Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-06
GOD DISCLOSURES
7 SALE OF STOCK
ed Consolidation Will
'ably Be Allowed to
)ie Natural Death.
Y Is REPEATING ITSELF
Snnc Thing Happened
big Corporation WAS Form
enty Years AGO-Incrrnsrs In
oil Lists ItepOrtcd.
Ky II l.. Barnuii.
Call at I.

SECULAR opening Of the stock
this morning with tho price
continent reactionory until around
lT%ntMWt%hen tho nrst signs OF "A re-
,iony occurred under the leadership
"o'!eel common. Prices nj IN. low
were not Oft much. but traders
FOR III ended the week IN - very OF
rnen,atic frame OF mind. expecting
Boui:cs to go much higher this week.
70 very much depressed. first over
-- disclosures In the Republic. Mid
" ARfe, Inland merger in".stigatiou. and
, IN ovcr the news from Washington
antht the Seuat. had received "a re-
rhnrt from tho Federal Trade Com
shisn "sssa.Sn lda2ssS Of ,s M,
at consolidation. In the opinion Of
40 commission. was Il violation OF
10 Clayton antitrust act.
Wall Street believes now that as
AT AZ tho three company merger IL
concerned that consolidation is off.
IL Is not believed after the dis
closures just made that tho new stock
= can be succcssfu!ly marked M OK
pccied. and without profits TO the
: promoters the proposed cousolILa-
.tion VIII probably be allowed 10 die
natural death
Details Laid Hnrc.
II has been n long time since Wall
Street has boon anything on the stage
or in u book az amusing az the tes-
TIM ~ before the Lockwood com
mittcc. Mortimer Schin. partner
IN the private banking .r,n OF Kuhn.
Loeb q Company. "hO is behind the
proposed merger Of Republic. M!ivaln
and Inland, vas made so angry by
Samuel Untnrmycr. counsel for tho
Lockwood committee. mat Schir be
came Indignant az the suggestion that
his arm was in the promotion bust
ness and demanded a retraoil ION.
That, despite the testimony that
shows the underwriting syndicate
was to get at sI3 ;hc new stock nov
ceiling on tho curb when Issued at
$50 share: that Kuhn. Loeb &: Com
phny and their lawyer for the merger.
Thomas Chadbourno. were 10 get S.
900 shares OF tho same stock ut 40
"a share: that '20.000.000 OF the new
money To be raised for the three
merged companies By sale OF securi
ties 10 the public was 10 hc used 10
70 handle the stock market that the
new securities could be sold to the
public
That is exactly what happened
when the steel corporation was
formed twenty years ago when s.;
the stock, despite the unknown earn
Ing power OF tho new company with
It's excessive capltaliEhtion: when
James r. kcenc. then the master
Hnhnipu!ator. waS successfully hired
To rig the stock market so that in
sdeTs who took stock for their plants
by the bale could unload around $50
share or better before the price
started on it's long decline to as.
Pay Roll List Increascs.
ne, Increase OF 80 per cent in
the number Of employees on the pay
roll is reported today 10 tho govern
Incnt during the month o! May by
Lass different companies engaged In
many different lines OF Industry in
s!Ity-flvo industrial centcrs. and it
is predicted that II hal, is not
called in the ircroase IN employment
by tho coal strike. within another
thirty or sixty days. unemplo yrne u {
throughout; the country Will be
normal In tho days news there is
only one Item Of wage reductions
six New Ham n.hire cotton mills
which hav. been closed since last
February announcing that they would
start up ut once with reduction in
pay of 30 per cent
But on ~ u'h ESP .sa-; out
of-town dispatches received here re-
with wage increases being made
Tho Woodward Iron Company. Of BIZ
minsham. mas posted Il 10 per cent in
crease In pay for 5000 ore and coal
workers. because labor was growing
scarce.
New sterling Uccord.
The Wheeling Steel Corporation, OF
Wheeling. w. Va, announces a 10 per
cent Increase In pay OF unskillcd
labor. The Timken Roller Bearing
Co, Of Canton. Ohio. has raised wages
10 per cent and adjusted upward The
salaries of Office force
Sterling made n now high at the
opening this morning at $4.iSl-2 and
Wall Street Is now discussing a re-
turn in the near future TO par, which
is s4s65-S.
Pittsburgh reports that independent
ranners In that district arc hard
pressed for crude and arc paying
premiums for deliveries to keep their
plants going.