Business & Finance: High-Grade Rumor

Swift-tongued rumor had been busy before, anticipating a merger of banks in Boston, a merger in particular between Old Colony Trust Co. and First National Bank. Last week Philip Stockton, president of Old Colony, admitted that his company had entered merger discussions which had been broken off—and then renewed, with no decision yet reached. Believing that what a bank president calls a possibility is a sure thing, would-be stockholders eagerly hoisted the price of Old Colony stock in one day from $815 (bid) to $910 (bid). Very little stock was offered.

Old Colony...

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