Word: coppered
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With new industries abuilding and others blueprinted, Chile was like a specialty shop expanding to department-store size. Then the price of copper, Chile's specialty, started to slip. Last week, when it hit 16? a Ib. (down from 23½? a lb. since March 29), Chileans began wondering just how long they would be in business...
...together own 96% of Chile's mines, announced a 30% cutback, laid off 2,615 workers. Higher-cost Chilean-owned mines had already shut down or soon would. That would add several thousand more to the unemployment rolls. Meanwhile, in the U.S., the price drop brought cries from copper-state Congressmen for revival of the prewar tariff on U.S. copper imports. If it were reimposed, Chile would be shut from any big share of the U.S. market...
Life's Blood. Every 1? drop in the copper market cost the Chilean government $5,000,000 in royalties. By last week the price decline had already brought a $32.5 million-loss in this year's foreign exchange budget. The production cut also meant a fall of 1.8 billion pesos in the taxes that Chile collects on mine operations. "If this situation had presented itself in 1952 instead of 1949," sighed President Gabriel Gonzalez Videla, "it would have been of no importance." But at a time when Chile's industrial development program (TIME, May 30) was still...
...Videla put in a call to Manhattan, where Economics Minister Alberto Baltra, after attending a U.N. economic conference in Havana, was waiting to ship out for home. Acting on instructions, Baltra this week asked President Harry Truman to do what he could to scotch revival of the copper tariff. He also asked for a U.S. loan of $45 million for foreign exchange...
...worked free he put on a run that brought the crowd of 40,421 up on tiptoe. But 20 yards from the finish, Atkinson "turned his stick" and relaxed; Capot nailed the $60,900 prize by half a length. Added to his victory in the Preakness, the Belmont copper-riveted his claim to 1949's three-year-old championship...