World's Largest
During 1929 a great merger wave swept through U. S. banking, causing special activity in Manhattan where many a big combine was effected. With the stockmarket break, an abrupt end came to the move, its finale being the collapse of the National City-Corn Exchange merger. Last week there were rumors of another deal of first magnitude, and bankers predicted that the merger wave will soon be in full force again.
At first only gossip, the deal seemed a certainty when Winthrop Williams Aldrich, president of Equitable Trust Co., was seen in the office of Albert Henry Wiggin, chairman of Chase National Bank, and when no denials were issued. A combination of these two banks would create an institution with resources of $2,728,800,000 exclusive of securities affiliates, making the new bank the biggest in the world. On Dec. 31 the ranking of large banks was:
Resources Deposits
National Citv Bank. N.Y 2,206,241,000 $1,649,554,000
Midland Bank, London 2,169,212,000 1,833,038,000
Lloyd's Bank, London 2,098,134,000 1,711,104,000
Guaranty Trust, N. V 2,017,119,000 1,309,290,000
Barclay's Bank, London 1,876,035,000 1,641,979,000
Chase National Bank, N. Y 1,714,829,000 1,248,218,000
Westminster Bank, London 1,618,395,000 1,387,590,000
National Provincial Bank, London 1,492,376,000 1,321,218,000
Deutsche-Disconto, Berlin 1,326,697,000 1,142,566,000
Cont. Illinois, Chicago 1,176,603,000 878,793,000
Bank of Italy, San Francisco 1,055,113,000 893,893,000
Equitable Trust Co., N. Y 1,013,971,000 765,345,000
Royal Bank of Canada Montreal 1,001,443,000 772,088,000
Chase. In 1877 the group of men who had founded First National Bank of New York sold their control and started a new bank. This they called Chase National Bank in honor of Secretary of the Treasury Salmon Portland Chase who had created the National Banking Act and who had assisted First National by making it a government depository. Since then its resources have climbed from $1,042,000 and its capitalization has been increased from $300,000 to $105,000,000. Mergers contributing to this have been with Metropolitan Bank in 1921, Mechanics & Metals National in 1926, Mutual Bank in 1927, National Park Bank and Garfield National in 1929. Also, last year Chase acquired American Express Co. Chairman of Chase since 1918 has been Albert Henry Wiggin. In 1914 Mr. Wiggin was chairman of the Clearing House Committee and the Gold Fund Committee. In the winter of 1917 he was Fuel Administrator of New York State. Potent in Manhattan banking, it is generally expected that Mr. Wiggin will head the combined institution.
Equitable. In 1871 Traders Deposit Co. was begun with a $16,000 capital. In 1902, Equitable Trust Co. with capital of $1,000,000 was chartered to succeed Traders Deposit Co. Although Equitable has long been known as a Rockefeller bank, this was forcefully brought out when Winthrop Williams Aldrich was elected its president (TIME, Dec. 30). Before this, Banker Aldrich, a Rockefeller-in-law, had been connected with the bank as its counsel and had received further Rockefeller business when he handled the ousting of Standard Oil of Indiana's famed Robert Wright Stewart. Upon his Equitable election, he frankly conceded he represented the Rockefeller interests. Last week he was experiencing the sensation of one who approaches a high, perhaps the highest, position in the world's greatest bank. Equitable is especially noted for its large volume of foreign business, frequently advertises: "If you have a trade problem--a surplus to sell abroad or a home market to fill--we invite you to discuss it with us."
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