BANK MERGER

Feilding Star, Volume 3, Issue 553, 30 December 1925, Page 7

BANK MERGER

IN THE UNITED STATES. BIG FINANCIAL RESOURCES (Aust. and N.Z. Cable). New York, Dec. 29. A gigantic bank consolidation which, when completed, will have resources-., of - over 1,300,000,000 dollars, out-capitalising Ihe 31 organ or any other banking interests in the United States, was reported in Wall street as being formed by Mr Clarence Dillon, bead of the banking linn of Dillon, Read, and Co., which recently sensationally purchased Dodge Brothers’ automobile business for 146,000,000 dollars cash, and also participated in. the flotation of the Australian loan.

The amalgamation, which may take years to complete, will be the largest American business coup since the formation of -the United States Steel Corporation bv the late Andrew Carnegie.

Tire group will include the following four banks: Trust Company of Mechanics Metals, with 308,U00,0U0 dollars resources; Chatham .Phoenix, with 267,000,000; National Party, with 232,000,000; Chemical National, with 177,000,000; Central Union Trust Company, with 317,000,000. The reason for the merger are to afford greater capacity for financing both foreign and domestic fields.