CANADIAN BANK.
IN FINANCIAL DIFFICULTIES. By Telegrapn.—Press Assn. —Copyright. Received Dec. 19, 5.5 p.m. Ottawa, Dec. 17. The biggest financial sensation for years developed when it was officially announced that the Merchants’- Bank of Canada was jelling out to the Bank of Montreal. The former, the fifth largest bank in Canada, finds, following upon, a special examination, that its rest fund was seriously impaired. While the announcement is silent regarding the causes, it is stated that unfortunate investments are at the root of the trouble. The rest fund was supposed amount to 9,000,000 dollars, practically duplicating the capital of hte bank. It is disclosed that the bank lost 4,000,000 dollars through hte recent failure of a large brokerage firm in Montreal, while similar losses came through the shrinkage of general collateral loans.
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Taranaki Daily News, 20 December 1921, Page 5
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132CANADIAN BANK. Taranaki Daily News, 20 December 1921, Page 5
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