Mellon into First Boston

Two young giants in the investment banking business joined forces last week to form the country's largest investment banking house (capital: $25,000,000). The First Boston Corp., the most widely owned investment house in the business (8,000 stockholders) absorbed Mellon Securities Corp., the most closely held. Mellon Securities is wholly owned by Richard King Mellon, nephew of the late Andrew William Mellon, and his sister, Sarah Mellon Scaife.

The two companies will dovetail neatly. Mellon concentrates on industrial issues in the area around Pittsburgh. First Boston deals more with public utility and banking issues. By absorbing Mellon, the new First Boston Corp....

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