Steel Fist

Handsome & tall Cyrus Stephen Eaton, who has his fingers on the Republic Iron & Steel Co., the Trumbull Steel Co. and the Inland Steel Co., crooked two of his fingers last week and the merger of

Republic and Trumbull became a probability. Republic stockholders ratified the project. Trumbull stockholders are yet to vote on it. Joined, they have assets of nearly $190,000,000, and capacity to pro- duce 1,900,000 tons of steel ingots yearly.

Besides bending those fingers last week, Mr. Eaton wiggled his Inland finger ma-sonically towards the executives of Inland

Steel and Youngstown Sheet & Tube Co. Among them were men hitherto more notable than he in steel, men such as Pres ident James A. Campbell of Youngstown, Chairman Leopold E. Block of Inland and President P. D. Block of Inland. They and their colleagues agreed upon the merger of the two corporations. A majority of their directors and stockholders must yet formally agree. If they do, as seems probable, their combined assets will be $385,000,000, their ingot capacity 4,942,000 tons yearly. Surpassing them in the U. S. will be only U. S. Steel (assets $2,500,000,000 ingot capacity, 23,035,100 tons) and Bethlehem Steel (assets $650,-000,000; ingot capacity 7,600,000 tons).* These mergers are virtually consummated. Others are possible (TIME, Dec. 5). Mr. Eaton is worth $50,000,000 himself.+- He is a partner in Otis & Co., Cleveland, investment bankers.+- Only a few years ago, a newcomer to Cleveland, he was preaching in a small Baptist church whenever the regular pastor was absent. His voice remains mellow & resonant. Unostentatiously he gives much money to church needs, hunts with hounds, rears seven children. Although democratic, Otis & Co. employes hold him in greater awe than they do Charles A. ("Charlie") Otis, head of the firm.

*Last week U. S. Steel was operating at 83% of its capacity, the others at an average of 72% --practically the same production rates as at that time last year. At the end of last March, U. S. Steel was at practically 100%, the *independents* at 87%. Expectations for this spring are the same. +-Made chiefly by his activities in public utilities at Cleveland and Columbus, Ohio, Kansas City, Washington, Baltimore, Annapolis. He is a director of the Bowman-Biltmore Hotels Corp. and, when in Manhattan always stops at the Biltmore. **Another Otis partner is Joseph Oriel Eaton (president of Eaton Axle & Spring Co.), no relative to Cyrus Stephen Eaton.