Word: anaconda
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...owes its existence, many of its powers, to a wave of front-page indignation engineered by Ferdinand Pecora, who took over the Senate Banking & Currency investigation of 1932-33. When he showed how Charlie Mitchell rigged the market in Anaconda; how Rudolph Spreckels made over$14,000,000 in the Kolster Radio pool while suckers lost their shirts; how Dick Whitney, pegging a German bond issue, waited till the Morgans were out before he "pulled the plug"; how the Stock Exchange of 1929 really worked-the New Deal was able to write its own ticket for Federal regulation of security...
...when he refused to follow his competitors' price cut to 10?. Last week poker-playing Gates showed that he believes in flexible prices-on the up side. He posted a price of 12½?, panicked consumers to come back into the market for more inventory. Reluctantly Kennecott and Anaconda, both with lower costs han Phelps Dodge, followed the price up, while frightened consumers bought still more. Small copper fabricators, worried, ike small steelmen, about the rising price and shortened supplies of their raw material, began to exert political pressure on Washington to halve the 4? a pound copper tariff...
...shares (1939's daily average 720,072 shares; 1939's biggest day, 2,888,000 shares) changed hands on the New York Stock Exchange. War babies (steel, metals, aircrafts) led the advance. Bethlehem Steel, Santa Claus to many a World War I investor, zoomed 7: points (to 65), Anaconda Copper was up 4? (to 28?). Aircraft stocks all took off, registered gains of 7.5% to 18.1%. The Dow-Jones industrial average hit 135.25 (still 19.65 below the 1939 high of last January...
...wait out the copper companies. Within a few weeks American Smelting's price was down to 10?. Still most purchasers waited. Then fortnight ago Phelps Dodge jumped it back to 10½?. This priced the industry's No. 3 unit out of the market, but enabled Anaconda and Kennecott units, Nos. 1 and 2, to make a market...
...Corning and Owens glass fibres are already being used for various purposes by Anaconda Wire & Cable Co., General Electric Co., Westinghouse Electric Co., Holland Furnace Co., Frigidaire Corp., several others...