Word: benguet
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Dates: during 1940-1949
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...financial centers of the world last week, the gold fever spread like the blood-tingling news of a rich new strike. Day after day on the New York Stock Exchange, the cheap stock of a Philippine gold-mining company, Benguet Consolidated Mining Co., was among the heaviest traded. Wall Street's Bache & Co. was busily selling unrefined gold (the only kind that can be legally held in the U.S.) at premium prices ($44 an ounce). In London, South African gold-mining stocks were ones eagerly bought in a falling market...
...Judge" Haussermann floated 200,000 shares of new stock, borrowed $75,000 from the bank, built a new mill and started mining ore. In two years he paid off the bank's loan to Benguet. Gradually, he increased his own stock holdings out of earnings until he owned a controlling interest of about 30%. (His original investment was eventually worth...
Blown Good. In 1926 things looked dark again; Benguet's ore was running low. The other stockholders wanted to dissolve the company and split up the $750,000 on hand. Instead, John Haussermann stubbornly insisted on spending some of the cash on prospecting. He won the gamble; a rich new strike put him in a position to buy a lumber company, a power station, and a $300,000 controlling interest in the Balatoc Mining Corp...
Haussermann, who had quit the islands in 1940, sat out the war on his New Richmond farm. Since war's end his company has spent $5,000,000 on reconstruction, expects to spend another $3,000,000. Benguet is now mining about 1,000 tons of ore (worth $10,000) daily, about one-fourth of its capacity. Judge Haussermann hopes to get the working force, now 2,000, back to its peak, along with production, in eighteen months...
...back too soon to please Philippines' President Manuel Roxas. Gold is the Philippines' most valuable export. Benguet now sells it in the Philippine free market for $44 an ounce. Though traders sell it outside for around $60, Haussermann doesn't mind. Along with fat profits, he likes the fun of digging gold. Says he: "When a man's 80, he doesn't have any cronies left. Work's my hobby...