COMMERCIAL

Greymouth Evening Star, 3 April 1929, Page 9

COMMERCIAL

AMERTCAN j FINANCE.

(Australian Press Assn. —United Service.) (By Gable—Press Assn.— Copyright.)

NEW YORK, April 1.

The directors of the National City Bank and the Farmers’ Loan Trust Coy. have agreed to merge the trust business of both banks, and form “the City Bank and Farmers’ Trust Company,” with Charles Mitchell as Chairman, and a. capital of approximately ten million dollars. The National City Bank and its investment subsidiary will continue to function under the present names, having a capital of 110 millions following a share exchange, whereby the holders of shares in the Farmers’ Loan will receive five shares in the National City Bank for each share of the Farmers’ Loan. It is estimated that the total combined resources of the National City Bank and its subsidiary, the National City Company and New City Bank, and the Farmers’ Trust Company, will be approximately twenty-one hundred million dollars, the combination thus taking first rank in the United States, which was recently captured when the Guaranty Trust and National Bank of Commerce formed a merger valued at two thousand millions.

Prices dropped violently on the Stock Exchange to-day, with a general loss of one to twelve points. Call money rose to fifteen per cent. All leasing issues suffered losses but some rallied slightly toward the close. Much uneasiness was felt due, to a meeting of the Federal Reserve Governors at Washington, but no definite announcements were given out by them. HOMELAND MARKETS Dalgety and Company’s report from London, dated March 27. Tallow: 920 casks offered, 322 casks sold. Prices 6d per cwt. lower; good mixed unchanged. Fine mutton 44/-, cwt; good mixed 42/- cwt; inferior 37/6 cwt. Frozen meat:- —Lamb: N.Z. prime Canterbury lamb 28/361b5., prime North Island lamb 28/361b5., 9d; prime Canterbury lamb, 36/421bs B§d; prime North Island lamb, 36/42, BJd; prime Canterbury lamb, 2nd quality Sgd; prime North Island, 2nd quality, B|d; prime Canterbury lamb 42/501b5., Sgd; prime North Island lamb 42/501b5.,81d. Market weak; demand runs principally on light-weights. Mutton: N.Z. Prime Canterbury mutton, 48/561b5., 63d; prime North island mutton 48/561b5. ( 6Jd.; prime Canterbury mutton, 56/641bs, 6Jd; prime North Island mutton, 56/641b5., sgd; prime Canterbury mutton 64/721b5., s£d; prime North Island mutton 64/72 lbs., sd; prime Canterbury ewes 48/64. lbs., 4Jd; prime North Island ewes, 48/641bs, 4£d. Market unchanged; demand better.

Beef: N.Z. prime ox beef hinds 5Jd; fores 4d; Argentine chilled hinds 6Jd; fores, sd. Market for New Zealand beef firm owing to light stocks; demand continues.

Pork: English porkers, 80/1001bs.. 12d; N.Z. porkers 80/1001bs., 9d; N.Z. porkers 100/1201b5., SJd.

TOTARA FLAT SALE.

McMahon and Lee will sell at Totara Flat Saleyards on Friday, April 5, 45 store cattle and 1300 sheep and lambs.