Evening star., 1939-08-09
Veto Of Glass Bill
ToHdveLit Effect
Here, Bankers Say
Few Directors On
More Than One Boord,
They Declare

Washington bank directors will
feel little if any effect from Presi-
dent Roosevelt's veto of the Glass
bill to postpone for four more years
the Clayton Acts ban against in
terlocking bank directorates.
Local bankers pointed out that
there had been in the city only
relatively few directors who had
been on more than one board, and
that these previously had reduced
their memberships to only two
boards.
Furthermore, four days before
the White House veto, it was re-
called today, the Federal Reserve
Board of Governors exercised its
authority to extend for six more
months its permission to member
bank directors to hold simultane-
ously dictatorship in one other
bank.
Effect of the Glass bill, bank
officials explained, would have been
to make the extension a matter of
law for four years rather than
matter of regulation by the Federal
Reserve Board.
Believed Advised by Treasury.
The Glass bill also would have
tended to freeze interlocking di-
rectorates by barring any new
relationships of that type. The
understanding here now is that the
Presidents veto was advised by the
Treasury Department.
Interlocking directorates first were
ordered out by the Bank Act of 1885,
which amended the Clayton Act to
that effect, effective February |,
of this year. The Reserve Board
last winter gave permission to men,
Der bank directors to hold one other
bank directorate until August l, and
last week extended that permission
to February l of next year
Three representatives of the Dis
trict Bankers Association attended
the funeral yesterday afternoon of
James Trimble, executive vice pres
ident of the National Bank of
Washington, at Central Presbyterian
Church. The representatives. ap-
pointed by Ord Preston, president
of the association, were Albert S.
Galley, executive vice president of
Lincoln National Bank; Victor B.
Deyber. chairman of the board of
the Second National Bank, and
Horace F. Stokes cashier of Ma
tional Metropolitan Bank
Mr. Trimble was remembered in
the financial district not only as
an official Of the National Bank
of Washington. but also as a ma
tional bank examiner for this area.
who was we'll known for many
years here before he joined the local
institution staff.
Grady Reelected.
John H. Grady was reelected
president of the Potomac Insurance
Co. of the District of Columbia
at its 1o8th annual election. Other
officers were named as follows:
Thomas c. Moore, vice president
and manager; Judge A. A. Hoehling,
second vice president; Alexander K.
Phillips, secretary; Mrs. j. w. Law
Ter and w. c.. Dent, assistant Sec
retaries.
1t was reported that notwith-
standing the reduction in insurance
and interest rates, the company
showed satisfactory gains for the
first six months of 1899.
Directors of the company, besides
director-o officers. include Charles E.
Hood, c. F. Jacobsen. Sir Francis
Norie- Miller Bart; James F. Mitch
ell, Stanley Norie- Miller. C. F. R.
Ogilby Douglas r. Phillips and
Frederick Richardson.
Charles I. Haycraft, leading pro-
ducer of the DeForce Agency of the
Continental American Life Insur-
ance Co., left today for Ocean City,
Md. on Marlin fishing trip as
reward for being one of the seven
leading producers of the company
for the month OF July.
Heating equipment dealers of the
East Coast met at the Mayf1ower
Hotel today for one of a series of
regional sales and engineering meet
ings conducted by the Iron Fireman
Manufacturing Co.
E. c. Sammons, Portland vice
president, announced that Iron Fire
mans volume to date this year is
at new all-time high Prospects
are for a new record peak selling
season in the fall, he said.
c. T. Burg, Cleveland, sales man
ager, presided. The Iron Fireman
Sales Corp. is host dealer for the
meeting.