Deals & Developments

Marine Midland Explanation. Last week the House Committee on Banking & Currency heard George Franklin Rand, president of Marine Midland Corp. (upper New York banking group) explain why Fidelity Trust Co., Manhattan, had been acquired. Not to seek Manhattan business was this move made, he asserted, but to retain the business of upState firms which move their executive offices to Manhattan, find it convenient to bank near headquarters. "Past balances which formerly ran into hundreds of thousands of dollars with our upState banks," said Banker Rand, "are gradually reduced, becoming small operating accounts."

Childs. Meat was the bone of contention when Vegetarian-Restaurateur William Childs and stockholders of his company battled last year (TIME, March 18, 1929). Ousted, Mr. Childs laid plans for a new chain. Last week he opened the first unit, in Manhattan, served meat. Each new restaurant will be incorporated individually: No. 1 unit is Old Algiers, Inc., a fancy place, as will be Old Normandy, Old London, Old Paris, when ready. While the new enterprise was being launched, the Childless Childs Co. reported profits of $377,232 for the first quarter, up from $160,016 in the same period last year.

Bankers Trust. When Rockefeller-sponsored Winthrop Williams Aldrich, president of Equitable Trust Co., becomes president of Equitable-absorbing Chase National Bank of New York on June 2, banking laws will require his resignation as a director in Bankers Trust Co. Interesting to bankers therefore was a tremendous transaction last week. Sold: 170,000 shares of Bankers Trust Co., fifth largest Manhattan bank. Price: "Around the market," or approximately $30,000,000. Buyer: A syndicate composed of Bankers Trust officers, Bonbright & Co. Seller: Rockefeller interests.

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