BANK POOL.

Press, Volume LXI, Issue 18577, 30 December 1925, Page 7

BANK POOL.

GIGANTIC RESOURCES. AMERICAN BUSINESS COUP. FINANCING THE FUTURE. (BT CA3LE—PBZBS ASSOCIATION —COJTRIOHT.) (ACSTEALIAy A3D N.Z CABLX ASSOCJA""IOX.) (Received December 29th, 8.40 p.m.) NEW YORK, December 29. A gigantic bank consolidation, which, when completed, will have resources of over 1,300,'000,000 dollars, out-capital-ising slr Pierpont slorgan or any other private banking interests in tho United States, was reported in "Wall Street as being formed by slr Clarence Dillon, head of the banking firm of Dillon, Head, and Co., which recently created a sensation by purchasing the Dodge Brothers' automobile business for 146,000,000 dollars cash, and which also participated in. tho flotation of tho Australian loanThe amalgamation, which niay tako years to complete, will be tho largest American business coup since the formation of tho United States Steel Cor-: poration by the late Andrew The group will includo tho following four banks and one trust company:— slechanics Metals Bank, with 308,000,000 dollars resources; Chatham-Phoenix Bank, with 267,000,000; National Party Bank, with 232,000,000; Chemical National Bank, with 177,000,000, and Central Union Trust Company, with The reasons for tho merger are to afford a greater capacity for financing both foreign and domestic enterprises.