The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-14
GEORGE F. BAKER OUT
OF CHASE NATIONAL
Follows Morgan Example in
Move to Reduce TnterlOck-
ing DirectOrates.
BANKS. ACT ON NEW LAW
Six Rstify Decision to Join Sys-
tem--Many Changes in
Boards.

George T.. Baker. chairman Of the First
National Bank. retired yesterday as a di-
rector Of tho Chase National Bank. This
was the one change OF outstanding impor-
tance In the directories of the national
ban;s Of New York ut the annual meet
ings OF their stockholders.
Mr. Baker was succeeded on the board
of the Chase by John J. Mitchell. prcsi-
dent Of the Illinois Trust and Savings
Bank OF Chicago. who resigned from TN"
board OF the First National Theodore n.
Vail, president of the American Telephone
and Telegraph Company. succeeded Mr..
Mitchell ON the board ~ the First Ma
ttonal.
Mr.. Baker announced last week when
the Morgan retirement from II number OF
directorates was published that he IN
tended ito get of all the boards they'll lot
me-"
Tue First Nationals close affiliations
with tho Chase was one Of the central
points Of the Pujo committee examination
Of Mr.. Baker II was shown that the First
National interests. through the banks
associated company. the First Security
Company, owned 2s.632 shores Of the 50.-
600 shares Of Chase Bank outstanding.
Several days before Mr. Baker testified at
ehe hearing on January 3, 1918, 1t was
asasned that $4,000 shares OF these hold
1nsu had been sold. at Mr.. Bakers sugges-
ton, to Albert Wiggin. president OF the
Chase National. and his associates. II was
considered yesterday that Mr.. Bakers re-
tirement from the Chase board was
natural result of the sale of the stock
= year ago
Few Important Changes.
Outside OF these changes there were no
others Of broad Significance in relation to
tho unlocking OF interlocking directorates
Decision on the question OF Joining the
FEDERAL reserve system was not generally
taken at the stockholders meetings. Six
banks. most Of whom already had signi-
ned their intention OF joining the system.
ratified the action by vote of the stock
holderA Some will hold special meetings
q stockholders later.
At tho National city Bank there were
no changes In the directorate. The new
once OF secretary to the president was
cfaated z. r. Currier was elected to It.
Action On New system.
Action on the question of joining the
yederal reserve system was AS follows
Stockholders voted to join the system
b the Hartman National. Battery Park
Fulton National. Fifth Avenue and Ne
chanics and Metals National banks
Stockholders of the following banks
voted to leave the question to the dis
erection Of directors: Citizens Central
National and Ger1nania Bank.
Directors recommended joining the eys-
tom and special Stockholders meetings
viii DO. held In the following banks !:
Hanover National. National Bank Of
Commerce and Irving National. Special
0tockholders' meetings will be held BY the
Chatham and Phenix National
Directors OF the following banks are TO
meet TO decide on membership: Sherman
National and Second National.
Some OF tho changes in directorates
were n follows:
Chemical Natfonal-Arthur Iselin Of
william Iselin 4 Co. TO succeed II. p.
Dawson Of J. p. Morgan Co. recently
resigned.
Hanover Mathematician j. R,ker added
to the board.
National Bank Of Commerce-Re,r.ng
directors reelected, with no election 10 MI
tho vacancy caused by retirement OF Allan
\ Ryan.
American Exchange Nationai-P. A. s.
Franklin elected TO replace W. A. Bull,
deceased.
WHITE 4 Case, attorneys for the bank. de-
ciined reelection.
International Bank-Willam Barclay
Parsons added to the board.
Citizens Central Acknowledgement
Comfy, vice-presldent. added TO the board.
Union Exchange Nationai-George X.
Connlcy and Otto f. Brysoos elected to
succeed r. Il, Vogel. l. Wicngart and A.
H. Schefer. retired.
Sherman National-Henry B. Quimby
and Max Radt elected to succeed Clinton
II. Crane, retired. and Dwight 4. Jones.
deceased.
National DISQUALIFICATION to the board
Of Newton ID. Alling and Marshall Stern
confirmed.
New York County Acknowledgement
q. W. Smith added to the board.
Irving Exchange National--Safnuel
Sloan elected a director to fill a vacancy.
Merchants Exchange NATIONALITY. II.
0riffiths elected to succeed Timothy l..
Woodruff. deceased.
Action of Queens Banks.
voted in favor of entering the Federal
reserve system. The following banks took
action:
Flushing Acknowledgement entire
hoard Of directors and favored entering
the reserve system.
milestone Bank--Voted to enter the
Federal reserve system. The application
OF tnlS DanK 10 enter system aNedu,
has been filed.
Bay Side National Bank--Ratifled the
vote Of the board of directors to enter
the Federal reserve system. William II
Jones elected TO board in place OF G.
Waldo Smith. deceased.
National Commercial Bank Of Lona
leland City-Elected directors, who vii
meet January 90. to consider entering the
Federal reserve system.
jersey city Banks.
Six new directors were elected by ths
stockholders Of the Union Trust Com
pany Of Jersey City. They are: A. J
Stone, Willet r. Cook, c. +. Mueller. Jr,
Thomas II. Eckerson, Benjamin j., Far
rier and William II. Cane. Tho othel
fourteen directors hold over.
There were no changes in the othel
Jersey City banks.
LEATHER MEN URGE RATE RAISI