John T. Dorrance, Pres. Campbell Soup Co.; Edward D. Duffield, Pres. Prudential Insurance Co.; Caleb C. Dula, Chairman, Liggett & Myers Tobacco Co.; Charles E. Dunlap, Vice Pres., Berwind-White Coal Mining Co.; Marshall Field of Field, Glore & Co.; Lewis Gawtry, Pres. The Bank for Savings in the City of New York; Robert W. Goelet, real estate; Philip G. Gossler, Pres. Columbia Gas & Electric Corp.; Eugene G. Grace, Pres. Bethlehem Steel Corp.; W. Averell Harriman, Chairman of W.A. Harriman & Co., Inc.; Albert H. Harris, Chairman, Executive Committee, New York Central Lines; John A. Hartford, Pres. The Great Atlantic and Pacific Tea Co.; David F. Houston, Pres. The Mutual Insurance Co. of New York; Cornelius F. Kelley, Pres. Anaconda Copper Mining Co.; Thomas W. Lamont of J.P. Morgan & Co.; Clarence H. Mackay, Pres. Commercial Cable-Postal Telegraph System; Angus D. McDonald, Vice Chairman, Executive Committee, Southern Pacific Co.; Richard B. Mellon, Pres. Mellon National Bank, Pittsburgh; Grayson M.-P. Murphy of G.M.-P. Murphy & Co.; William C. Potter, President; Lansing P. Reed of Davis, Polk, Wardwell, Gardiner & Reed; George E. Roosevelt of Roosevelt & Son; Charles H. Sabin, Vice Chairman; Charles B. Seger, Chairman, Finance Committee, Union Pacific System; Matthew S. Sloan, Pres. The New York Edison Co.; Valentine P. Snyder, retired; Eugene W. Stetson, Vice President; Eugene M. Stevens, Pres. Continental Illinois Bank and Trust Co.; Joseph R. Swan, Pres. Guaranty Co. of New York; Joseph B. Terbell, Pres. American Brake Shoe & Foundry Co.; Stevenson E. Ward, banker, the former president of the National Bank Commerce; Cornelius Vanderbilt Whitney, banker; George Whitney of J.P. Morgan & Co.; Harry Payne Whitney, banker; and Thomas Williams of I.T. Williams & Sons. (New York Times, July 9, 1929 p. 49.) Alexander left the Guaranty Trust in 1930, and Sabin replaced him as Chairman (New York Times, Jan. 3, 1930, p. 39.)

William Wallace Atterbury

Wiliam W. Atterbury (1866-1935), Yale Ph.B. 1886, was a director of the Guaranty Trust from 1929 to 1935. He was associated with the Pennsylvania Railroad since graduation, and was its President from 1925 until retiring in 1935. He was a director of the Pennsylvania Railroad and subsidiaries; a director of the Philadelphia National Bank, a trustee of the Penn Mutual Life Insurance Co. since 1919, and a manager of the Girard Trust Co., Philadelphia. Dr. Lewis A. Stimson, Yale 1863, and Rev. Henry A. Stimson, S&B 1865, were his cousins, and Dr. Lewis Atterbury Conner, Yale Ph.B. 1887, the founding president of the American Heart Association, was his nephew. (Bulletin of Yale University, Obituary Record of Graduates of Yale University Deceased during the Year 1935-1936, pp. 140-141.)

Yale Obituary Record 1935-36 / Yale University Library (pdf, 278 pp)

Charles Proctor Cooper

Charles Proctor Cooper was a director of the Guaranty Trust from 1929 until 1959. He was the President of Presbyterian Hospital from 1943 to 1957. A steady stream of Guaranty Trust directors and members of Skull & Bones were elected to its board of trustees.

John T. Dorrance

Dr. John Thompson Dorrance was born in Bristol, Pa, and graduated from MIT in 1895. He got his Ph.D. at the University of Göttingen in 1897. He joined his uncle's firm, the Joseph Campbell Preserve Co., and produced its first canned soup in 1899. He married Ethel Mallinckrodt of Baltimore in 1906. He was a director of the Pennsylvania Railroad and several other roads. (Dr. Dorrance Dead. New York Times, Sep. 22, 1930.) He was a director of the Old Colony Trust Company, Boston. Fellow directors included Charles F. Adams, Treasurer of Harvard College; Wallace B. Donham, Dean of the Harvard Graduate School of Business Administration; and T. Jefferson Coolidge. (Display Ad 3. Boston Daily Globe, Apr 8, 1920; Old Colony Trust Elects. Boston Daily Globe, Jan. 24, 1923; Display Ad 48. New York Times, Jan. 6, 1925.) He was a director of the National Bank of Commerce in New York since at least 1923. (Display Ad 37. New York Times, Jan. 4, 1923; Display Ad 25. Chicago Daily Tribune, Jan. 7, 1924; Display Ad 18. Chicago Daily Tribune, Jan. 10, 1927; Display Ad 178. New York Times, Jan. 5, 1928.) He was a director of the Philadelphia National Bank, along with Wallace D. Simmons, S&B 1890, and J. Howard Pew (Display Ad 33. New York Times, Jan. 4, 1926), and the Philadelphia-Girard National Bank (Display Ad 37. New York Times, July 6, 1926; Display Ad 39. New York Times, Mar. 28, 1927; Display Ad 187. New York Times, Mar. 8, 1928.) He was elected a director of the Prudential Insurance Co. in 1927. (Dorrance on Prudential's Board. New York Times, Oct. 11, 1927.) His father was John Dorrance, and his mother was Eleanor Gillingham Thompson. (Obituary 1. New York Times, Jan. 11, 1929.) $79 million of his estate was in the soup company, and he had $4 million deposits in eight banks in Philadelphia, New York, Camden, N.J., and Boston, including $2.8 million in the National City Bank, $1.8 million in the Guaranty Trust, $1.3 million in the Girard Trust, and $795,600 in the Fidelity Philadelphia Trust Company. (Dr. Dorrance Left $114,850,733 Estate. New York Times, Apr. 18, 1931.) He had $5 million of life insurance on 29 US and one Canadian insurance companies. (Dorrance Had $5,000,000 Insurance. New York Times, Oct 7, 1930.) His widow held fundraising dinners for the Mount Desert Hospital at Bar Harbor, Maine. Mr. & Mrs. William McCormick Blair (S&B 1907) were among their social set. (Parties Precede Bar Harbor Ball. New York Times, Aug. 20, 1937.) Dr. Dorrance's brother, Arthur C. Dorrance, was a director of the Guaranty Trust from 1933-1946. His son, John T. Dorrance Jr., became a director of the Guaranty Trust in 1956 and then a director of the Morgan Guaranty Trust.

Charles E. Dunlap

Charles E. Dunlap (~1889-1966) was Edward J. Berwind's nephew. He was born in Philadelphia, and graduated from Harvard in 1911. He joined the Berwind-White Coal Mining Company and became a vice president in 1928, then President in 1930 when his uncle retired. He was a bachelor until 1962, when he married Mrs. Phyllis I. Pollak, the daughter of Sir William and Lady High of Dundee, Scotland. His sister, Margaret Dunlap, was the wife of Sosthenes Behn, the late president of I.T.&T. (Charles Dunlap, Industrialist, 77. New York Times, Mar. 10, 1966.) He was a director of the Mutual Life Insurance Company of New York from at least 1942 until 1960, and of the New Haven Railroad until resigning in 1955. (3 Pro-Dumaine Directors Quit New Haven Board. New York Post and Times Herald, Jan. 14, 1955). He was a vestryman of St. Thomas Episcopal Church, along with fellow GT director Lewis Gawtry. (Gawtry Elected Church Warden. New York Times, Dec. 4, 1946.) His nephew, Edward J. Behn, became his assistant at Berwind-White, and was elected a director in 1959. (4 Directors Elected. New York Times, Dec. 30, 1959.) He was a director of the Guaranty Trust from 1929 until the merger with J.P. Morgan & Co., when he became a member of the directors' advisory council of the Morgan Guaranty Trust. Charles Berwind, a vice president of the Berwind-White Mining Company, was a trustee of the Research Institute of Temple University ca. 1947.

George Emlen Roosevelt

The Roosevelt family has been involved in the health establishment since the 18th century. Isaac Roosevelt, Esq., was elected President of the Board of Trustees of the New York Dispensary at its formation in 1791. In 1913, George Emlen Roosevelt was its Assistant Treasurer and a Trustee, and his father, William Emlen Roosevelt, was Treasurer and a Trustee. (City Again Orders Famous Dispensary to "Move On." New York Times, Jun. 8, 1913 p. SM12.) His father was a trustee of the Central Union Trust from the 1918 merger until his death in 1930, and was also a director of the International Telephone & Telegraph Company. George E. Roosevelt was a director of the Guaranty Trust from 1929 to 1959. In 1931, he was one of an "unusually young" trio who were elected to the New York University Council, along with Col. Allan M. Pope, president of the First National Old Colony Corporation of Boston, whose brother, Bayard F. Pope, later became a director of Benson & Hedges when it merged with Philip Morris; and Benjamin Strong. (Three Financiers Join N.Y.U. Council. New York Times, Nov. 3, 1931.) In 1941, a business associate, Charles Dewey Hilles, Skull & Bones 1924, who was a director of the American Society for the Control of Cancer, joined I.T.&T. as an assistant secretary and assistant general attorney. George Emlen Roosevelt was the godfather of Gray Wells, who married Devereux C. Josephs Jr.

"George Emlen Roosevelt (1887-1963) was a cousin of both Franklin and Theodore Roosevelt. In 1908, George Emlen became a member of the family banking firm Roosevelt & Son. In January 1934, after the passage of FDR's Banking Act of 1933, the firm was split into three individual units: Roosevelt & Son, with which George Roosevelt remained as a senior partner, Dick & Merle-Smith, and Roosevelt & Weingold. George Emlen Roosevelt was a leading railroad financier, involved in no fewer than 14 railroad reorganizations, as well as directorships in several important companies, including the Morgan-controlled Guaranty Trust Company, the Chemical Bank, and the Bank for Savings in New York. The full list of George Emlen's directorships at 1930 requires six inches of small print in Poor's Directory of Directors." (Ch. 1 The Roosevelt Family and Wall Street. In: Wall Street and FDR. By Antony C. Sutton.) He was a graduate of Harvard University, 1909. (Geo. E. Roosevelt Weds Miss Addison. New York Times, Oct. 25, 1914.) George Emlen Roosevelt and Thomas J. Watson were members of the New York University Council in 1932, when it acquired extensive property, buildings and equipment formerly used by Cornell Medical College to use in its new health center. (N.Y.U. Adds to Site For Health Centre. New York Times, Sep. 21, 1932.) Roosevelt, Watson, Edwin A. Potter Jr., and Bonesmen Henry R. Luce and Gayer G. Dominick were on the executive committee of the fund raising campaign for Roosevelt Hospital (Aids in Hospital Drive. New York Times, Apr. 19, 1939.) Roosevelt was a trustee of New York University for 35 years, the last 12 as chairman. (George Emlen Roosevelt Dies; Leading Banker and Yachtsman. New York Times, Sep. 4, 1963.)

The 1929 Crash

"Bankers have always scoffed at the popular belief that leading financiers agree in times of stress to act in concert. Only a few days before the rout of the stock market on Thursday, Charles N. Mitchell, chairman of the National City Bank and a prime mover in the formation of the banking group, asserted that in all his long experience of Wall Street affairs he had yet to learn of any such organized movement as the term 'banking support' is generall supposed to connote... Shortly after noon on Thursday, when stock market prices were crashing dizzily, when offers of stock on the floor of the Exchange met no bids at all, or, at best, bids far below the previous quotations, Charles F. Mitchell, Chairman of the National City Bank, was seen to enter the offices of the Morgan firm... When the head of the country's largest bank was seen to enter the offices of the powerful private banking firm, the financial community concluded at once that a rescue party was about to be organized. Succeeding flashes on the news tickers told of the entrance into the Morgan offices of Albert H. Wiggin, chairman of the Chase National Bank, William C. Potter, president of the Guaranty Trust Company, and Seward Prosser, chairman of the Bankers Trust Company. In less than half an hour the meeting was over. The bankers departed and Thomas W. Lamont, partner of the house of Morgan, spoke reassuringly to waiting reporters. On the floor of the Stock Exchange United States Steel common stock rallied from 193 1/2 to 206 and the panic was over. Next day it was learned that George F. Baker Jr., son of the dean of American banking, had joined the conferences of the banking group to represent the First National Bank. The adherence of this great institution, carrying with it the prestige of George F. Baker, further strengthened the faith of the financial community, and Wall Street settled down to quieter trading, confident that the danger of panic had been averted." (Banking Bouys Up Stricken Stocks. New York Times, Oct. 27, 1929.) The National City Bank, including the Corn Exchange and City Bank Farmers Trust, was the largest of the institutions, followed by the Guaranty Trust, the Chase National Bank, the Bankers Trust, and the First National. (The Men To Whom Wall Street Looks. New York Times, Nov. 3, 1929.)

Guaranty Trust Company of New York, 1930-39

Charles H. Allen, Trustee; George G. Allen, Vice Ch, British-American Tobacco Co. and Pres. Duke Power Co.; J. Howard Ardrey, Vice Pres. Guaranty Trust; W.W. Atterbury, Pres. Pennsylvania Railroad Co.; Edward J. Berwind, Pres. Berwind-White Coal Mining Co.; W. Palen Conway, Vice Pres. Guaranty Trust; Charles P. Cooper, Vice Pres. American Telephone & Telegraph Co.; Henry G. Dalton of Pickands, Mather & Co.; John W. Davis of Davis Polk Wardwell Gardiner & Reed; Henry W. DeForest, Chairman of Southern Pacific Co.; John T. Dorrance, Pres. Campbell Soup Co.; Edward D. Duffield, Pres. the Prudential Insurance Co.; Caleb C. Dula, Chairman, Liggett & Myers Tobacco Co.; Charles E. Dunlap, Vice Pres. Berwind-White Coal Mining Co.; Marshall Field, of Field, Glore & Co.; Lewis Gawtry, Pres. The Bank for Savings in the City of New York; Robert W. Goelet, Real Estate; Philip G. Gossler, Pres. Columbia Gas & Electric Corp.; Eugene G. Grace, Pres. Bethlehem Steel Corp.; W. Averell Harriman, Chairman, W.A. Harriman & Co.; Albert H. Harris, Chair. Executive Committee, New York Central Lines; John A. Hartford, Pres. The Great Atlantic & Pacific Tea Co.; David F. Houston, Pres. Mutual Life Insurance Co.; Cornelius F. Kelley, Pres. Anaconda Copper Mining Co.; Thomas W. Lamont of J.P. Morgan & Co.; Clarence H. Mackay, Pres. Commercial Cable - Postal Telegraph System; Angus D. McDonald, Vice Chairman Executive Committee, Southern Pacific Co.; Richard B. Mellon, Pres. Mellon National Bank, Pittsburgh; Grayson M.-P. Murphy of G.M.-P. Murphy & Co.; William C. Potter, President, Guaranty Trust; Lansing P. Reed of Davis Polk Wardwell Gardiner & Reed; George E. Roosevelt of Roosevelt & Son; Charles H. Sabin, Chairman Guaranty Trust; Charles B. Seger, Chairman Finance Committee, Union Pacific System; Matthew S. Sloan, Pres. The New York Edison Co.; Valentine P. Snyder, Retired; Eugene W. Stetson, Vice Pres. Guaranty Trust; Eugene M. Stevens, Pres. Continental Illinois Bank and Trust Co.; Joseph R. Swan, Pres. Guaranty Trust; Joseph B. Terbell, Chairman American Brake Shoe & Foundry Co.; Stevenson E. Ward of E.F. Hutton & Co.; Cornelius Vanderbilt Whitney, Banker; George Whitney of J.P. Morgan & Co.; Harry Payne Whitney, Banker; Thomas Williams of I.T. Williams & Sons. (Display Ad 131. New York Times, Jan. 3, 1930 p. 39.)

In 1931, Dorrance, Dula, Stevens, and H.P. Whitney left the board. (Display Ad. 110. New York Times, Jan. 2, 1931 p. 32.) In 1932, C.B. Allen, Harris and Terbell left. (Display Ad 41. New York Times, Apr. 5, 1932 p. 36.) In 1933, McDonald and Seger left, and Arthur C. Dorrance, Pres. Campbell Soup Co., joined. (Display Ad 26, Jan. 4, 1933 p. 25.) In 1934, twelve directors left: Ardrey, Berwind, Dalton, Field, Mackay, Mellon, Reed, Sabin, Sloan, Snyder, Swan, and Ward. (Display Ad 33. New York Times, Apr. 5, 1934 p. 35.) In 1935, Murphy left and L. Edmund Zacher, Pres. The Travelers Insurance Co., joined. (Display Ad 33. New York Times, Jan. 3, 1935 p. 37.) In 1936, Atterbury and Williams left. (Display Ad 33. New York Times, Jan. 3, 1936 p. 31.) In 1937, Frederick P. Keppel, Pres. Carnegie Corporationof New York, joined. (Display Ad 68. New York Times, Jan. 5, 1937 p. 37.) The lineup stayed the same in 1938. (Display Ad 39. New York Times, Jan. 4, 1938 p. 37.) In 1939, de Forest and Duffield left, and Morris W. Kellogg, Pres. The M.W. Kellogg Co.; and Charles S. Munson, Pres. Air Reduction Co. Inc., joined. (Display Ad 115. New York Times, Jan. 4, 1939 p. 35.)

John Robert Babcock

John R. Babcock was from a branch of the family in Leonardsville, NY, where his father, Henry Dwight Babcock, founded the Babcock Manufacturing Company, of which he became sale manager in 1901. Later, he moved to Texas and was secretary of the Dallas Chamber of Commerce. He was a Red Cross officer during World War I. He became associated with the National Bank of Commerce in 1919, and joined the Guaranty Trust when the two merged. He became a second vice president in 1931. (John R. Babcock, Banking Official. New York Times, Jul. 2, 1938.)

7th Generation / Tania Babcock Poirier

Arthur C. Dorrance

Arthur Calbraith Dorrance was elected President of Campbell Soup upon the death of his brother, Dr. John T. Dorrance. Arthur C. Dorrance was a Guaranty Trust director from 1933-1946. "He held directorates in the Camden Safe Deposit and Trust Company, the Reserve Bank of Philadelphia, the Philadelphia National Bank and the Lehigh Valley Railroad. At his death he was a director of the Pennsylvania Railroad, the Guaranty Trust Company of New York, and the Bell Telephone Company of Pennsylvania, as well as being a member of the board of managers of the Girard Trust Company and trustee of the Penn Mutual Life Insurance Company. From 1935 to 1940 he was a trustee of the Massachusetts Institute of Technology Corporation." He graduated from MIT as a chemical engineer in 1914. (Arthur Dorrance, Head of Soup Firm. New York Times, Sep. 23, 1946.)

Guaranty Trust Company of New York, 1940-49

In 1940, directors of the Guaranty Trust were: George G. Allen, Director, British-American Tobacco Co. and Pres., Duke Power Co.; F.W. Charske, Chairman, Executive Committee, Union Pacific Railroad Co.; W. Palen Conway, Pres. Guaranty Trust; Charles P. Cooper, Vice Pres. American Telephone & Telegraph Co.; John W. Davis of Davis Polk Wardwell Gardiner & Reed; Arthur C. Dorrance, Pres. Campbell Soup Co.; Charles E. Dunlap, Pres. Berwind-White Coal Mining Co.; Lewis Gawtry, Pres. The Bank for Savings in the City of New York; Robert W. Goelet, Real Estate; Philip G. Gossler, Chairman, Columbia Gas & Electric Corp.; Eugene G. Grace, Pres. Bethlehem Steel Corp.; W.A. Harriman of Brown Brothers Harriman & Co.; John A. Hartford, Pres. The Great Atlantic & Pacific Tea Co.; David F. Houston, Pres. The Mutual Life Insurance Co.; Cornelius F. Kelley, Pres. Anaconda Copper Mining Co.; Morris W. Kellogg, Pres. The M.W. Kellogg Co.; Frederick P. Keppel, Pres. Carnegie Corp. of New York; Thomas W. Lamont of J.P. Morgan & Co.; Charles S. Munson, Pres. Air Reduction Co. Inc.; William C. Potter, Chairman, Guaranty Trust; George E. Roosevelt of Roosevelt & Son; Eugene W. Stetson, Vice Pres., Guaranty Trust; Cornelius Vanderbilt Whitney, Banker; George Whitney of J.P. Morgan & Co.; and L. Edmund Zacher, Pres. The Travelers Insurance Co. Only Charske was new. (Display Ad 113. New York Times, Jan. 3, 1940 p. 35.)

In 1941, seven directors left: Charske, Goelet, Grace, Harriman, Houston, Lamont, and both Whitneys. They were replaced by J. Luther Cleveland, Vice Pres. Guaranty Trust; Winthrop M. Crane Jr., Pres. Crane & Co., Inc., Dalton, Mass.; Gano Dunn, Pres. The J.G. White Engineering Corp.; Walter S. Franklin, Vice Pres., The Pennsylvania Railroad Co.; Matthew T. Murray Jr., Secretary, Guaranty Trust; Thomas J. Watson, Pres. International Business Machines Corp.; and Charles E. Wilson, Pres., General Electric Co. (Display Ad 38. New York Times, Apr. 2, 1941 p. 37.) In 1942, Murray was replaced by William B. Bell, Pres. American Cyanamid Co. (Display Ad 29. New York Times, Jan. 5, 1942 p. 29.) In 1943, Wilson left and Murray returned. (Display Ad 31. New York Times, Apr. 2, 1943 p. 33.) In 1944, Keppel left. (Display Ad 30. New York Times, Jan. 4, 1944 p. 27.) In 1945, Robert T. Stevens, Serving with the Armed Forces, joined. (Display Ad 127. New York Times, Jan. 3, 1945 p. 25.) In 1946, Zacher left, and Robert W. Woodruff, President of the Coca-Cola Company, joined. (Display Ad 135. New York Times, Jan. 3, 1946 p. 32.) In 1947, Dorrance left, and William L. Kleitz, a vice president of the Guaranty Trust, joined. (Display Ad 38. New York Times, Jan. 3, 1947 p. 33.) Kleitz became President of the Guaranty Trust, and J. Luther Cleveland became Chairman of the Board, while the lineup stayed the same in 1948. (Display Ad 33. New York Times, Jan. 5, 1948 p. 31.) In 1949, Stevens left. (Display Ad 37. New York Times, Jan. 4, 1949 p. 33.)

Guaranty Trust Vice President Robert F. Loree, head of the foreign department, "reopened its pre-war quarters at 4 Place de la Concorde in the historic Hotel de Coislin, adjoining the American Embassy and fronting on the famous square." It was requisitioned for German military use during the war, but its interior was undamaged and suffered only slight scars from bullets on the exterior. (Guaranty Trust Reopens in Paris. New York Times, Mar. 3, 1945.)

J. Luther Cleveland

Cleveland was born in Cleburne, Texas in 1891. He was with the American National Bank at Muskogee and Oklahoma City before joining the Guaranty Trust in 1923 as an assistant secretary. He was second vice president in 1925 and vice president in 1928. He specialized in oil industry financing. (Gets Managerial Post With Guaranty Trust. New York Times, Feb. 13, 1940; J. Luther Cleveland, A Former Chairman of Guaranty Trust. By Walter H. Waggoner. New York Times, Jul. 4, 1984.) He succeeded William C. Porter as a director of the Atcheson, Topeka & Santa Fe Railroad. (Elected to Directorate Of the Santa Fe Railway. New York Times, Jan. 29, 1944.) He was treasurer of the $10-million Japan International Christian University Foundation fund. (Named Treasurer of Fund for Japanese University. New York Times, Apr. 3, 1950.) He replaced William C. Potter as a director of Anaconda Copper. (Chosen for Directorate of Anaconda Company. New York Times, Dec. 23, 1955.) Cleveland headed the building fund drive for Roosevelt Hospital. John D. Rockefeller gave $500,000 of the $2,137,270 already contributed. (Roosevelt Hospital Opens $8,000,000 Building Drive. New York Times, Oct. 16, 1957.) Rockefeller later added another $250,000. (Hospital Is Near Goal. New York Times, Mar. 21, 1960.) The $12,500,000 Garrard B. Winston Memorial administration building was named for the late president of the board of trustees, a former Undersecretary of the Treasury in the Coolidge Administration, who left his estate to the hospital. George Emlen Roosevelt was treasurer of the hospital. (Stone Dedicated for Hospital Unit. New York Times, Oct. 26, 1961.) His son, Charles A. Cleveland, joined the Bankers Trust as a vice president in its international division. (Bankers Trust Names Officer for a Division. New York Times, Jan. 23, 1967.)

Robert T. Stevens

Stevens was President of J.P. Stevens & Co., textile firm, from 1929 to 1942 and chairman from 1945 to 1953, when he served 2˝ years as Secretary of the Army, and returned as president again in 1955. He was a director of the Guaranty Trust from 1944 to 1948, when he resigned to become chairman and a director of the Federal Reserve Bank in New York until 1955. He rejoined the directorate of the Guaranty Trust in 1956. (Two Join Guaranty Trust Board. By Fabian Bachrach. New York Times, Nov. 8, 1956.) He was also a trustee of the Franklin Savings Bank, the Mutual Life Insurance Co., New York Telephone Co., General Electric Co., General Foods Corp., Alexander Smith & Sons Carpet Co., and the Yale & Towne Manufacturing Co. (Franklin Savings Bank Elects a New Trustee. New York Times, Oct. 23, 1946.)

Thomas J. Watson Sr.

The Guaranty Trust was the depository of the Six Per-Cent, Thirty-Year Sinking Fund Gold Bonds Due Jul. 1, 1941 of the Computing-Tabulating-Recording Company, which became International Business Machines a few years later. (Display Ad 31. New York Times, Nov. 19, 1923 p. 26.) Its president, Thomas J. Watson was a member of the Beekman Street Hospital fund drive, along with GT directors Stetson and Mackay, William V. Griffin of Time Inc., and Frank Altschul of Lazard Freres. Charles H. Sabin of the Guaranty Trust was Treasurer. (Beekman Hospital Fund Drive Opens. New York Times, Apr. 15, 1925.) In 1931-32, he was a trustee of the Puritan Mortgage Corporation, whose directors included Joseph N. Babcock, a half-cousin of NYGIC and Guaranty Trust founder Samuel D. Babcock. In 1932, as a member of the New York University Council, Watson announced its acquisition of extensive property, buildings, and equipment formerly used by Cornell University Medical College, for use in NYU's projected health center. Guaranty Trust director George Emlen Roosevelt was also a member of the committee. (N.Y.U. Adds to Site For Health Centre. New York Times, Sep. 21, 1932.) Watson was chairman of the men's committee of the Salvation Army fundraising appeal, with Walter Hoving as his assistant; of which Robert E. Strawbridge was chairman. (Hoving to Aid Drive. New York Times, Feb. 27, 1938.) Watson was a member of the executive committee of the fund raising camapign for Roosevelt Hospital, along with George Roosevelt and Edwin A. Potter Jr. of the Guaranty Trust, and Bonesmen Henry R. Luce and Gayer G. Dominick (Aids In Hospital Drive. New York Times, Apr. 19, 1939.) In 1946, Watson was a sponsor of the New York Heart Association's fund raising campaign, along with former Guaranty Trust director Averell Harriman, Mary Lasker, and James S. Adams of Lazard Freres. (Display Ad 46. New York Times, Jan. 31, 1946 p. 12.) In 1947, Watson received the National Russell Colgate distinguished service citation for "outstanding contributions to the advancement of Christian education through personal leadership and influence" from the International Council of Religious Education, (T.J. Watson Wins a Citation. New York Times, Jan. 20, 1947), whose president was Harold E. Stassen. Watson was a director of the Guaranty Trust from 1941 to 1957, including throughout World War II, when IBM's business machines were crucial to the Nazi campaign to systematically round up and dispose of Jews and other victims, and technical support from the head office in New York was essential to keep them operating. (IBM and the Holocaust. By Edwin Black.)

Home / IBM and the Holocaust.com

The Matteoli Commission of the French Government accused the Guaranty Trust, J.P. Morgan & Co., the Bank of the City of New York, the Chase Bank, and American Express of handing over lists of Jewish account holders and turning their accounts over to the Nazi occupiers of France, "long before U.S. involvement in World War II deprived them of the right to refuse." (French panel implicates U.S. banks in looting. By Lee Yanowitch. Jewish Telegraphic Agency, Feb. 12, 1999.)

French panel implicates U.S. Banks / Jewish News of Greater Phoenix

IBM and National Geographic are sponsors of The Geographic Project, a five-year study using "one of the largest collections of DNA samples ever assembled to map how the Earth was populated." (The Geographic Project. IBM.com. Link died http://www.ibm.com/industries/healthcare/doc/content/landingdtw/1271992105.html.)

Robert W. Woodruff

Robert Winship Woodruff (1889-1985) was the son of Ernest Woodruff, the president of the Trust Company of Georgia, which acquired the Coca-Cola Company of Georgia in 1919. He became president of Coca-Cola in 1923. He was a director of the Guaranty Trust from 1946 until after the merger with J.P. Morgan & Co. in 1960.

Guaranty Trust Company of New York, 1950-59

In 1950, directors of the Guaranty Trust were: George G. Allen, director of British-American Tobacco Company, Ltd., and chairman of Duke Power Company; William B. Bell, president of American Cyanamid Company; F.W. Charske, Chairman of the Executive Committee of the Union Pacific Railroad; J. Luther Cleveland, Chairman of the Board of Guaranty Trust; W. Palen Conway; Charles P. Cooper, President of the Presbyterian Hospital in the City of New York; Winthrop M. Crane Jr., President, Crane & Co., Inc., Dalton, Mass.; Stuart M. Crocker, President of The Columbia Gas System, Inc.; John W. Davis, of Davis Polk, Wardwell Sunderland & Kiendl; Charles E. Dunlap, President of the Berwind-White Coal Mining Co.; Gano Dunn, President of the J.G. White Engineering Corp.; Walter S. Franklin, President of the Pennsylvania Railroad Company; Lewis Gawtry; John A. Hartford, Chairman of the Board of The Great Atlantic & Pacific Tea Company; Cornelius F. Kelley, Chairman of the Board of the Anaconda Copper Mining Co.; Morris W. Kellogg, Chairman of the Board of the M.W. Kellogg Co.; William L. Kleitz, President of the Guaranty Trust; Charles S. Munson, Chairman of the Board of Air Reduction Co. Inc.; William C. Potter, retired chairman of Guaranty Trust; George E. Roosevelt of Roosevelt & Son; Eugene W. Stetson, Chairman of the Executive Committee of the Illinois Central Railroad; Thomas J. Watson, Chairman of the Board of International Business Machines Corp.; Charles E. Wilson, President of the General Electric Co.; and Robert E. Woodruff, Chairman of the Executive Committee of the Coca-Cola Company. (Display Ad. New York Times, Jan. 4, 1950 p. 88.)

Sep. 28, 1950: The P. Lorillard Tobacco Company borrowed $1,000,000 from the Guaranty Trust Company of New York, payable in 90 days, at 2 1/4 per cent per annum; renewed Dec. 28, 1950. Also includes authorized signatures at Wisconsin banks. (Regular meeting of the Executive Committee, P. Lorillard Co., Jan. 3, 1951.)

Executive Committee, P. Lorillard Tobacco Co., Jan. 3, 1951 / UCSF (pdf, 4pp)

In 1951, Bell and Wilson left, and Carrol M. Shanks, President of the Prudential Insurance Company of America, joined. (Display Ad 273. New York Times, Jan. 4, 1951 p. 59.) In 1952, Hartford and Kellogg left. Charles E. Wilson returned, this time as a Trustee of the Ford Foundation; and Kenneth C. Towe, President of the American Cyanamid Company, joined the board of directors, while Thomas P. Jerman and Alfred R. Thomas joined as Vice Presidents. (Display Ad 42. New York Times, Jul. 3, 1952 p. 37.) The lineup stayed the same in 1953. (Display Ad 37. New York Times, Apr. 3, 1953 p. 35.) In 1954, Charske and Dunn left, and W. Alton Jones, Chairman of the Board of Cities Service Company, joined. (Display Ad 47. New York Times, Jan. 6, 1954 p. 43.) In 1955, Gawtry left. (Display Ad 45. New York Times, Jan. 5, 1955 p. 39.) In 1956, Davis left and was replaced by Charles M. Spofford, also of Davis Polk Wardwell Sunderland & Kiendl; and John T. Dorrance Jr., Assistant to the President of the Campbell Soup Company, joined the board of directors, while Dale E. Sharp joined as Executive Vice President. (Display Ad. New York Times, Jan. 4, 1956 p. 35.) In 1957, Crane, Crocker, and Watson left, and Conway and Potter became directors emeritus, while George S. Young, President of the Columbia Gas System Inc., replaced Crocker. New directors were William C. Bolenius, Vice President, Finance, American Telephone and Telegraph Co.; James M. Symes, President of the Pennsylvania Railroad Co.; and Clyde E. Weed, President of the Anaconda Company. (Display Ad. Jan. 8, 1957 p. 43.) In 1958, Kelley and Kleitz left, and Thomas L. Perkins of Perkins, Daniel, McCormack & Collins; and Dale E. Sharp, President of the Guaranty Trust, joined. (Display Ad 42. New York Times, Jan. 7, 1958 p. 39.) In 1959, Guido F. Verbeck Jr. joined as Executive Vice President, while the directors stayed the same. (Display Ad 47. New York Times, Jan. 6, 1959 p. 44.)

Charles F. Bound

The steering committee of the anniversary fund campaign of the Protestant Episcopal Church of New York was "under the direction of" Charles F. Bound, a vice president of the Guaranty Trust. Memorial Hospital manager Robert E. Strawbridge Jr. was a vice chairman of the drive. (2 Lead Church Drive. New York Times, Jan. 1, 1958.)

John T. Dorrance Jr.

John T. Dorrance Jr. was the son of Dr. John T. Dorrance, Guaranty Trust director 1929-30. Dorrance Jr. became a director of the Morgan Guaranty Trust.

Thomas L. Perkins

Thomas L. Perkins was a son of lawyer William R. Perkins, who was "long counsel for the Duke power and tobacco interests." He was a director of Lorillard Tobacco Co. from 1955 to 1957. (Officer of Subsidiary Joins Lorillard Board. New York Times, Dec 5, 1957.) He became a director of the Morgan Guaranty Trust after the merger with J.P. Morgan & Co.

In 1959, the Guaranty Trust acquired J.P. Morgan & Co. and became the Morgan Guaranty Trust Company.

The Morgan Guaranty Trust

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