Evening star., 1915-01-17

institution at the annual meeting last
Tuesday. He particularly impressed
upon each and every director his per-
sonal responsibility for the conduct Of
the bank, and declared that everything
In the conduct of the institution was a
matter that should be known by and
be of interest to every director. He
ings of the board during 1913, and
showed the number Of absentees at
each meeting.
Mr. Scott asserted that, in his opin-
Ion. lack of information as to the con-
duct of business of the bank was no
excuse for a director should anything
go wrong with an institution
Interlocking Directorates.
Bank elections this week disclosed
few changes in any of the banks. while
the election of officers was almost in
variably reelection of the 1918
roster.
Next year it will be different. After
October 1, 1916, it will be unlawful for
any person to be director or other
officer or employe of more than one
company organized or operating under
the laws of the United States, either
Of which has deposits, capital. surplus
and undivided profits aggregating more
than $5,000.000, and no private banker
or person who is a director In any
operated under the laws of a state,
having deposits. capital. surplus and
undivided profits aggregating more
than $5.o00,000 shall be eligible to be
director in any bank or banking as
ISOLATION organized or operating under
the laws of the United States.
The only important exception is that
directors or other officers or employees
of a national bank or state institution
may be connected with one other bank
or trust company where the entire cap
itaIF stock of one is owned by stock
holders in the other.
If this provision remains unrepealed
until the date named 1t will necessar-
lily lead to a great many changes in
bank directories, especially In the large
cities, for several of the banks and
trust companies have interlocking
boards, in whole or in part.
Financial Notes.
The deposits of the thirteen national
banks of the city, December 81. were
$33, ,513 206, while the six trust compa mics
had deposits of s2s,954,735. The savings
banks had about s1o,0Oo,OOo to the credit
Of their depositors. The reserve per-
centage of the national banks was about
% per cent.
Ih6 neaQ OIL great lnQuStTldl CoTpOT-
alton takes hopeful view OF conditions.
Retailers stocks are, in his opinion, very
low, collections are improving, even In
the south, and he further believes that
"the business has never before been on
SO LIQUID a basis and ready to expand
as it Is at the present time"
The silver output in 1914 was worth
s7,214,0 900.
The old Chicago National Bank of
which John r. Walsh was president, still
retains it's corporate existence and elect
ed directors and officers as usual, last
Tuesday.
Armour & Co.'S surplus from opera
tions for 1914 equaled 1884 per cent on
$2o,0o0,000 capital stock. as compared
with 3014 per cent in 1919.
Bank clearings for the week ehling
Friday night decreased $S4,254,406 i'll
New York, $1o,0S9.000 in Chicago and
$135O0,O00 in Boston. Philadelphia and
st. Louis, as compared with the clear
ings for the corresponding week last
year.
Morris & Co., packers. in their flnan-
cial report for the year ending OCTOBER
81, 1914, show net earnings Of $2.205,-
672.69 upon capital investment Of
$3O93S,S55.73, or SIS per cent. OF the
net earnings of the company $450.000
was paid in dividends and $l.756.67I
was added to the surplus account.
The National City Bank OF New York
has Just issued a bound volume OF its
monthly letters on financial matters
sent out In 1914.