Word: coppers
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Same Old Mess. A year after independence, the Congo's economy was a national mess. Katanga, whose copper mines have missed hardly a day's work through all the troubles, was booming. But in the rest of the Congo, 70% of the labor force was unemployed. Exports, which before independence averaged $20 million a month, had dropped to $6.5 million. Inflation had pushed food prices up 20%, and building construction was at a complete standstill. Yet, by African standards, the Congo is a rich country, and somehow things faltered on, thanks mainly to the U.N., which had poured...
...next six months or a year," says top Securities Analyst Edmund Tabell of Walston & Co., "the market will move higher under entirely new leaders. These will be the glamour stocks of five years ago-chemicals, paper, aluminum, rubber." Says Bruce Dorman, research director for Reynolds & Co. in San Francisco: "Copper issues have been very big, and machinery, steels and chemicals are all doing well." Nor are all the professionals ready even to write off the 1960-61 glamour issues-especially if the economists should prove right about a coming nationwide boom...
...months, the blacks and whites of Central Africa have been squabbling over control of Northern Rhodesia, a sprawling African territory containing 2,400,000 people above ground and 700 million tons of copper reserves below. Racing in and out of London, African Leader Kenneth Kaunda insisted that nothing short of majority control for the blacks would be acceptable in the new constitution being drafted. Portly Prime Minister Sir Roy Welensky fought back with stern threats; fearful that black control of Northern Rhodesia would destroy his Federation of the Rhodesias and Nyasaland, he hinted darkly of secession from British control unless...
...nationality, on a special mission to Stanleyville, where Antoine Gizenga holds sway over Eastern province and claims to be the only true heir of the late Patrice Lumumba. Gardiner persuaded Gizenga that it was safe to send a delegation to Leopoldville for the reopening of Parliament. In Katanga, the copper-rich secessionist province that stubbornly refused to share its wealth with the rest of the Congo, Linner's other U.N. emissary, Francis Nwokedi of Nigeria, was hard at work on the Deputies of stubborn "President" Moise Tshombe, who has been held as hostage in a villa near Leopoldville. Grumbling...
...sluggishness in between. Reason: the here-and-now U.S. economy has nearly as many soft spots as a well-matured cantaloupe. The stock market is on a high but flat plateau. Steel production is trending down into its normal summer doldrums. Price discounts have softened not only steel but copper, aluminum, rubber, paper and chemicals. Most sluggish of all is the industry that since World War II has customarily led the U.S. out of its recessions: housing...