Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-11
0 REACTION IS seen
ON STOCK EXCHANGE
lowing Down of Trading No
Sign of Il Reversal
of Form.
rEEL HAS CENTER or STAGE
Expert Snys Prospects Never Were
brighter for Complete md Per-
mhhcnt Recovery IL Political In
reference Does Not Hamper.
By Walter u. brown.

80 '""
Il written Tor the United Scws)
NEW YORK June i0-S!owlnE
8Iow, ~ ,r,,,,,. on.r,,ion -, m.
'hc' doc' nos ~
IMPLY reversal OF form. ], Is time
here was breathing spell. There
have hoo, or,y ,wo NJ ,broc DAYS
j
'''tc HP''' t"h' 'h' "'''y 'u' IL
'Ecr Tor u !ull session has been be-
How 600 900 shares The upward
1moyo,,.r, =, ,o,h .,ocLx an, ho,d,
i rvs ~ leS9 ""''t''o'c' ""' u S''"-
9piy rci.It scn,s a pause and not
Ircaction.N
, -, ~
= ''''''''
h't Se' Tor fehcto"' ~ ""u'u
have to show itself nrst in re-
dictionary hond ,uarj,ct. which in
.,.,.. ,,.-
none! rates. ""u!d De AN neon
lGrulty. The tone of all business
lucws is huOyant, an az the business
world can be allowed to pursue its
way uuhamper"d ny political inter
1fcrcuce the prospects were never
better for complete and permanent
Recovery
steel Has Center of stage.
steel has continued - occupy ..c
Bcen,cr Of tho stage. largely on ac-
|p4udcit COMPANIES and the cnorts
lor politicians to make capital out OF
Them un IA. th.or ythnt they were
violations OF N. autltrIs: l4Sys II
Has been steadily pointed out that
u tho United states Steel Corpora
|iiou. controlling - per cen, OF the
fgountry's Jut9u,. has passed muster
H., the supreme Court. jhc-c smaller
tmcrErrs, controlling N either case
Ia traction more than - per cent
u Tho OUTPUT. could hardly to cIassod
las combinations in restraint o.
trade.
|mycr. counsel TO the Lockwood in.
yc-tiGatug committee OF the New
Yprk Stat. Legislature. after several
days OF probing. publicly announced
thai, so Ear az his committee was
concerned. Doth mergers were er-
'itl"d I" "a clean bin OF health Tho
bethlehem -l.ackawanua merger Is
now before the Federal Trad. Com
: 'sSlon on the complain, of Senator
In Toilette, Of wisconsin. and q
public hearing Is 10 DO held next
month Substantially the same
ground MIL be gone ovcr as in the
case OF the Midva!c-Inlund -Rc2ubllc
merger, ~ the .<orth American steel
Corporation. as /, is to be known
hereafter. before the Lockwood COM
mittcc. and concerning which Fir.
Untcrmycr sail tina, the ;es,I,Dnny
introduced showed that 1t had a
conservative capital. and that u
would, as the testimony Indicated.
cut the cos, diferent!al between the
United states Steel Corporation and
ne indepe ndents. the merger would
be n public benefit. II would b. a
parody on justice. he said. TO :ind
anything Illegal about merger
producing 10 per cent OF tho total
steel capacity when corporation
making about - per cent vas held
legal
Public Gets Benefit.
In comparison with the United
states Steel Corporation, which Tor
,"e past ten years has averaged
earnings or s2a.s5 ner share on It's
Preferred stock, the North American
mas earned 5000 and the Bethlehem
i-ack savanna S@2.SI. On the common
STOCK. however. the United States
mas averaged siege: North Amcri-
an >'Is' and rR'hl"hem-L acka-
wanna. SlSiS The inference Is