Word: merger
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Dates: during 1920-1929
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External Monopoly: A merger of Radio's wireless, International Telephone & Telegraph's wireless and cable. Western Union's cable. (Radio would sell its wireless to I. T. & T. now if the U. S. radio law did not forbid.) Advantages...
Cleveland Bank. Seventy-eight directors of Central United National Bank of Cleveland met for the first time last week, thereby formally completing the merger of Central National Bank and United Banking & Trust Co. Resources of the institution come to over $160,000,000, making it the largest national bank in Ohio...
These early troubles surmounted, Mr. Mitchell enjoyed many a successful year, during which, under his presidency. Na- tional City Bank became first a billion dollar, then a two billion dollar, institution. Within the past year, through its merger with Farmers' Loan and Trust (TIME, April 8) and the all-but-ratified merger with Corn Exchange Bank (TIME, Sept. 30) the Bank reiterated its position as greatest U. S. bank, became greatest world bank. Now Mr. Mitchell, who used to say that he was too poor to eat at Child's, instead, for reputation's sake, fed at expensive hotels, could...
...Then, last week, the proposed absorption of Corn Exchange Bank fell through. Merger terms permitted Corn Exchangers either to exchange their stock for National City on a four-fifths for one basis or to receive $360 a share each. When the Market crashed, Corn Exchange stock accompanied it, at one time reaching a low of $160 per share. Obviously Corn Exchangers would gladly take $360 a share for their stock; equally obvious was National City's reluctance to buy up the entire Cora Exchange capitalization at a point far above its market value. Therefore National City stockholders refused to ratify...
...Master Atterbury made the first when he captured a valuable pawn, the Pittsburgh and West Virginia. His Pennroad Corp. bought for $50.000,000 from Frank E. and Charles E. Taplin the controlling interest in the road. The loss of this key road is a setback to the Van Sweringen merger plans, which does not displease the Brothers Taplin, arch-enemies of the Brothers Van Sweringen. The sale also means that the Taplins have given up their aspirations for a Great Lakes-Atlantic seaboard system. Two days later the Brothers Van Sweringen gathered in a desirable pawn themselves, the Wheeling...