I trust that you will impress upon the minds of the committee that there is a vast
difference in interlocking directorates, or, in other words, that it is possible for men of
honor to hold stock in more than one bank and be upon the board of directors to manage
atnd guide them along lines of conservatism, soundness, and stability, making them of
direct benefit to the locality which they serve. All should not be tarred with the
jame stick and be held up as inimical to good business interests.
Pardon this long letter, but I am interested, and feel sure you will find others of my
opimon, and I trust you will do all that you can to have the goats separated from the
sheep.
Yours, truly,

C. E. BuRNHAM, President.
[The Union & New Haven Trust Co. Eli Whitney, president; Thomas Hooker, vice i)resident; Henry
L. Hotchkiss, vice president; W. Perr:^ Curtiss, vice president and treasurer; Edwin L. ChapiiUH^,
Msistant treasurer; Dean B. Lyman, assistant treasurer: Henry L. GalpiniSecretary. Directors: *Max
Adler, Amos F. Barnes, *John W. Bristol, W. Perry Curtiss, *Harry G. Day, ^Benjamin R. English,
*Se9iry F. English. H. L. Galpdn, John Edward Heaton, *James S. Hemingway, *Thomas Hooker,
*Henry L. Hotchkiss, *H. Stuart Hotchkiss, *Emott H. Morse, A. Heaton Robertson, *E. G. St^-
dard, Henry H. Townshend, *Henry C. White, *Eli Whitney.]

New Haven, Conn., January 29^ 1914-
Boa. TsoMAS L.Eni^ly:

Howe (if RepregmkUives, Washingtont D. C.
Dbar M«. Rbillt: I notice that there are to be heariags before the proper cod-
tfreflaioBal committee on the bill recently introduced and referring to interlookiag
directors.
