Word: coppers
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Dates: during 1960-1969
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...Administration's pique, it developed, came from the fact that Bethlehem had not informed the White House in advance of its plans-though no law or custom yet dictates such action by U.S. businessmen. Lacking stockpiles such as it employed last fall to roll back aluminum and copper prices, the Administration now ordered key Government agencies to buy structural steel only from companies that held the price line. On top of that, Pentagon officials hinted that Bethlehem might lose $50 million in contracts to build two ammunition ships...
...news broke quietly on New Year's Eve. A wire-service report announced that Belgian-controlled Union Minière du Haut-Katanga, which annually mines 314,000 tons of copper in the Congo, was increasing the price of the metal from 380 a pound...
...Union sources in London, but the Union decision had been so sudden and quiet even within the company that executives, asked for corroboration over the weekend, denied any knowledge of it. The denial made no difference. Whether because it wished to re-emphasize its position as a pace-setting copper producer or because of some genteel arrangement whereby it drew the task of moving first, Union had decided on a price hike. Within two days, companies in two other large copper-producing countries, Chile (560,000 tons annually) and Zambia (750,000 tons annually) upped their price to 42? also...
...copper sulphate to kill the carrier snails has been ineffective. Some of the drugs now being used to treat the disease require painful injections. In 90% of cases, Ciba's Ambilhar pills cure the American and African forms within a week; tests on the Asian form are under way. Yet, as Ciba admits, even this potent drug cannot wipe out the disease because a cured patient who goes back into the rice fields may be reinfected within minutes...
...feels that even a minor hike might act as a symbol to encourage others to raise prices. Bethlehem may have to back down, but it will not be because of a repeat of the Administration's successful use of stockpiles to force back price increases in aluminum and copper. The government has no stockpiles of steel. What it does have is a voice that is very hard to ignore when it is insistent...