Mergers Everywhere

As the second half year begins, a backward survey suggests that the most significant business and financial feature of the first six months of 1928 was not the boom of stocks, but the number and scope of corporate mergers. The stock market strength of securities depends upon the strength of the underlying business ventures and by mergers those ventures have strengthened themselves. Some significant mergers, acquisitions, or consolidations this half year have been:

Industrials

Ajax Rubber Co. and McLaren Rubber Co.

Borg and Beck Co. (automobile accessories), Marvel Carburetor and Mechanics Machine Co.

Borden Co. (milk), and Merrell-Soule Co.

Certain-teed Products Corp. (building materials), and Beaver Board Cos.

Continental Can Co. and U. S. Can Co.

Chrysler Corp. and Dodge Bros.

Fox Film Corp. and Wesco Corp. (Pacific Coast theatres), making a total of 295 theatres under William Fox.

General Mills, Inc., formed by Washburn-Crosby Co. and smaller flour mills.

International Paper Co. of Newfoundland Ltd. and Newfoundland Power and Paper Co. Ltd.*

Jones Bros. Tea and Oneida Co. Creameries.

B. F. Keith Corp. of the Keith Cos. and Orpheum Circuit Inc. (making a total of 700 theatres).

Kellogg Co. and Kaffee Hag Corp.

Kraft Cheese Co. and Phenix Cheese Co.

National Dairy Products and Telling-Belle Vernon Co.

Postum Co. and Cheek-Neal Co. (“Maxwell House Coffee”).

Republic Iron and Steel Co. and Trumbull Steel Co.

Richfield Oil Co. and Pan-American Western Petroleum, marking the practical retirement of Edward L. Doheny (Elk Hills) from the oil business.

Texas Corp. and California Petroleum Corp.

United Drug Co. and Sterling Products.

U. S. Radiator Corp. and Pacific Steel Boiler Co.

U. S. L. Battery Co. and Electric Auto-lite Co.

Zonite Products Co. and Agmel Corp.

Public Utilities

American Power & Light Co. and Montana Power Co.

Cities Service Co. and Arkansas Natural Gas Co.

Fifteen companies in natural gas industry in Oklahoma, Texas and Louisiana, to form the Southwest Gas Utilities Corp.

Houston Gas Securities and Southern Gas Co.

Middle West Utilities Co. and National Electric Power Co. United Gas Improvement Co. and Philadelphia Electric Co.

Postal Telegraph-Commercial Cables Co. and Int. Tel. and Tel.

*Last week, plans were nearing completion for the merger of International Paper Co. and New England Power Association into a $550,000,000unit called International Paper & Power Co.