Word: midlands
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Dates: during 1920-1929
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...then conceived of a super-holding company which would control banks throughout the country. Last week the super-holding company became an actuality. Banker Rand's Marine Union Investors, Inc., together with Stone & Webster and Blodget, Inc., White, Weld & Co., Schoellkopf, Hutton & Pomeroy, Inc., announced plans for the Marine Midland Corp., to be capitalized at approximately...
...largest until last week were the First Bank Stock Corp. (TIME, Sept. 2), now controlling 43 banks in the Minnesota-Montana region, with resources of $341,000,000 and the $370,000,000 Northern Bancorporation in the same region. But greatest of all will be Banker Rand's Marine Midland Corp...
Besides the immediate acquisition of 16 banks in the state of New York,* the Ma rine Midland Corp.'s sponsors will make a public offering of stock to finance a $25,000,000 subsidiary bank to be known as the Marine Trust Co. of the City of New York and located in the financial district. While no announcement was made of how much stock would be sold to the public, trading in Marine Midland commenced on the New York Produce Exchange, the stock selling at more than 20 points over the rumored offering price of $60 per share...
Officers were announced as Mr. Rand, president, Ernest Stauffen Jr., chairman of the board of directors, Harral S. Tenney, vice president. Banker Stauffen, enthusiastic, has been a prime mover in group banking, was perhaps principal factor in formation of Marine Midland Corp. But unlike Banker Rand, Mr. Stauffen did not learn his banking behind cages and over ledgers. Graduated from Columbia in 1904, he practiced law, then became vice president in charge of finance of Lord & Taylor, Manhattan merchants. In 1915 he was made a vice president of the Liberty National Bank, kept the position when this institution was merged...
Last week the National City Bank acquired another title of magnitude, the ultimate title, in fact, of "biggest in the world." Its merger with the Corn Exchange Bank Trust Co. swelled its resources to $2,386,066,401, a total sufficient to nose out the former "biggest," London's Midland Bank, Ltd., by a bare 83 million...