New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-12
Big Institutions End Inter
locking Directorates at
Annual Meeting.
STATE CONCERNS AND
DEPOSIT FIRMS ACT
Frank Nanderlip Resigns from
Three Places. Remaining
with National City.

The 6rSt concerted effort by national
bank officers 20 comply with that pro
vision Of the Clayton antitrust law
directed against interlocking director
ates was begun Yesterday az tho annual
meetings o. stockholders. The law
was aimed chiefly at the biz Wall
Street institutions represented on more
shan ore bank board.
Although the new statute does not
become effective until October ! there
was general disposition TO follow out
a. this time the instructions contained
ir the ac1 IN some cases the matter
was postponed until later date. This
viii make necessary calling special
stockholders meetings.
Among the more important banks
where changes in tho directorates were
Influenced by the Clayton law were tho
National City Bank. the National Bank
Of Commerce. the First National Banl,
end the Chase National, on whose
boards were several directors OF other
banking institutions. The operation Of
the act Will also cause many changes
iu the boards Of trust companies. In
such institutions az the Bankers Trust
Company. the Guaranty Trust Company
and the Astor Trust Company, on
whose boards are many national bank
ors, the directors will relinquish their
affiliations with the state institution
rather than with their national bank
Trust company meetings will be held
chiefly this week.
Private Bankers Included.
Private bankers also come under the
law, so far as their relations with ma
tional banks are concerned. This will
affect certain members Of the firm Of
J.P. Morgan & Co. William II. Porter
is a director Of the Chemical National
Bank, Thomas W Lamont Is on the
First National board and Henry 2.
Dawson is O director of the Liberty
National Bank J. T. Morgan is not a
director Of any banking institution,
having resigned his memberships on
such boards two years ago. when pub
Tic sentiment was aroused by the crlt-
cism Of interlockng directorshlps and
their possible evils.
Among the prominent national banN
officials who retired from bank boards
Yesterday were Frank A. Nanderlip. 4.
Barton Hepburn. Albert II. Nlggln and
Francis J.. HIne. Mr.. Wandering re-
signed from the boards Of the National
Bank Of Commerce, the Riggs National
Bank of Washington and the Farmers
bank board on which he now serves Is
the National City. Of which he is also
president.
Mr. Hepburn, who is chairman Of the
Chase National Bank. retired from the
board Of the First National, and Mr..
Wiggin, president Of the Chase, re-
signed from the Bank Of Commerce
board, along with Mr. Hlne, president
OF the First National, and ". A. SIMON
son. q ice-president OF the National
City Bank. Other changes that TOOK
place yesterday were:
American F1,hsrss National -BsnS-Jo3h77. =
Browning a.. -se Less. James a smith and kisaf
Es-t ~ >re rs .N % Al-W r. Gotta. p.
p Dodge cd E j. Hopkins sere sectri directors
Ear'g YAK Na,r,a.-Nrrsi Rouer succeeds
E.tl- N...sa. V'tan Teller ADDED 70 board.
B..1 NarY.al-N4t. SAKE retired FROM .osrd.
t.a.. \a.0ra .Ie~H N itI ..e'-. DIS
fsH..- Ju.., i.. d'-...lr. So" OIL, l'.'
70 f. bond ..a.ei Caars. ~ s-Nso Daniel
e.. I4.slg and f-s.. A. sue
trI..s Contra. Nal..a. l.uD a. Cesar ana
va. Ed Iu Ns...al-Toli Huntington elected
I.s N,ea-a. 70 Jamaica William % Kriau.
tr sl..eei-i -lr ate JOHN ii h;1er - Gre
cara ,>s'aa. A,,aa 3 . pg.' .,s .u, s,ss.i
G-s..Io.l' <.ia.a. v u.o9aw-Peet Do.'ssr