Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-11
WALL STREET Gossip

NEW YORK, May 11.-Aithough the
so-called billion dollar special returned
from the tour OF the Independent Steel
Company plants yesterday, most OF the
leading steel men had dropped of az
various points T. L. Chadbourne told
reporters that the trip had been made
only as an inspection OF the physical
properties and that SO far there had
been no talk of actual terms. premature
estimates have had IN basis in fact.
knectal meeting of the various members
of the contemplated merger Will be held
in the Office Of Kuhn. Loeb s. Co. next
Tuesday morning. at which tire the
question of terms will be taken up
Among the steel men who made the
trip of inspection were Messrs. Corey
and Dickey OF the Nidvale Steel Com
psny. John A. Topping and /. J. Bray
OF the Republic Steel Company; Pames
Campbell and C.. S. Robinson OF
Youngstown Sheet and Tube Company
James Fl. Grose, president, ana j. -
Kennedy, a large stockholder OF bTief
Hill; G. F. Downs Of the Lackawanna
Steel Company; L. y, Block ana +. u
Block of the Inland Steel Company, and
Clayton Mark and Clarence Marx OF tne
Steel and Tube Company OF America. IN
addition to the officials, about twenty f.
five engineers and accountants accompa-
MED the party. including two each from
Young and Company
Mr.. Chadbourne declared that the mer-
ger was almost certain TO go through Win
the seven companies already mentioned
On a basis of transfer Of all physical
properties TO one of the existing com
pauies TO a new company TO be PAID TOT.
part cash and part stock. Wo months
go the merger was described as ten
10 ore shot" whereas now il is declared
the odds are two TO one In favor.
The combined capacity of the merged
companies will be 1o.ooa.6N ingot tons
and 200 600 tons of finished street per
wear. and 1t is declared that there is
nothing in the contemplated plan which
is contrary to either the Sherman. or
Clayton acts.
Shipment Of $4,000 In gold by the
Yokohama Specie Bank to Bombay does
not appear to have any depressing in
fuence than appears on the surface. There
is no indication that any 1urtheI eoiu
shipments may be expected until the
same accumulation of Indian bills occurs
without a corresponding volume OF Amer
lean bills on India.
Steel untitled tonnage report for the
month of April Just about met ex-
pectations, the increase for the month be-
ing co.. tons II is believed that steer
shlpmenfs By the United States Steel
CORPORATION during the month amounted
dictate incoming business at the rate OF
1900, coo tons.
Sir Henry Defending. managing
director of Royal Dutch, denies that the
ROYAL Dutch interests are making any
attempt or would countenance any at
tempt to secure oil lands In Russia II the
title to said lands should be doubtful.
Inasmuch as other nationals claim title
to many Of the Russian oil lands, basing
their claims on pre-war purchases. and
concessions. Sir Henry's denial would
seem to eliminate many oil fields from
consideration by the British oil interests.
Increased activity in the steel industry
is indicated by reports from the Lake
Superior district on gains in iron mining
operations. All mines of the Oliver Iron
Mining Company on the Gogebic Range
Ore now running full time. involving the
employment of 1000 additional men. On
the Guyana Range seven mines are re-
ported In operation.
Renorts Just received by the car service
division of the American Railway Asso-
citation show that 75S.2S6 cars were
loaded with revenue freight during the
week which ended on April %. compared
with TAOS during the previous week: or
an increase OF II. 1885, This was the lar
gest number of ears loaded during any
one week In April, and was an increa sc
of 81, 202 over the corresponding week in
1921, but a reduction OF 1854 compared
with the corresponding week in 1920.
American Smelling & Refining. which
earned Its preferred dividend after all
charges in the first quarter is improving
steadily, and, with a combination OF in
creased consumption and expected lower
freight rates, the outlook for the rest of
the year is much more favorable How
ever. American Smelling * Refining was
caught with the general reaction in the
market and lost more than q point.
Rail stocks were dominated to some
extent by the announcement that President
Harding has summoned fifteen of the
leading transportation executives Of the
country TO attend dinner at the White
House on May 20 with an idea of discuss
ing the general rate situation. While rail-
road presidents here, who are regarded
as certain guests at this dinner refused
to discuss the subject FOR publication. 1t
was said that the invitation was general
in scope.
In railroad circles here it Is generally
believed that railroad leaders who are