CHAPTER VII

THE AGE OF MERGERS

THAT 1922-1927, and after, have witnessed an
increased “tempo” or acceleration in the formation of
mergers will hardly be disputed. One who reads the
daily headlines sees that there is a “Race for Mergers
 in Steel”; “Large Mergers on Way in Utilities”;
 that there are merger moves in transmission
and natural-gas pipe lines with systems of various
kinds in nation-wide links, expected for economical
reasons; that there is a “Plan Announced to Merge
Investment Trusts”; that there is 2 “Vacuum Oil
Merger with Standard Oil Near” with agreement for
formation of a billion-dollar concern; that a department
 store merger has been formed; that there is a
new aircraft merger afoot; that there is a multiple
merger plan for the railroads authorized by Congress
 and published by the Interstate Commerce
Commission; that there are bank mergers formed
and forming from coast to coast, heralding the acceptance
 of branch banking, and that the continued
increase in the number of mergers and consolidations
 in the trade association field is presaged by the
steady growth of combinations in trade and industry.
Mergers have had much to do with the increase in
101