Word: coppers
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Dates: during 1930-1939
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...last battle to save Chile's nitrate industry. No one Guggenheim brother is likely to be sole field general in the battle. Seven sons had old Meyer Guggenheim, the founder of the house, and four still share one common office, sometimes called the world's copper capital. Here is the venerable Simon, now president of American Smelting & Refining Co.; Daniel, the philanthropist; Murry, the shrewdest financial mind of the four and an expert on copper prices; Solomon, sportsman, cosmopolite, a specialist in metallurgical
...Fernand Pisart, managing director of the Societé Génèrale des Minerals, the Belgian outlet lor the Katanga mines of Africa. Although producers insisted M. Pisart's visit was merely a routine one, many observers interpreted it as a crisis in the affairs of Copper Exporters, Inc., international price-controlling combine. When Copper Exporters was organized, its president Cornelius Kelley of Anaconda Copper Mining Co. optimistically stated that its purpose was to keep the price adjusted to day-to-day conditions in Europe. European consumers, long unwilling to pay 18? for copper, now grudgingly purchasing...
...African copper has been rapidly changing from a shadowy threat to a solid giant looming on the horizon. In 1916 the copper mines of Africa yielded 43,876 tons mined at high cost by inefficient natives. By 1923 the figure had risen to 80,410 short tons. Last year's production is estimated to have reached 142,599 tons. During this time modern machinery has supplanted hand labor to a great extent, railroads have been built. Now for the first time, African copper is a subject in all conversations regarding the metal's future...
While U. S. Producers were conferring with M. Pisart last week, executives of African copper companies were gathering in London. A major topic was coöperation in smelting. Katanga (Union Miniere Haut Katanga) is now the only African Company with smelting facilities but Roan Antelope is building a smelter, and three other companies (N'Kana, N'Changa Mufalira) expect to follow...
Although U. S. capital is thought to own around 35% of African copper producing companies, the control is definitely European. It will be increasingly difficult for a group in Manhattan to set prices unless those prices are maintained by African companies. While the Manhattan meeting of last week was taking place, M. Pisart might well have noticed with interest that Chile Copper Co., Anaconda-controlled, reduced its dividend from $3.50 to $3, thereby reduced Anaconda's income by $2,000,000; that practically all copper stocks touched new lows on the Exchange; that independent speculators were said...