Word: benguet
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Dates: during 1930-1939
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...Judge John W. Haussermann, who went to the Philippines 38 years ago as a second lieutenant of the 20th Kansas regiment and returned last July as Republican National Committeeman to hear Alf Landon accept his Presidential nomination. The tale concerning him is that anyone who put $100 into his Benguet Consolidated Mining 25 years ago would be worth $500,000 today. Even so, although he nursed his company along since 1909 it did not get into the big money until after 1926 when new ore deposits were discovered. Not until 1933 did its earnings exceed $2,800,000 a year...
...hazy days of the Chinese empire, centuries before Magellan reached the Orient, the Igorots of Benguet mined gold in the Philippine hills. The Spaniards snatched off their gold earrings and beat them into crucifixes. Spanish-American War adventurers, trekking inland, were greeted by natives crying "Ado Balatoc Bantay!" ("Lots of gold in the mountains.") But geological disturbances, dense vegetation, frequent droughts and lack of modern machinery kept the infant industry of the Philippines from rapid development. Not until last year did Philippine business men really begin to discover how much balatoc there was in the bantay and what...
Badly muddled was Manila's reaction to passage of H. R. 7233. Owners of Benguet Consolidated, best Philippine mining stock, which has just paid a 50% dividend, dumped 2,000 shares at 50 centavos (25?) below the market quotation, so alarmed were they over the economic consequences of independence. The Philippine Legislature, sitting as an Independence Commission, wrangled and haggled from dawn to dark over H. R. 7233. Manuel Quezon, President of the Senate, denounced it as an insincere "joke," claimed it was foisted on the islands by National City Bank's investment in Cuban sugar. Cries...