Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-16

Utah COPPER Company It was figured
would permit the Kennec0tt to re-enter
the honorary list Of dividend payers.
Era of Better Prices
William A. Law, president Of the
First National Bank, In discussing the
business and financial outlook, says:
''The country has entered upon an
era Of better prices and, while general
conditions are far from normal yet,
some Of the great basic industries are
making much better showing than for
merly. This Is notably true Of steel, the
metal working branches and building
construction. 1t is noteworthy also
that the automobile trade, which suf-
fered from about as serious nm imitation
as any that the war excitement devel-
oped, shows signs Of healthy revival.
The whole country Is rejecting the
benefits of price stabilization. In some
industries concessions already made
have not been adequate and additional
inducements will be necessary to en-
courage broad buying. But the manu-
facturer, the wholesaler and the re-
taller are realizing the necessity Of Of.
fering their wares at price that shall
attract public which Is determined to
buy only at fair defiation level"
Freight Traffic Improving
Officials Of railroads operating east
from Chicago and st. Louis reported
improvement in the traffic conditions
with the exception Of coal, the miners
strike naturally precluding anything but
q decrease In that commodity compared
to year ago. In general merchandise
the movement Is Increasing as compared
to year ago, and there Is also gen.
orally heavy Offering of building mate
rials of all kinds. Steel products arc
being shipped in Increasing quantities.
and there is nothing in the way Of. re-
turning prosperity except the coal sit
uation SO far as the railroad reports
are criterion. Flour business is mod
crate, and the shipment of grain is now
mainly by lack. and the movement from
the farms is of small proportions.
OMcials Of southern lines find about
the same conditions as prevail on the
eastern lines. The light coal shipments
have brought down the total volume Of
tonnage to probably less than for the,
time last year, but IL the
coal was normal the total would show
a substantial increase. Lumber ship.
ments are liberal, and there has been
a heavy volume Of Southern produce
shipped North. General merchandise is
moving in liberal volume. The move-
ment Of grain to the gulf ports has been
Of moderate proportions.
Independent Steel Merger
The following statement was issued
from the Office Of Thomas L. Chad.
bourne. general counsel for the six COM
pany steel merger:
"'There Is no thought in connection
with the proposed merger Of Brier Hill
Steel, Inland Steel, Midvale Steel, Re-
public Iron and Steel, Steel and Tube
Company of America and Youngstown
Sheet and Tube Of violating either the
Sherman law or the Clayton act.
Aggregate rated ingot capacity OF
these companies is approximately only
1G per cent Of the total rate Of ingot
capacity of the United States, while
production in 1920 was approximately
only IL per cent of the total production
Of the country in that year. Operation
Of the properties of the six companies
as unit will result in a very substan-
tial reduction In costs which will en-
hance rather than restrain competition.
No monopoly will be effected nor will
there be any restraint of trade. There
Is no basis whatsoever for the impress
sion that it Is proposed to act in con :.
cert, by agreement or otherwise, with
the United States Steel Corporation, or
any other competitor"
" This statement follows the wires re.