Word: cartelism
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When he overreached himself and went bankrupt, he headed for Manhattan, made a quick fortune in cigarets. Boredom drove him into the munitions business. In Paris, Ulysses created the armament cartel which did the main work in preparing both sides for the World War. In old age "his soul expanded in its power and goodness." Peacefully dead at 71, he got magnificent funerals in Greece and England, canonization by the Church. In accordance with his last will, he was buried simply in his native Greek village, his enormous fortune split into a thousand bequests...
...fuss last week in the commodity markets which the bounding indices reflect was in copper. Metal prices at home and abroad have been rising dramatically since early autumn. Fortnight ago copper's sister non-ferrous metal, tin, was placed on virtually a 1929 production basis by the tin cartel (TIME, Jan. 18). Last week, with export copper selling as high as 12.75? per lb., the international copper cartel called off production quotas to keep the price of the red metal from soaring higher and to discourage reopening of low-grade mines...
...tons of tin bound for U. S. ports to be combined or converted into can coatings, automobile bearings, tooth fillings, gun metal, tin foil. At the same time, in Brussels, the discreet and powerful gentlemen whose companies mined this tin were agreeing to extend for five years the cartel by which world tin production is determined. Set for the first quarter of 1937 were production quotas at what the International Tin Committee calls "standard 100%," practically identical with 1929 production (192,000 tons). Siam, which nearly broke up the agreement last year by demanding a bigger quota, came into line...
...cocoa's rise, as for that of more staple commodities, the obvious and basic explanation is increased consumption. But there have also been special reasons for the hot cocoa market. Unlike rubber and tin (see p. 59) cocoa production is not amenable to cartel agreement. The cocoa tree, which was discovered in Mexico by the Spanish conquistadores, is a sensitive plant, takes from six to eight years of careful tending before it yields a good crop of cocoa beans. In West Africa where one-third of the world's crop is harvested, native growers...
...profit in 1929, Yukon Gold tumbled into the red in 1930, piled up big deficits the next two years. Reason for the decline was the state of tin which,, like most of the world's leading metals, was caught out on a limb by Depression. In spite of cartel restrictions, output did not drop as fast as consumption from 1929 through 1931 and prices dropped from 45? to 24? per Ib. In 1932 production was pulled below consumption. Two years later prices were up to 52? per Ib., and the company showed a profit of $424,500, even though...