Word: coppered
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...copper industry cannot produce enough copper for the U. S.'s present needs. This price gives the industry-especially the big low-cost producers, Anaconda, Kennecott, Phelps Dodge-a nice profit, but it gears its output to a maximum of 1,100,000 tons a year. For 1941, defense copper fabricators will need at least 1,200,000 tons. That means 100% of the 12? capacity and 100,000 tons besides. For over two months, fabricators have been increasingly worried about their copper supplies. Not only are they bringing new fabricating capacity into production all the time, but they...
...extra 100,000 tons of copper for next year, the Defense Commission had two choices. It could let the price go up-say, to 14?. That would bring another 100,000 tons of driblets into the market from higher-cost mines. The chief pressure in behalf of this cause came from the Mountain States, which have already used pressure to get silver, wool and sugar profits with Government aid, have done handsomely by themselves in Washington. The chief argument against it: a 2? price increase would add $48,000,000 (for 1,200,000 tons) to the U. S. economy...
...other choice is to import the extra copper. Imports are now kept out by a 4? tariff; since Chilean copper is priced in U. S. ports at 10? a pound, it cannot compete with domestic when domestic is less than 14?. First to plump for tariff reduction in the present emergency was one of the trade's stanchest Willkiemen, blond, conservative Fabricator C. Donald Dallas of Revere Copper and Brass, Inc. On the very September day that Wendell Willkie spoke against low copper prices in Anaconda's Butte, Fabricator Dallas spoke for a 12? ceiling in order...
...last month, the Defense Commission had made its choice. By this week it had translated its choice into action. Mr. Dallas' proposal-in principle-won. Next month some 12-15,000 tons of Chilean copper will arrive at Atlantic ports...
...Whom. Since the Defense Commission has nothing but advisory power, the steps by which it is getting this copper were not simple. They make an enlightening case history in the politico-economics of defense...