New York, Sept. 18.
The market as a whole gave a good account of itself in spite of selling which tended intermittently to reduce the gains.
Call money, at 10 per cent. yesterday, was renewed at 9 per cent, this morning but it later reached a quotation of 10 per cent. once more.
Enthusiasm in the from yesterday' The New York company, which closed at 405 yesterday, was at 452 to-day. Texas Corporation lost 18 points for a close of 68}. Shell Union gained a quarter, The tone of most of the motor issues tended to be reactionary likewise, General Motors lost an eighth from yesterday, closing at 75. Chrysler was off 13 for a close of 69.—United Press.
Plans were divulged here to-day for formation of the greatest invest ment trust company in the world following the trend which has made investment trusts increasingly popular with investors in the United States.
The company will spend G$400,- 000,000 to acquire control of 15 banks in New York State, and it will also spend $100,000,000 for the purpose of founding its own bank here. An expenditure of $500,000, 000 is planned to gain control of other banks throughout the country.
It is expected that the company will be incorporated under Delaware law as "The Marine Midland Corporation."
The new trust company is sponsored by Stone, Webber & Blodgett, Me., the Whitehold Company, Schoelkopf, Hutton & Pomeroy, and the Marine Union Investors, who will provide a financial backing of about G$1,250,000,000.
It is expected that another firm to be known as the Marine Trust
Text read from the printed page and cleaned; old type leaves the occasional error.