The Bridgeport evening farmer., 1916-10-11
REORGANIZATION OF FLOCAL. BANKS
 BEING EFFECTED
Warner, Pierce and Seeley Resign From Directorate
 of First Bridgeport.
EIGHT LEAVE THE /
 TRUST co. BOARD
City National Bank Not Af- fected by New Clayton
 Banking Act.

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 The biggest shake-up that ever hit banking institutions of Bridgeport is in progress today. As result of or ders received through the Federal Re- serve bank, supplemented by the de- nia1 of a request to Secretary McAdoo of the United States treasury to per- init certain directors to remain in so- called interlockng directorates here, a dozeH of Bridgeport's most prominent financiers have resigned from local banks.
 The banking institutions affected are:
 F1rst-Bridgeport National. > Bridgeport Trust Company.
 Connecticut National Bank.
 Hincks Brothers.
 T. L.. Watson & Company.
 Those who have retired from the di- rectorate of at least one bank because of their directorships in other banks are:
 Charles G. Sanford, Peter W. Wren, Hamilton Shelton, DeVer H. Warner, B. D. Pierce, Jr., Clinton Barnum See- ley, Robert s. Hincks, Gen. T. L. Wat son, Waldo c. Bryant, Nathaniel W. Bishop, Henry A. Bishop, Isaac w. Birdsey and Dwight C.lWheeler.
 From the First-Bridgeport National Bank, DeVer H. Warner, B. D. Pierce, Jr., and Clinton Barnum Seeley have withdrawn that they may be identified with the Bridgeport Trust Company, and Robert S. Hincks has withdrawn that he may remain with the institu- tion bearing his name.
 From the Bridgeport Trust Co. the withdrawals include Charles G. San ford, who was elected to retain the presidency of the First Bridgeport Ma tional bank; Peter W. Wren, who will retain the vice presidency of the First Bridgeport; Hamilton S. Shelton, who remains president of the Connecticut National bank; Waldo c. Bryant, who will stih> be on the directorate of the First Bridgeport; Nathaniel W. and Henry A. Bishop, who decided to re- main with the Connecticut National bank, and Isaac w. Birdsey and Dwight C.. Wheeler, who have been connected with the old Pe- quonnock and Bridgeport National banks, and will remain with the First Bridgeport National bank.
 Only one director retired from the Connecticut National bank in the per- son of Gen. Thomas L. Watson, who will still head the banking institution bearing his name.
 No changes were made in the of f1cials or directors of the City National bank.
 At the banking institutions affected but little information was divulged to- day as to the effect the change will have, though 1t was admitted at the Trust company's office that with a directorate of 20 out of 28 remaining no immediate attempt would be made to replete the list.
 At the First-Bridgeport and Con- necticut National banks it was admit ted that the resignations had been re- ceived and would take effect immed- lately to come within the Clayton act which specifies that no 1nterlocking di- rectorates shall exist after October 15, but the question of electing successors to the directors who had resigned is not definitely settled.
 Many of the financiers effected by the Clayton Act long have been asso- ciated with the banking institutions from which they were compelled to withdraw. The loss of association means deep sentimental regret if. not a deeper significance in the financial world.
 Every effort was made to secure a ruling from the Secretary of Treasury which would obviate the change. The necessity for the change came directly under the interpretation of the words substantial competition" It was felt here that the character of busi- ness transacted by the Bridgeport Trust Go. in which a majority of the directors interlocked was of such na- ture as it would not be construed to be substantial competition. Directors in the banking institutions placed the situation plainly before the Secre- tary of Treasury in his capacity as head of the Federal Reserve Board but the applications to remain in both institutions is said to have. been de- nled.
 As result of the final decision the directors of the F'irst-Bridgeport Ma tional bank and the Connecticut Ma tional bank met separately yesterday to receive the resignation of their as- sociates which were accepted with the deepest regret. Similar action was taken this morning in the office of the Bridgeport Trust Go.