Abstract

Editorial Paragraphs

The article discusses U.S. corporate developments. Public opinion has a way of being excited about the wrong things. There has, for example, been somewhat of a flurry about the two mergers of independent steel companies on the ground that they would still further restrict competition in steel. It seems that the defenders of the mergers are probably right in saying that these combinations will give the independents greater strength in competition with the United States Steel Corporation. At any rate, there is an abundance of evidence that there has been no real competition in steel since the trust was formed two decades ago. What is significant about the three-company merger is the vicious stock-gambling on the curb market in stocks not yet issued and the immense reward to the lawyer and bankers who engineer the deal.