New-York tribune., 1918-05-28
Relevant Comment
Steel Merger Called OF

Steel Merger Called on
Judging from Montreal advices ef-
forts to bring about merger Of the
Dominion Iron and Steel Corporation
and the Nova Scotia Steel and Coal
Company have failed. Negotiations
looking toward a combination Of these
two concerns, the largest Of the kind
IN the Dominion, had been under way
1or more than a year, and on several
occasions 1t was reported that the deal
had about been completed w. D. Ross,
vice president of the Nova Scotia Steel
Company, said yesterday: "The deal
IS absolutely off. Further discussion
OF II IN the papers as thing likely to
occur IS simply waste of time. Ne
gotlations were opened and they were
developed to certain point, but past
that there was no progress. 1t is out
OF the question now"
More Silver for India
Silver is still going forward to India
on government account, where it is
being sold and the proceeds used as a
credit. Within the last few days the
local Assay Office forwarded $500 900
ounces of silver bullion to San Fran
cisco, where it will be placed on ship
board for consignment to India. Other
government Offices are making similar
shipments. The credits obtained in
India are already being utilized, the
Federal Reserve Bank of New York
having already begun to sell rupee ex-
change on India to American importers
of Indian raw materials.
Good Supply of Platinum
The local Assay Office, it was learned
yesterday, is receiving 1000 to 5000
ounces of platinum a week for conver-
sion in forms acceptable for war use.
After going through the reconversion
process the platinum is forwarded to
ordnance and powder manufacturing
companies engaged in government
work. The government recently COM
mandeered all supplies of platinum.
fixing the price at s1o5 an ounce.
Hope for Higher Copper Price
Copper trade interests are still hope
full that the Federal authorities in
Washington will see way, to give the
hlgh-cost copper producers a better
price than the current figure of 231k
cents a pound, which the War Indus
tries Board has recommended to be
kept in force until August IS. The
representative of one of the large pro-
ducing interests asserted yesterday
that some of the small high-cost pro-
ducers had been barely able to operate
at profit on the 231s cent price. at
is not improbable" said he, "that some
OF these producers may have to curtail
operations under present conditions"
Situation Critical
In the opinion of Nathan L. Amster,
president of the Shannon Copper Com
pany and chairman of the committee of
high-cost producers which attended the
copper price-fxing conference in
critical. "No one could doubt the gen
tlemen before whom the producers ap-
peared are serious minded and consci-
entious," said Mr.. Amster yesterday,
"but they certainly erred in fixing 23i
cents pound for seventy-fve days
longer before hearing the evidence of
the producers. The copper situation
is very critical. The shortage of about
2O0,000.o00 pounds is growing every day.
ducers, if encouraged by an increase
in price, could produce more. A saw
ing of 2 or cents a pound is not
nearly SO important in this crisis as an
ample supply. There are probably a
very large number of leasers and small
producers who would ship copper ores
to smelters if price was cents higher,
but cannot at the present price. There
is considerable idle smelter capacity
because the small shippers had to cease
production when the price was re-
duced to 231s cents last fall. These
people should be encouraged to turn
out all the copper ores they can and
give the United States and its Allies
an ample supply. / feel that on further
consideration the War Board will real
ize these facts and offer inducements
to high cost producers and small ship
pers to mine all THEY can. The one
trouble they have rHles that present
price should maintain for seventy-five
days. This is long way ahead, and
we may find ourselves in the same DO
sltion as to copper as we did last win
ter with COAL"