Salt Lake Telegram | 1928-07-31 | Page 15 | Dodge, Chrysler Form Gigantic Motor Combine

D D f CHRYSLER fORM GIGANTIC M mR COM IN r NEW YORK J July ly 31 A Ar-A gIant new automobile corporation second only to the Ford Jord company and Genera Motors M tors conies comes Into t being be- be Ing through the merger r ot of Dodge Brothers Inc with the tho Chrysler corporation which has just been cp combined companies have estimated total assets ot of production capacity ot of cars cars a year ear and a potential earnIng earn earn- ins Ing power of to 50 50 a year The Ford company has assets ot of and General Gen Gen- oral eral Motors Completion ot of the merger came ten weeks after conferences were I started between Walter P P. P ChrysIe ChrysI Chrys- Chrys Ie head ot of the Chrysler corpora corpora- tIon and Clarence Dillon head of I Dillon Read Co which had purchased Dodge Brothers Inc from the widows of the founders MERGER RATIFIED Formal ratification came yesterday yester- yester day da when the board of directors o. o Dodge Brothers meeting In Baltimore Bal Bal- were Informed that 90 percent per percent cent ot of all three classes ot of Dodge stock had been deposited and they voted to accept the thc merger merge pt ptas plans as drawn up by Mr Chrysler and andi and andl i J- J Dillon n In New Kew York two l ago The uThe merger had been hanging early In July because of iro since I the failure ot of Dodge stockholders to deposit their stock and was brought about by a last minute en- en 1 i tr try Into the open market by Dillon I Read d Co who purchased enough ires of Dodge preferred stock to tol comply with tho requirements set l f by Mr Chrysler i CHRYSLER PRESIDENT tr Chrysler will assume the I presidency of thu Dodge Brothers corporation which will operate as ot of the Chrysler corporation corporation corpora corpora- corpora corpora- tion the vice presidents ot of the enlarging Chrysler corporation their duties to Include the same i ip position p In Dodge Clarence Dillon will become a member ot of the finance committee t the enlarged Chrysler corporation corporation corpora corpora- tion and It Is expect expected d that E. E GlImer G. G Wilmer lImer president of Dodge wUl become A director II H. T. T Keller Vice ot of the Chr Chrysler cor po will become vice President presIdent dent and general manager of Dodge Brothers will exchange Dodge shareholders shareholder l their stock for Chrysler corporation shares hares on the basIs ot share g-share one share of Chrysler for each Dodge prefer prefer- enco share one share of Chrysl Chrysler r for each five shares of Dodge class k common and one Chrysler share a for each ten shares of Dodge class A common I