BIG BANK MERGER.
AMERICAN FINANCE SCHEME. OUT-CAPITALISING MORGAN. (Australian and N.Z, Cable Association.! NEW YORK, Dec. 29. A gigantic bank consolidation which, when completed, will have resources of over oncl billion three hundred million dollars, out-capitalising 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 sensationally purchased the Dodge Brothers' automobile business for 146,000,000 dob lars 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 tho foi'mation of {he United States Steed' Corporation by the late Andrew Carnegie. Tho group will include tha following four banks and one trust company : Mechanics Metals with 308 000.000 dollars resources; Chatham Phoenix, 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 mergar ore to afford greater capacity for financing both in thei foreign and domestic fields.
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Bibliographic details
Poverty Bay Herald, Volume LI, Issue 16921, 30 December 1925, Page 7
Word Count
180BIG BANK MERGER. Poverty Bay Herald, Volume LI, Issue 16921, 30 December 1925, Page 7
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