Word: anaconda
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...recent upturn in copper prices, accompanied by signs of increased consumption and improved conditions among European nations, was hastily seized upon by many as proof that all American copper companies were in for better times. Anaconda copper suddenly passed its dividend, followed shortly afterwards by Inspiration and Calumet and Hecla, and there then came a day of hysterical selling in the stock market, in which practically all the coppers declined. Subsequently, however, the better companies have been thought more favorably of, and their stocks have risen again, particularly after Kennecot declared its regular dividend...
...Chicago, Milwaukee and St. Paul had pledged $100,000; the Rock Island Lines, $100,000; J. P. Morgan and Co., $500,000; the National City Bank (Manhattan), $500,000; Kuhn, Loeb & Co., $250,000; Henry Ford, U. S. Steel Corp., General Motors, Allied Chemical and Dye, Kennecott Copper, Anaconda Copper, American Radiator, U. S. Rub-ber-all subscribed money, money, more than needed...
...signs of prosperity for copper. Practically ever since the high war-time prices resulted in open-ing so many new deposits that demand was soon swamped, the industry has experienced a condition of suspended animation. Only the richest deposits, with lowest production costs, really paid to operate. Even Anaconda, premier American company in size and scope, has had difficulties...
...through a generally declining stock market. Meanwhile all is not peaceful in the American copper industry; considerable dispute has risen over a proposed tariff to shut out cheap foreign production. Every copper company is taking sides according to its interests. Leading companies to suffer by such a tariff are: Anaconda, with extensive production in Chile through ownership of the Chile Copper Co.; Kennecott, which owns Breden Copper, also in Chile; Phelps-Dodge and Green Cananea, with hold-ings in Mexico; and Granby Consolidated, in the properties in British Columbia. Many of these companies also have American mines...
...long-expected recovery of the copper industry has apparently put in an appearance and critics of the Anaconda Copper Co. in its acquisition of the American Brass Co. and the Chile Copper Co. some months ago are now praising the step as far- sighted...