The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-01-12
IMPORTANT DIRECTORATE
CHANGES ARE MADE
Law Against Interlocking Bank Man
ageuaents Causes Many
Refirements.
MAY SERVE oSLY ONE RANK
Vanderitp Retires From Riggs Ma
tionai---Eanes j. Hill Gets Out of
All Bank Directorates 49, Other
Changes.

New York, Jan. 11.--Today the ma
EonAi banks throughout the United
states held their annual meetings. and
these meetings took on especial sig
nthcance this year because OF the
Clayton anu-trust law, which foroids
tntsrlocking bank directorates This
law was passed on October 15, 1914.
Its enforcement means that most OF
the Tanks will have to make changes
in The personnel of their respective
eoarGs The act provides that two
years after the passage of the law
no person shall at the same time be
a iii ector of more than one bank
either Of which has deposits. capital,
surplus and undivided profits aggre-
eating more than 5000. 900"
The law gives the tanks until Oc-
tober 10 OF this year to make their
changes
All the retiring directors af the
National City Bank were reelected 1T
meeting today, and William Cooper
Proccer. president OF the Proctor &
Gamble Company, OF Cincinnati was
added to tina board.
Vanderlip Out.
Frank A. Vanderlip. president Of
the National City Bank and a direc-
tor in many other financial institu-
dona has resigned from all his offices
| except the National City, II was an
nounoed In Washington today by the
Riggs National Bank, OF which he was
director.
! Mr.. vanderlip WAS a,directer in the
Farmers Loan and Trust Company,
National Bank of Commerce and
| Riggs National Bank, In addition TO
| mem bership on the board OF many
industrial and railroad corporations.
| J. P. Morgan Is not personally a
having resigned from those boards ne
did belong to IN 1874 but three of
the mem bers of his Arm are directors
OF several banks and trust companies.
William H. Porter 10 on the boards
Of the Aston Trust Company, the
Chemical National Bank the Fifth
Avenue Bank and the Franklin Saw
the boards OF the First National Bank
and the Guaranty Trust Company.
and H ?. Dawson Is on the boards
OF the Bankers Trust Company and
the Liberty National Bank.
Al the meeting OF the First Eatlcnal
Bank, A. Barton Hepburn, chairman
OF the board Of the Chass National
Bank. resigned as a director. Nj
Hepburn Ia also director OF the
panics and of the Fidelity Trust Com
pany Of Newark and the Maryland
Trust Company of Baltimore.
Hill Gives Up DLrectorates
All the directors of the Chase Ma
| ttnnAl Bank were reelected with tho
exception Of James J. Hill, who. II is
understood, will give up all his bank
ing direetorates with the exception Of
his Western banking interests Mr.
Hill Is succeeded on the board by his
son. Louis w Hill. who is president
and chairman OF the. board of the
| First National Bank Of St Paul.
| Charles NJ. Schwab, chairman of
the Bethlehem Steel Company: Daniel
c. lacking prominent copper OPP
eratar, and Frank A. Sayles. OF Paw
tucket, r T., are the new directors
added to the Chase board.
AT the Liberty National Bank
meeting Frank Fl. Bethel was chosen
director to succeed his father, Union
N. Bethel. president OF the American
! Telephone and Telegraph Company.
Alexander NJ Hall End. a vice presi-
dent Of the bank. was elected to sue
ceej z. s. Freeman,
| Charles NJ schwab has been elect
| ed ~ the board of the Empire State
I
tors OF this company were reelected
| Retire From Bank OF Commerce.
| Frank A VANDERBILT, president of the
National City Bank: Albert Fl. Wig
| gin, president OF the Chase National
Francis l. Hine, president of the
! First National Bank. and W. A ST.
monson. vice-president of the National
City Bank, nave all retired from the
board OF the National Bank OF Com
| n1ercc This reduces the board from
| twenty-five TO .twenty-one.
! Besides resigfiing from the boards
| Of the Riggs National Bank Mr.. Van
derlip has also. or will resign, from
all his banking interests except the
National City Bank
! Henry NJ Howe has been added to
the board OF the Hanover National
| Bank. That board now has twenty
three members. The other directors
were reelected
T. S. Orders Inquiry.
I Washington, Jan. 11.-Ambassador