BIG BUSINESS COUP.

Hawera Star, Volume XLV, 30 December 1925, Page 5

BIG BUSINESS COUP.

BANK CONSOLIDATION IN AMERICA. BY CABLE-PRESS ASSOCIATION—COPYRIGHT NEW YORK, Dec. 29. A gigantic hank consolidation, which when completed will have resources of over a billion (three hundred million dolars). out-capitalising the Morgan or any other private hanking interests in the United States, was reported in Wall Street as being formed by Mr -Clarence Dillon, head of the hanking firm of Messrs Dillon and Read, which recently caused a business sensation by purchasing Dodge Brothers’ automobile business for 146 million dollars cash and also participated in the flotation of the Australian loan. The amalgamation, which may take years to complete, will he the largest business coup since the formation of the United States Steel Corporation by the late Mr Andrew Carnegie. The group will include the following four hanks and one trust company:—Mechanics Metals, with 308 million dollar resources; Chatham Phoenix, with 267 million; National Party, with 177 million ; Central Union Trust Company, with 317 million. The reasons for the merger are to afford greater, capacity for financing both foreign and domestic fields.