Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-10-17
FINANCIAL-LOCALA AND OTHERWISE.

but the whole list of sea and undersea
| fighters is to be replenished and equip
ped.
There is no waste like the waste OF
| war. except the waste in preparation,
In practice. in cruises, camps, etc. And
| the preparation of the great ordnance
and war supply manufacturing con-
| Germs FOR the orders that are pouring
over from Europe has made the capac-
| ity of factories in the United States.
perhaps greater than those Of any
other nation.
| They are prepared to help the United
states prepare. Naturally they will
prosper in doing it.
! Government yards and equipment
j cannot meet requirements. Private
corporations will receive many con-
| tracts.
Prices in the stock market today look
| enormously high on war stocks, as
compared with a year ago. What they
may be in another year, under condi-
lions as they are likely to be, is mat
ter or doubt, of course, but the prices
OF today may look cheap as compared
with the figures year hence. and the
American budget, supported by Con-
gress. the President and public senti-
ment. should help matters decidedly.
Interesting Problems.
Returning to the Clayton act.
Can bank official or director hold
ing positions with more than one fiscal
institution, coming under the provi-
sions of the act that prohibit dual di-
rectorships and service in banks or
trust companies operating under the
laws of the United States, in cities of
| more than 100000 population; or in in
stitutions having resources of 5000, 900
or over. stand for election at the an
nual elections OF 1916. serve his time
1t would seem as if directors and Of
Meals holding two positions might
postpone the date of making their
choice for the better part of year by
taxing this course, against which there
may be no objection; the directors
always having the right to fill vacan-
cies in their number due to resignation
or other cause.
In section s Of the Clayton act ap-
pears this paragraph: When any per-
employe of any bank or other corpora
ton, subject to this act. is eligible at
the time of his election or selection, to
act for such bank or other corporation
In such capacity, his eligibility to act
In such capacity shall not be affected,
and he shall not become or be deemed
amenable to any of the provisions
hereof by reason Of any change in the
affairs Of such bank. or corporation.
specifically excepted by any of the pro
visions hereof, or not, until the ex-
piration OF one year from the date of
his election or employment"
To a layman this language is not
complex-it seems plain enough If it
is devoid Of double intents or legal
meaning then 1t would seem as If an
official or director elected at the annual
elections in January. 1916, might serve
out his term of Office in peace, and that
Iit would not be necessary to resign
with the advent of October Is.
The counsel of the federal reserve
board has advised that body that off,
Gals of a bank reaching the five-mil-
Hon dollar resources after the annual
election may serve out their terms etc
But the section pertaining to the 2O0,-
600 inha bftants. referred to above,
would seem to make the five-million-
dollar clause entirely unnecessary No
bank of this size is likely to flourish
In places where the population Is un-
der this minimum
The authority to enforce the pro-
visions of the act in SO far as banks
and trust companies organized under
the laws of the United States lies in the
federal reserve board.
All language is more or less COM
pick when in the hands OF able and ac-
complished lawyers and can be made
to mean this or that
Bankers are entitled to official rulings
on this matter and the sooner the De-
partment of Justice makes plain the
matter Of the law the sooner bank
rations for obeying 1t, though it is up
to them to obey without opinions.
The law In no way affects mutual
banks or prevents bank directors from
taking position on federal reserve re-
gional boards. etc.