Evening star., 1916-03-26
Columbia Gas and Electric.

Columbia Gas and Electric.
At meeting of the board of esti-
mates of Baltimore City Controller
Thirst. who has just completed an In
vestigation of the West Virginia nat
ural gas fields, controlled by the Co
! iumbia Gas and Electric Company, and
of the service rendered Ohio communi-
tes now suppl ed with natural gas in
troduced a resolution recommendine e
that the city solicitor be instruct ed
10 draft an agreement between the city
and the Baltimore Natural Gas Com
pany. subsidiary of Columbia Gas
and Electric. for the supplying of nat
ural gas in Baltimore. The question of
rates is to be referred to the Mary
land public service commission for an
early settlement. In case a franchise
Is granted the Baltimore Natural Gas
company the gas will be piped 275
miles from the fields of the United Fuel
Gas Company. Columbia Gas and
Electric subsidiary
Amendment to Clayton Act.
Local bankers have been very much
interested in the Senate bill to amend
the provisions OF the Clayton law with
regard to interlocking directories.
1t is well understood that 1t would be
difficult to obtain any concessions in
the matter of the law with regard to
directors. officers and employees of banks
'hat are members of the federal re-
serve system. Effort has been largely
directed toward making it possible for
directors of member banks to hold
position on directories of banks organ
lied under state charter in which they
may be vitality interested and with a
view of giving to these banks the
benefit and judgement of experienced
directors.
In reporting favorably on Senate file,
443Z, the committee reported: at was
represented to the committee that the
rigid enforcement of the so-called
Clayton antitrust law, would work a
great hardship in many cases where
men of great banking experience were
serving on boards OF more than one
bank and where there was no sub
| stantial competition between them
Realizing that the purpose of the
passage of the Clayton antitrust law,
in so far as 1t affects banks. was to
its through the interIocking direc-
torates of competing banks. the COM
mittee is of the opinion that the pur-
pose can be as well served by granting
are not in substantial competition
with each other. requiring, however,
that the federal reserve board shall
first give it's permission. and limiting
the discretion Of the federal reserve
board to two other banks"
The recommendation also applies TO
officers and employees as well as di-
rectors. this being covered in the pro-
posed amendment.
The federal reserve board has official
/ ly approved of the proposed changes.
Gov. G. $. Hamlin in informing Senator
owen of this action, said: The amend
ment, II adopted. would give some
elasticity to the provisions Of the Clay
ton act.
1T would seem to be desirable to
have this discretionary power vested
in the board, since in many instances
the enforcement of the provisions of
the Clayton act will result in depriving
a member bank of the serVices of n
director because of his connection with
other banking Institutions. even thoug h
his serving both boards would not
be violative Of the spirit of the act.
in Washington there are many di-
rectors and officers of member bank 8
having more or less important inter
ests in savings institutions and some
trust companies. and the prospect OF
being able to retain positions has re-
lieved the situation materially, AL
though positive action has been
taken.
The federal reserve board. in the
event Of the passage OF the amend
ment,' will have something of task
in deciding just how, when and where
substantial competition begins and
ends.