HUGE NICKEL COMBINE.

Auckland Star, Volume LIX, Issue 250, 22 October 1928, Page 4

HUGE NICKEL COMBINE.

TO CONTROL 90 PER CENT

NEW YORK, October 20

The "New York World" says 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 which will control 00 per cent of the world's supply of nickel.

The terms of merger are said to include a cash payment of £1,500,000 to the Mond Company, and £3,750,000 worth of 7 per cent preferred shares for the outstanding Mond preferred issues.

It is understood that the consolidated company will have a Canadian charter, in order to avoid being amenable to the Sherman anti-trust law.

The price in International Nickel shares on the Stock Exchange to-day climbed to a dizzy height, and 182,500 shares changed hands at 100, representing a gain of 17 points for the day. This stock, moreover, gave an impetus to the feverishly speculative general market, on which 4,761.000,000 shares were sold, being the largest day on record. Favoured issues reached new heights, including Radio Corporation of America, which reached 238, representing a gain of 20 points.