Public Policy: Block That Merger!

What merger-minded U.S. bankers regard as malicious harassment continued to be Department of Justice policy last week. Undeterred by the refusal of a Federal court fortnight ago to bar absorption of Chicago's City National Bank & Trust Co. by the Continental Illinois National Bank, Attorney General Robert Kennedy's trustbusters raced into New York in an attempt to block the merger of the Hanover Bank (assets: $2 billion) and the Manufacturers Trust Co. (assets: $3.7 billion).

The proposed combine would create the third largest bank in New York City and the fourth largest in the nation,* but both the New York Superintendent...

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