Word: mergers
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Dates: during 1920-1929
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...monopoly is not the aim of the new institution. Chairman Lewis E. Pierson of the Irving Bank & Trust Co., who will be chairman of the merger, made that point clear: "While noteworthy from the standpoint of size, the chief importance of the merger will be placing at the service of customers an augmented banking power and facilities for world trade...
There has been stalwart opposition to this merger chiefly from owners of the short lines that now serve the territory Organizer Loree would integrate by his system. Most of these short lines are, frankly, no longer profitable, however much so they have been. Traffic is too inactive. But the communities they connect consider that they have a vested right in railroad transportation service, at no matter what losses to the operators...
Last week this merger was a fact-the Universal Gypsum & Lime Co., capitalized for $10,000,000. Soon True, Webber & Co. of Chicago, and Porter & Co. of Boston will offer $2,000,000 of first mortgage 6% bonds against the new corporation's properties...
Cyrus Stephen Eaton, Nova Scotian, now of Cleveland, worked last week on the $80,000,000 merger of the Central Steel Co. of Massillon, Ohio, and the United Alloy Steel Corp. of Canton, Ohio. Their combined ingot capacity will Approximate 1,400,000 yearly. They will be the sixth largest steel corporation in the U. S., the very largest specializing in alloy steels...
...Coffin negotiated the merger of his Thomson-Houston Electric Co. of Lynn, Mass., with the Edison General Electric Co. of Schenectady, which J. P. Morgan had casually financed to manufacture power machinery. The new General Electric Co. which absorbed them (and, soon after, several other competitive and related firms) covered their entire field. Mr. Coffin, perspicacious of the industry's future, obtained control; made himself president. He was able to do this because he was in many respects as adroit a financier as Mr. Morgan and because Mr. Morgan never had a flair for young industries. Besides...