Salt Lake Tribune | 1900-07-14 | Page 1 | Big Banks Consolidate

BIG > BANKS CONSOLIDATE Three Chicago Institutions Pool and I Will Reorganize > Ci1ea qr1137 Three of Chicago oldest and largest banking institutions are to be consolidated The Corn Ex change National the American Natlori al 1 and the Fourth Western National are to pool and reorganize under the charter char-ter of the Corn Exchange retaining Its title 1 Tho amalgamation of millions was I practically completed today when tie I I three institutions notified each other I that their several directors had voted in favor of the new arrangement President Ernest A Hammond of the Corn Exchange bank will be president of the consolidated corporation The new Corn Exchange National bank will have a capltalstoek wi stock of 2OOOpOO a surplus sur-plus of 1000000 and divided assets of 000000 The principal reason for the consolidation Is that an aggregation of I capital Induces business