Big Business
American Bank Merger A GIGANTIC CONSOLIDATION MORGANS OUT-CAPITALISED. [By Cable -Press Association—Copyright. New York. Dec. 29. A gigantic bank consolidation, which, when completed, will have resource'' of over one billion three hundred mil lion dollars, out-capitalising the Morgan or any other private banking interests in the United States, was reported in Wall Street as being formed by Clarence Dillon, head of the banking firm of Dillon and Read, which recently sen sationally purchased Dodge Brothers ’ automobile business for 146,000,000 dollars cash, and also participated >n 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 Copoiation by the lat 3 Andrew Carnegie. The group will include the following banks:—The Trust Company Mechanics and Metals, with 308,000,000 dollars in resources; Chatham Pheonix, with 267,000,000 dollars, National Party, with 232,000,000 dollars; Chemical National, with 177, 000,000 dollars; Central Union Trust Company, with 317,000,000 dollars.
The reasons for the merger are to afford greater capacity for financing, both in foreign and domestic fields. — (A., and N.Z.)
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Bibliographic details
Hawke's Bay Tribune, Volume XVI, Issue 14, 30 December 1925, Page 5
Word Count
184Big Business Hawke's Bay Tribune, Volume XVI, Issue 14, 30 December 1925, Page 5
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