The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-09-27
CHICAGO BANK PRESIDENT
SENDS WARNING TO SENATE
frotents Against ProvisIons In Trust
hiu Which Prohibit Inter-
locking Directorntes
ciaI 10 The Times-Dlspatch.l


lspecialto The Times Dispatch.1
WASHINGTON. September 26.-A
warning that commercial and nnancia
conditions In tho United state. are .,
disturbed that they cannot we'll stand
inc uncertainties OF further legislation
IL contained In n Telegram, from George
Al. Reynolds. president of ,he Con.
nnentai and Commercial National
to-day. '''o oeI'e'
Tho telegram was addressed 70 v,.o
president Marshall. and he nersonaiI,
! lad it before the Senate. Similar teia,
Erafns were sent to other members ~
| the Senate. oors Vi
MT. Reynolds protests against tho
provision in tho Clayton nntitrm.. ~, suo
which prohibits interlockinp ,l,ro. ol'
htcs Of banks. Coming as II doaa fro,,,
tho president OF the second I,rro..
bank In tho United States, the messn@e
ana warming created considerable In
terest at'the Capitol.
Tho telegram follows:
The Clayton bill "a reported h,. >.
committee contains a provision pro~
hioiting a person from being n direc-
TOR or more than one bank or trust
company In city having over goo 00o
population. Such provision is harmr,I
and unjust to the general banking in
i'm
pair their strength and will result I'm
weakening the personnel and standing
OF The directors
There are twenty-eight cities In the
United States will, population OK
ceeding 100000. The financial ro-
sources OF the banks of these cities
represent more than half of tho imam
cial strength of all the banks in mi,
country. va"
III is upon the banks OF these cSties
t"at tho burden largely rests to pro-
,ect our commerce and industry. The
banks Of tho smaller cities RELY upon
those In the larger cities FOR assIstanco
ana support. 1t Is not right to attcmpt
10 discriminate against the banks OF
'nesc tWenty-eight cities, particularly
at TINS Tine when acute financial dis-
ORDERS prevail throughout the world.
submit that no sound reason can
De advanced why the director of
S.ate trust company or bank should be
PROMPTED from being n director OF a
national bank. State banks act as
trustees. executors. administer tors ana
IN other recognized corporate trust
posItions They discharge functions
mat cannot be exercised by national
nnnhs' me business OF each OF those
Two classes Of institutions corrcIata.
ana hts In with that or the other. nnd
does not conflict or compete. ,rboro
are several hundred national hank.
which have affiliations with State trust
companies or banks. and have ono or
more common directors.
Tne proposed Legislation Will intr
duce uncertainties and in my opinion
no Dank legislation that is not abso- |
luteiy necessary ought to be attemptcd |
~ time like this. when our CONNER
s az and financial interests arc greatly
q disturbed. Furthermore. / do not think
II right to mix up an important ba nh
Ins question with the provisions of The
layton bill. that has to do with tho
equation or trusts and monopolies.
submit these views In the interest
-utions OF the country generalIv a,,d
not because OF any peculiar hardshin
maj the proposed legislation will work
AGAINST me or the institution of which
am president. l therefore urge that
no pt.or action or tho Senate In strik-
10