MELLON GROUP PLANS TO BUY 50 PENN. BANKS
MELLON GROUP PLANS TO BUY 50 PENN. BANKS Hillman Interests Also Are Reaching Out in Huge Acquisition Program NO FRICTION SEEN BETWEEN CROUPS Large Banking Institutions Already Taken Over By...
...at Wutler, which Is a consolidation of two banks...
...The bank acquisition program about to be set...
...These corporations have been specifically charged by the Federal Trade Commission with being members of the monopoly...
...While the subscribers and directors of the Mellbank corporation are all members of the law firm of Moorhcad and Knox, In the Oliver building here, it Is understood that the real active head of the corporation Is F. R. Denton, whose address is the Mellon National bank...
...and the International Telephone and Telegraph Co.—are not 4hclurird...
...They are fast tying up the motion picture theaters with as diabolical a contract as has ever been written...
...Obviously, a stipulation has been reached, and the two groups will not be fighting for control of any of the other group's territory...
...This aspect of Ihe case," said Mr...
...The Hillman plan is for complete control of banks, while the Mellon group will take over a majority of the stock only in banks which It cannot control with a minority of the stock of the bank...
...Other negotiations for banks are in progress...
...Davis, "ts accentuated by the boasts of Ihe radio trust that it has used and will continue to use its monopolistic control of radio patents to keep competitors out of the wireless communica-Mon field...
...Davis Says Radio Suit Omits 2 Big Offenders International Telegraph & Telephone Co...
...It is understood that the Mellon group plans the acquisition of 50 banks, while the Hillman group will acquire 25 banks...
...While each group has its own plan, and appears to be working independently of the other, there is no Indication of friction at any point...
...Rep...
...The manufacture of broadcasting apparatus used by the broadcasting stations Is produced almost entirely by this romblna- I Hon...
...It has become increasingly apparent to financial observers that the two groups are working in close harmony, and that no friction prevails...
...Thev have frightened away by their combined power and terrorizing tactics any competition In the manufacture of this type of apparatus' "SAY, I'VE GOT ADMINISTRATION APPROVAL" — (WOhTtae St I/ml...
...BANKS Hillman Interests Also Are Reaching Out in Huge Acquisition Program NO FRICTION SEEN BETWEEN CROUPS Large Banking Institutions Already Taken Over By Strong Hillman Interests (Special td The Progressive) PITTSBURGH, Pa.—Plans for the acquisition of 75 huge banking institutions in western Pennsylvania by the Mellon and Hillman banking groups have been formulated, it has been learned...
...Any exhibitor who does I wish to sign such a lease must face patent attacks of this nature...
...The Mellbank corporation will undoubtedly be the vehicle through which the Mellon interests will conduct their bank acquisition negotiations, and this corporation will act as the holding company for the stock purchased...
...These tylnR clauses as effectively shut out manufacturers of competing talking motion-picture apparatus as did the fa- | mous and nefarious United Shoe Ma- i chlnery lease...
...The Hillman group already controls such powerful banking institutions as the First National bank, Oakland Savings and Trust Co., Peoples' Trust Co" Metropolitan Savings Bank and Trust Co., Dormant Savings and Trust Co., and Terminal Trust Co., all of Pittsburgh...
...It is known that the Mellon group has already secured a one-third interest in the Butler County National Bank aiid Trust Co...
...Two members of this combine—the United Fruit Co...
...Is Not Included in Complaint, He Points Out WASHINGTON—The suit against the radio trust, started by Attorney General Mitchell, docs not include all units of that, monopoly, according to Congressman Davis of Tennessee...
...Under this lease the motion picture exhibitors or theater owners can not buy any part, or accessories or replacements from any one except the Electric Research Products, a subsidiary of the American Telephone and Telegraph Co...
...The Hillman group will not go beyond the Allegheny county line in its present acquisition program, but will confine its bank buying largely to Pittsburgh and neighboring cities...
...This combination also asserts that it has the right to complete control over the talking .motion-picture field...
...Star...
...in motion by the two groups is regarded as the most important ever devised in this territory...
Vol. 1 • July 1930 • No. 32
