Again, Billion

Should an adding machine be used to figure the capital controlled by and associated with Manhattan's newest investment trust, the machine, if adding only to 999,999,999 would fail in its task. For when, last week, Goldman Sachs Trading Corp. merged with Financial and Industrial Securities Corp., ten digits were required to express the resources affected by the merger. True, each of the companies will put into the combine a mere $122,000,000, giving the new company a capital of only about a quarter-billion. But Financial and Industrial Securities Corp., directed by Ralph Jonas, is connected with Manufacturers Trust Co., presided over by Nathan Jonas; and Manufacturers Trust, through a recent merger (TIME, Dec. 31), is Manhattan's fifth largest trust company, with $531,000,000 resources. The Jonas brothers also have holdings in. Home Insurance Co., another large product of recent merging.

Goldman Sachs, formed last December, sold its first stock offering at 104. It was quoted even at the end of last week's market break at 222 1/4. Its capital and surplus six weeks ago was $100,000,000. Last week it was $122,000,000. As $15,776,000 of the $22,000,000 increment resulted from stock sales, there remained an additional $6,224,000 presumably representing trading profits of about a million per week.

Details of the merger were not announced, but the exchange of stocks was doubtless to be on an almost even basis. The new company will be called Goldman Sachs Trading and Financial Corp. It will have for president Waddill Catchings (Goldman Sachs), for vice president Arthur Sachs (Goldman Sachs), for executive committee chairman Ralph Jonas (Financial and Industrial).