Evening star., 1916-01-16
BY I. A. FLEMING.

| 1t is evident from the result OF the
bank elections held in washington oui
ing the past week that there WIFI De
general exodus of bank directors from
dual positions with the advent OF oc-
| tober Is, 1916.
There were very few dual director
ships resigned. the evil day OF making
choice between two or more posltlohs
being put off as long as possible
There are those who believe that some
amendment will be made to the Clay
ton act that will be less drastic in the
interlocking directory provision oue II
is rather the wish for the change Una.
inspires the belief than any nope Una.
the lawmakers will actually ma
amendments to the measure.
One or two institutions made SNOW
of securing exclusive directors, M pus
nearly every board of directors mas
nsnbars that are connected with other
financial institutions
In other cities the interlocking pro
hibition was prepared for mucn more
generally than here here, trem very aIl la but one
hoard of directors, and in Chicago ana
Philadelphia as well.
dent of the First National. ana OrsoIl
smith president of the Merchants Loan
and Trust COMPANY, retired from their
positions, each still retaining ms stock
and each being chosen as chairman OF
their respective boards OF directors;
Both have been long IN harness. a.u u
their retirement was due to desire Tor
rest rather than because of the clay
ton law. y,,aAr
lip from various bank directories Was
probably directly due to the Ia!uoi. ~, !,
law but the size of the National CITY
Bank. with deposits in excess OF sa2o,-
O0O. 900, would seem to call for the eA-
elusive services of its president.
Necessity Creates Effort.
That the present war will be largely
responsible for the development Oh
American industry mas been demon :
strated. and will be even to larger
depree than generally understood.
Necessity is the mother OF lnVen-
ton" Time was, and but 1e" years
ago. when the cotton grown IN tne
south was sent out of the pjnn pr9uuej,ns
Then mills appeared here and there
throughout the south, and home necessl-
ties were largely provided for without
the extra cost of freight both ways.
ENGLAND and other foreign countries
have imported cotton in enormous
quantities from the United States, ana
sent back in finished goods Lessenlhs
activities abroad has increased the de-
mand for home production.
|Manufa curing Company started manu-
featuring cotton goods. In that year
the company paid $36.2sS in wages; to-
day the payroll is $l.S0O.O00 annually;
There are $4,000 spindles and 24,40O
looms busy in the great plant at Man
chester N. H.
Every week these mills weave 4.715.-
7s0 yards of cotton cloth; 263.640 yards
of woolen cloth. Every year 25S,930,36O
yards of cloth are woven. and 1,6S0,oo0
bags are also made. Every year 14t ,1l9
miles of cotton cloth comes from these
looms, and 54,600,000 pounds of cotton
are turned into cloth, etc. and $780,
900 pounds of wool likewise consumed
This is one American industry taking
much American product from the
southland, and incidentally much busi-
ness from Old Manchester England.
Other American industries are doing
their share in the winning of business.
Unable to get potash from Germany,
efforts are being put forth to increase
the American supply and with good re-
suits.
Lacking German dyes has caused eff
forts to be made that have resulted in
producing in the United States about
SO per cent of the needed material. and
the supply is likely to increase under
the pressure for the dyes.
Materials yielding small amounts of
potash that were heretofore not given
much consideration are being husband
ed and carefully sought after for the
yield that can be used.
There will be less foreign goods find
ing the American market where Ameri-
cans can fill the local wants.
New York Stocks.
During the past week there has been
an awful shaking out of traders long
on war stocks. 1t became quite gen.
orally known that inspectors have re-
jected more or less munitions, rifles,
etc, after their arrival at seaboard,
ready for shipment. Such reflections
and the probability that more might
follow took the glamour off the war
stocks as investments or speculative
favorites and they were sold right and
left, creating an enormous bear in
terest, which was partially run in Fri
day for serious losses.
The big short interest, however, is
still outstanding. The theory that big
spectators have adopted is that they
will know of acceptances of orders of
supplies for foreign governments, and
as soon as any one regarding profits
acquired by corporations and can then
make their commitments. The banks
are discriminating against war shares
1t has been almost entirely a trad