Business: Business Notes, Oct. 18, 1926

New Bank. In Manhattan last week the Interstate Trust Co., with one-time (1923-26) Governor George S. Silzer of New Jersey as chief organizer and president, opened for business. Capitalization $3,000,000.

Stinnes to U.S. Hugo Stinnes, son of the late War industrialist of Germany, turned last week to Halsey, Stuart & Co., A. G. Becker & Co., and Newman, Saunders & Co., all of Manhattan, for a $25,000,000 loan at 7%. With the money he will pay off all his debts to German banks and form two companies—one to operate his family coal industry with its accessories of railroads, ships and river barges, the other to own all the shares of the firm and to handle all other businesses still remaining in the family. (When the Stinnes financial debacle came in 1924, soon after the death of Hugo der Erste, it was thought the banks would get all save perhaps one of the many millions which were tied up in the huge estate.)

National Broadcasting. The Radio Corporation of America (Owen D. Young, Chairman; General James G. Harbord, President), largest distributor of radio receiving sets in the world, realizes that, although 5,000,000 U.S. homes already own sets, another 21,000,000 families may buy them if radio broadcasting programs are high in quality and plentiful in quantity. To insure this industrial expansion, R. C. A. has just bought the American Telephone & Telegraph Co.’s (Bell System) Manhattan broadcasting station WEAF for $1,000,000 and organized the National Broadcasting Co. Inc. (M. H. Aylesworth, president). National Broadcasting will rent its station service for national advertising, including that of receiving set competitors of R. C. A.

New White Bus. The White Motor Co. brought out a new six-cylinder bus last week with a 100-h.p. engine, overhead valves, 7-bearing crankshaft, 4-wheel metal-to-metal air brakes, 9-in. balloon tires, double-drop frame, 2-stage springs. The body, which is a single-decker, holds 18 to 23 passengers in the de luxe model for interurban service, 25 to 29 for less taxing city service.

Duesenberg. A Duesenberg motor car guaranteed for 15 years, capable of 120 m.p.h. if desired, equipped with body according to individual order—this car, to sell at $18,000 and to be the highest priced car in the world, was last week’s announcement of President E. L. Cord of the Auburn Automobile Co. He has just purchased the Duesenberg Motors Co., which Fred S. Duesenberg, automotive genius, racer, created.*Inventor Duesenberg will be vice president of the new concern—Duesenberg, Inc., which will be entirely separate from the Automobile Co.

*Duesenberg Motors Co. ceased operations with their 1925 model.