Word: mellone
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...when the late Andrew William Mellon founded his first Pittsburgh bank, he called it "The Union Transfer and Trust Co." The choice of name was unfortunate. So many householders asked to have their furniture moved that the title had to be changed to "The Union Trust Co. of Pittsburgh...
Last week The Union Trust Co. proposed to change its name again. Richard King Mellon, third generation head of the Mellon family empire, announced that Union Trust planned to merge with Mellon National Bank. The new institution, to be known as Mellon National Bank and Trust Co., will give Pittsburgh its first $1 billion bank (16th largest bank in the U.S.). It also intends to give such other giants as Manhattan's Chase National and old A. P. Giannini's Bank of America some tough new competition for a bigger share of the nation's industrial loans...
...young giants in the investment banking business joined forces last week to form the country's largest investment banking house (capital: $25,000,000). The First Boston Corp., the most widely owned investment house in the business (8,000 stockholders) absorbed Mellon Securities Corp., the most closely held. Mellon Securities is wholly owned by Richard King Mellon, nephew of the late Andrew William Mellon, and his sister, Sarah Mellon Scaife...
...companies will dovetail neatly. Mellon concentrates on industrial issues in the area around Pittsburgh. First Boston deals more with public utility and banking issues. By absorbing Mellon, the new First Boston Corp. will be well rounded...
...Mellon family will get some $9,000,000 in First Boston stock for their holdings in Mellon Securities. The present officers of First Boston, John R. Macomber (pronounced Mack-umber), board chairman, and Allan Melvill Pope, president, will run the new company. First Boston stockholders (who will vote on the merger July 29) need have no fear of losing control. Stock issued to the Mellons will have no voting privileges as long as the Mellons hold...