Monday, Nov. 30, 1931
Deals & Developments
Kreuger in LL S-- Potent in the U. S. match business is Ivar Kreuger, match tycoon of the world. Vulcan Match Co. (subsidiary of International Match Corp. which in turn is controlled by Swedish Match Co., Kreuger & Toll unit) has long sold imported Swedish matches in the U. S., made none of its own. The recent tariff on matches has made this business less profitable, has made it seem likely that Herr Kreuger would acquire a U. S. factory. Once it was widely thought that he had bought a big interest in Diamond Match Co., biggest in the U. S., but this rumor was groundless. Last week, however, Herr Kreuger got his company. It was Federal Match Corp., owner of modern factories at Bloomsburg and Bellefonte, Pa., Duluth, Joliet and Spokane. Federal has issued no statements since 1929, at which time it showed $3,248,000 in assets, no earnings. Vulcan Match plans to put $4,000,000 new capital into Federal, indicating expansion.
Detroit Bankers' Banks. Largest bank in Michigan is Peoples Wayne County Bank, control of which is held by Detroit Bankers Co., also holding company for First National Bank in Detroit, Detroit Trust Co., seven banks in Greater Detroit (Hamtramck, Highland Park, Dearborn, River Rouge, Wyandotte, Ecorse, Grosse Pointe). Last week Peoples Wayne and First National planned a merger under the name of First Wayne National Bank. The new institution will have $600,000,000 in assets, making it: 1) the largest bank between New York and Chicago; 2) the tenth largest U. S. bank; 3) the fourth biggest national bank.
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