Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-21

OF new properties were eIIeCIeQ.
rector of the Youngstown Sheet g. Tube
Co. is that the merger of the Bethlehem
Steel Corporation and the Youngstown
will now go through, bringing into ex-
istence a much larger and formidable
! rival of the United States Steel Cor
poration. Mr.. Eaton was the leader of
the opposition to the merger.
The merger of the two companies was
brought nearer some few weeks ago
when stockholders Of the Bethlehem Co.
Withdrew their court action against the
bonuses paid to officials. A new agree
ment was reached between the manage
ment and the stockholders in the mat
ter of bonuses.
Mr.. Eaton will be succeeded on the
board by George T. Bishop. jr., presi-
dent of Continental Shares, Inc. Frank
Purnell, president of the Youngstown
Sheet & Tube, succeeds Mr.. Eaton on
the Executive Committee
Ship Merger Likely.
| 1t appears likely that the Interna-
tional Mercantile Marine will become
identified with the United States LineS.
The latter, started so auspiciously BY
Paul w. Chapman, prominent public
utility banker of New York and Chi
cago. has not proved a success The eX-
perience of many years standing of the
1. M. M may inject new blood into the
situation, and revive the hope of Ameri-
cans that they. too. may al least boast
of a merchant marine which will COM
/ pare favorably with that of other pow
ers.
Copper Interests Combining.
The tendency to concentrate the out
put of important products into fewer
hands is making rapid progress. The
merger between the Calumet & Arizona
Mining Co. and the Phelps Dodge Cor
poration makes the combination the
third largest copper enterprise in the
world. The capacity of the merged
companies of about 450,000,000 pounds
Of copper year compares with a capac-
: ity of about 1.250,000 900 for Anaconda
and about SOooOo,O0O for Kennecott
With this situation obtaining. the price
of the metal can be more readily con-
! trolled.
Foreign Financing Declines.
| Uncertain conditions abroad account
/ for the decline in United States foreign
/ financing through the public sale of
securities According to the Department
Vi LoSuGS pldCCO III
the United States during the second
quarter of the current year amounted
TO 100000. Of which $4,000, 900
was for refunding purposes.
Most of the remainder was for the
account of Canada. Great Britain and
Japan, which can take care of their
financial requirements in their own
markets. so that the benefits which
usually accrue from lending abroad are
not in evidence.
Chile's Default
Chile. too. has succumed TO the eco
nomic crisis. The service on her debt.
held largely in the United States. is to
be deposited henceforth in pesos and
converted into foreign moneys when the
crisis eases Large short-term obliga-
tons were responsible for Chile's de-
fault. Were it not for the German crisis.
| American bankers would have come to
Chile's aid, which since 1916 has never
failed 10 meet interest payments on her
debt promptly and punctually. and
which since 1888 has never fallen down
with respect to sinking fund payments.
Holders of Chilean bonds should bear
in mind that suspension of payments
by Chile-is not a willful reputation of
her obligations. nor is it due to unfair
treatment accorded her by her creditors.
However. the announcement of Suspen-
sion of payment resulted in new low
price for Chilean bonds.
CCopyright, 1891. by the North American
Newspaper Alliance, lnc.)