Word: mergers
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Dates: during 1950-1959
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...prospect of the A.F.L. C.I.O. merger, said Truman, is "scaring the daylights out of the Republicans," and there is evidence that "Republican politicians are getting ready to play pretty rough next year." Then he looked up from his text and added: "If the Democratic Party invites me into the campaign, they'll get all the 'rough' they want...
...PAPER MERGER is in the making. Mead Corp., one of the biggest U.S. producers of magazine and book paper, will take over Chillicothe Paper Co. (assets: $7,240,812) in a stock swap (1% shares of Mead for each share of Chillicothe...
Actually, the merger trend is based on one hard economic fact: bankers, overconservative by nature, had fallen behind the economy both in growth and business methods, and they were hastily trying to catch...
...into the "retail trade," required branches. In most cases merger was the best and often the only method. Banking authorities would not permit the establishment of new branches in localities in which adequate service already existed. So New York's Chase National, a bankers' bank with only 29 offices (all but two in Manhattan), merged with the Bank of Manhattan, acquired 67 branches spread across Queens. Brooklyn and The Bronx...
Although most bankers support the merger trend, they are aware of the theoretical dangers to competition. But few of them feel that competition is being hurt-yet. The indications are just the opposite; mergers have made more banks than ever capable of competing. Said Chase Manhattan's Chairman John J. McCloy before the House Antitrust Subcommittee: "Any attempt to hold banks in a static mold, impervious to the dynamic forces reshaping the rest of society, would be to render them less useful and gradually impotent...