Word: coppers
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Dates: during 1930-1939
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Said London's Brandeis, Goldschmidt & Co. Ltd. in their annual Metal Report: "It is generally acknowledged that the rise of copper in recent months was largely brought about by purchases, speculative and otherwise, in anticipation of a greatly increased demand for military purposes...
...scarce was copper in the U. S. that President Dwight R. G. Palmer of General Cable Corp. last week dispatched letters to Congress urging that the emergency 4?-per-lb. tax on foreign copper should not be extended after it expires next June. "Present indications are that in 1937 U. S. production will not supply U. S. consumption," declared this big copper user, pointing out that an "acute shortage" actually occurred last December...
...Meantime copper shares on the New York Stock Exchange were staging as merry a boomlet as any speculator could ask. Anaconda jumped $9 per share during the week, closing at $64. Kennecott, also at $64, was up more than $3.50 per share. Phelps Dodge at around $58 was up nearly $3, American Smelting & Refining at $98 was up nearly $10, Federal Mining & Smelting...
...Copper's boom was shaved by other metals, even steel. Operations in the steel industry this week were expected to hit 84% of capacity, and talk was growing that 1937 would turn out to be a record year. Adding $6 per share, U. S. Steel stock closed the week at $114, and Bethlehem at around $95 per share showed a gain of $5. Though U. S. markets were closed for Washington's Birthday at the start of this week, the metal boom, roared on in London. Said one weary British metal broker at the close: "This has been...
While normal world consumption of copper has picked up sharply with general business Recovery, and record armament programs have jumped Europe's consumption near record levels in history, there was apparent by last week still another reason for the copper boom. Vast amounts of the red metal were going into hoarding, either by profiteers or as outright war reserves. Estimates of total copper hoarding in Europe ran as high as 400,000,000 lb., equal to nearly one-fourth the entire U. S. output last year...