Word: coppers
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Dates: during 1930-1939
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...copper producers chuckled gleefully three weeks ago. Cause of their merriment was the successful manner in which they had called a bluff. Bluffers had been the representatives of Belgian Congo's Katanga Copper Co. (Union Miniére du Haut Katanga) who had refused to agree on production curtailment, had booked passage for home only to cancel it on the eve of sailing, return to the conference-table (TIME, Nov. 23). There was no glee when, a few days later, the Katangans suddenly rebooked passage, actually embarked. Copper curtailment, only solution to the industry's plight, seemed impossible...
Last week the bluffing Katangans suddenly realized they no longer held the upper hand. An event occurred which led them hurriedly to cable their agreement to curtail to 181,000,000 lb. of copper a year, of which only 115,000,000 or 26% of capacity would be for sale. But their acceptance brought no jubilation in the U. S. The same event which had startled the men from Katanga, took the U. S. industry by surprise and was no conference-table bluff. Copper's famed United Front was broken...
Potent is tight-lipped Copper Exporters, Inc., foreign sales agency for U. S. producers. This group was formed in 1926, has since set the price abroad. Katanga belongs to it. Foreign consumers have often complained bitterly about the price, roundly denounced the association. Although copper for export should theoretically be no more than the shipping rate above the New York price, the disparity has often been .0075? instead of the accepted .0025? per lb. Smaller members of the association have complained, found themselves up against a strong voting control which brooked little criticism. Last week all dissenters found...
...copper company selling abroad independently would have no trouble underselling Copper Exporters. Last week, in expectation of a rough-&-tumble fight, sellers deluged the copper market, buyers withdrew. The result was a new low of 6¼?. Hence the alarm of Katanga, great proponent of sales pools; hence Katanga's hope-that their acceptance of curtailment would send Phelps Dodge back to the fold...
There was no indication last week that Phelps Dodge would return, but since 30 days must elapse before the withdrawal becomes effective the industry hoped that some new agreement on foreign sales might be reached, curtailment made possible. Without Phelps Dodge copper curtailment could not be accomplished. President Gates made clear that he planned to be no "bull in a china shop." Conferences continued...