Word: merger
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Dates: during 1920-1929
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...multi-million dollar banks maintain practical anonymity. The two men in point are President Stephen Baker of the Bank of the Manhattan Co. (deposits: $281,483,902), and President Chellis A. Austin of the Seaboard National Bank (deposits: $175,056,084). The two men have been discussing the possible merger of their institutions, but so cautiously that some of their vice presidents and directors did not know what was going...
...order to correct wild rumors, President Baker last week said: "While it is true that discussions . . . looking toward a possible merger of the two institutions have taken place, no agreement has been reached. It is impossible to say if a satisfactory agreement can be made." Shares in his bank are worth currently about $283 each; stock of President Austin's Seaboard National is worth about $755. If the merger succeeds, stock will be traded at about such values...
...maintain prestige is to fight for principle, last week invented another for which it will (editorially) battle: Purchase of Western Railroads by Western Investors.* Thus, while President Ralph Budd of the Great Northern and Harry Byram of the reorganized Milwaukee (old name: St. Paul) stump the west concerning the merger of the northwestern railroads, the Tribune argued: "What this [west] section does require from its railroads and what it is not receiving in proper measure, is prompt response to public demands for service. Translated for the railroad stockholder that means prompt response to the opportunity for profit. The fault...
...woman conceived the idea of black shoes and champagne colored stockings. The idea spread Variations of style followed quickly. Where 480 styles of stockings were carried in 1920, the company now has to carry 6006." Remington Rand Inc. Chairman Benjamin La Fon Winchell of Remington Typewriter explained the pending merger of his company with Rand-Kardex (visible indexes), Baker-Vawter (filing cabinets) and Dalton Adding Machine: "Throughout the world these concerns are duplicating their selling efforts [through 4,500 field representatives] to an extent which insures good rewards for intelligent efforts made under a coordinated management." Their combined net earnings...
...mentioned a feasible hook-up of his road with the Wheeling & Lake Erie and the Western Maryland to form a Great Lakes-Atlantic Coast chain. It might be that either of these two were buying, or that the "New York Central crowd" had stepped in to prevent some competitive merger. Or it might be that John D. Rockefeller, to whom the road owes $11,396,100 plus 71% accumulated interest, was having a little fun with a dud investment. At any rate Wheeling & Lake Erie stock popped up from 54 to 65; Exchange Governors, thinking a corner had been created...