Word: copper
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Dates: during 1930-1939
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When Phelps Dodge Corp. set out with cash in its pockets to woo and master rich, independent United Verde Copper Co. of Arizona (TIME, Feb. 18), most people thought it was the only suitor. Last week it was learned that there was another. American Smelting & Refining, which Simon Guggenheim took over from his brother Daniel in 1919 and built into one of the world's biggest non-ferrous metal smelters & refiners, had bought a big block of stock in United Verde earlier than Phelps Dodge. Last week in Manhattan the two suitors rushed to a meeting of United Verde...
...fusty clerks, pious old Anson G. Phelps reorganized the business, began selling lumber, iron, steel, insurance. Next Phelps Dodge acquired a patch of ground in Bisbee, Ariz, and began to dig. In 1906 it announced in all New York newspapers: "Owing to the great increase of our Copper and Railroad business in the West, we have been obliged to give up the selling of all metals except Copper...
...year copper prices began sliding downhill (1930), Phelps Dodge began moving up the ranks of the industry. It acquired a new president, hard-driving Louis Shattuck Gates, who saw that what Phelps Dodge needed was low-cost mines and proceeded to buy some. Soon Phelps Dodge ranked third in the business. Though domestic copper stocks went to 747,000 tons and the price to less than 5?, President Gates was still on the lookout for new cheap holes...
Last week, apparently, he found one. Phelps Dodge announced that it had acquired a block of stock in United Verde Copper Co. of Jerome, Ariz. from the heirs of Montana's late copper-mining Senator William A. Clark who owned control of the company. United Verde's sales-quota under the copper code is based on an annual capacity of 68,000 tons against Phelps Dodge's 168,000 tons...
...Parisian flea market for two or three francs apiece. When the market for Millets ran low. they produced Monets, Sisleys, Pissarros. The forging of Millet paintings was greatly helped by the fact that old Jean null Millet was in the habit of signing his canvases with a copper stencil...