BANK MERGER

Manawatu Standard, Volume XLVI, Issue 26, 30 December 1925, Page 10

BANK MERGER

FORMED IN UNITED STATES. GIGANTIC CONSOLIDATION. NEW YORK, Dec. 29. A'gigantic bank consolidation which, when completed, will have resources of over 1,300,000,000 dollars, out-eapital-ising the Morgan or any other private banking interests in the United States, was reported in Wall Street as being formed by Mr Clarence Dillon, head of the banking firm of Dillon, Read and Co., which recently sensationally purchased an 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 business coup since the formation of the United States Steel Corporation by the late Andrew Carnegie. The group will include the following four banks: — Trust Company of Mechanics Metals, with 308,000,000 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 reasons for the merger are to afford greater capacity for financing both foreign and domestic fields. —A. and N.Z. cable.