Business & Finance: Uncontradicted

German steel makers, last week, had cause to smile at reports, emanating from the U. S., of a proposed combine to control U. S. iron and steel exports.

According to the U. S. interpretation, the combine (including the U. S. and Bethlehem Steel Corps.) was to be organized under the provisions of the Export Trade Act to prevent competitive price-cutting between U. S. steelmen in European markets. Through consolidation of foreign offices, elimination of duplicate staffs, considerable economies might be effected. Thus the U. S. would be in a better position to compete with the rejuvenated German steel industry. (TIME, July 2.)

But...