Word: groups
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Dates: during 1920-1929
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Convinced of the advantages of group banking where the law prohibits branch banking, Mr. Rand acquired control of other institutions near Buffalo. For this purpose he formed the Marine Union Investors, Inc., then conceived of a super-holding company which would control banks throughout the country. Last week the super-holding company became an actuality. Banker Rand's Marine Union Investors, Inc., together with Stone & Webster and Blodget, Inc., White, Weld & Co., Schoellkopf, Hutton & Pomeroy, Inc., announced plans for the Marine Midland Corp., to be capitalized at approximately...
Development of group banking in the U. S. has been rapid. Long a leader of the movement is the Transamerica Corp., holding company for the Giannini institutions. Of many similar organizations formed this year, largest until last week were the First Bank Stock Corp. (TIME, Sept. 2), now controlling 43 banks in the Minnesota-Montana region, with resources of $341,000,000 and the $370,000,000 Northern Bancorporation in the same region. But greatest of all will be Banker Rand's Marine Midland Corp...
Officers were announced as Mr. Rand, president, Ernest Stauffen Jr., chairman of the board of directors, Harral S. Tenney, vice president. Banker Stauffen, enthusiastic, has been a prime mover in group banking, was perhaps principal factor in formation of Marine Midland Corp. But unlike Banker Rand, Mr. Stauffen did not learn his banking behind cages and over ledgers. Graduated from Columbia in 1904, he practiced law, then became vice president in charge of finance of Lord & Taylor, Manhattan merchants. In 1915 he was made a vice president of the Liberty National Bank, kept the position when this institution was merged...
...from the firms sponsoring the corporation. Approximately $500,000,000 of the stock will be kept to provide for national expansion. Announcing the plans the organizers said: "For several years the opinion of bankers through the country has been becoming more and more favorable to the principle of group banking. . . . [It] is common in Great Britain, Canada and continental Europe ... is peculiarly adapted to American conditions as it offers the advantage of maintaining a large degree of local independence and local contacts through the maintenance of the individuality of all the constituent companies. . . . This group should...
...world's coffee is grown; the climate is also favorable to animal life and because of this fact, several species of poisonous reptiles abound there. With the purpose in view of reducing the large number of fatalities resulting annually from snakebite the Instituto Butantan has a large group of herpetologists engaged in perfecting an anti-venin for snake bites. It was to this staff that Dr. Allen spoke...