Word: copper
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Dates: during 1930-1939
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Gold, cotton, copper, wheat and grasshoppers were the chief contents of President Hoover's mind last week. With his approval the Federal Reserve Bank of New York joined the Bank of France in advancing the Bank of England credits of $243,000,000 to make up for the short-term loans Britain had agreed not to withdraw from Germany (see p. 16). He announced that the Department of Agriculture was working on relief measures for the 'hopper-infested West (see p. 12). And from U. S. Ambassador Frederic Moseley Sackett in Berlin came a suggestion involving cotton...
...likely that Germany could or would take any appreciable amount of wheat from the Farm Board. But of U. S. cotton on credit Germany could make great use; its textile industry was deeply depressed and in need of just such a stimulant. During the discussions U. S. copper was worked into the general scheme but it did not get very far because U. S. producers are reluctant to sell at current low prices (7¼? per lb.) and German manufacturers are not anxious to buy because of their inability to market their finished wares...
German businessmen greeted the Ambassador Sackett-President Hoover plan to sell U. S. wheat, cotton, possibly copper in Germany with moderate enthusiasm (see p. 11). Commented the liberal Vossiche Zeitung...
...With copper last week being sold by custom smelters at 7⅜? a pound, another all-time low, the already painful pinch upon U. S. producers became sharper than ever. Therefore last week Quincy Mining Co. shut down its mines for five weeks and Magma Copper Co. shut down for three months. Adding United Verde and United Verde Extension, both of which shut down several weeks ago, this made four copper companies out of business. In 1929, the four supplied 12% of total U. S. production. Should copper fail to rise in the near future, other of the lesser companies...
Fire destroyed the luxurious 23-room Manhattan apartment of President Cornelius Francis Kelley of Anaconda Copper Mining Co. It was closed for the summer while Mr. Kelley & family were in Butte, Mont. Strange sulphurous fumes overcame seven firemen. Estimated loss...