HUGE COMBINE

Hokitika Guardian, 23 October 1928, Page 3

HUGE COMBINE

IN NICKEL TRADE. (United Press Association—By Electric Telegraph—Copyright). NEW YORK. Oct. 20.’ New York State, Canadian and English interests are reported to have acquired control of the International Nickel Company, Which probably will be merged with the Mond Nickel Company, thereby bringing about a combination controlling ninety per cent of the world’s nickel. The merger terms are said to include, a cash payment of 7,509,000 dollars to. tlie Mond Company, and 18,750,000 dollars worth of seven stand Mond preferred issues. It is understood the Consolidated Company will have a Canadian charter, to avoid being amenable to the Sherman Anti-1 rust Law.

International Nickel on the Stock Exchange here to-day climbed to a dizzy height and 182>500 shares changed hands at 190, representing a seventeen point gain for the day. This stock, moreover, gave an impetus to a feverishly speculative general market, in which 4761 million shares were sold, this being the largest day on record-. The favoured issue reached new heights-, inlcludyng Rad,io Corporation of America, which reached 238, representing a twenty point gain.