Word: kennecott
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Dates: during 1930-1939
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...when he refused to follow his competitors' price cut to 10?. Last week poker-playing Gates showed that he believes in flexible prices-on the up side. He posted a price of 12½?, panicked consumers to come back into the market for more inventory. Reluctantly Kennecott and Anaconda, both with lower costs han Phelps Dodge, followed the price up, while frightened consumers bought still more. Small copper fabricators, worried, ike small steelmen, about the rising price and shortened supplies of their raw material, began to exert political pressure on Washington to halve the 4? a pound copper tariff...
...hiding? Meanwhile, the copper industry demonstrated that Henry Ford's low price-big volume doctrine is still worth something. Last week, copper companies, who recently got new orders by cutting prices from 11¼? to 10¼? a Ib. (TIME, May 15), found orders again drying up. So Kennecott Copper Corp., big Guggenheim unit, cut the price to 10? and other companies followed. Result: April's high rate of sales continued. Phelps Dodge's President, Louis Shattuck Gates, tall, pleasant, frank, fond of playing poker (because "you can only get mad at yourself if your guess...
...copper companies. Within a few weeks American Smelting's price was down to 10?. Still most purchasers waited. Then fortnight ago Phelps Dodge jumped it back to 10½?. This priced the industry's No. 3 unit out of the market, but enabled Anaconda and Kennecott units, Nos. 1 and 2, to make a market...
Last week Kennecott Copper Corp., whose operations fell to 16% of capacity in 1932 during the depths of Depression I, announced that beginning June 16 all its U. S. mines would be closed "for at least a month." Domestic scrap copper prices having tumbled from 10? to 6.75? a Ib. in eight days, Anaconda Copper Mining Co., one of the world's biggest producers, already had closed two of its biggest U. S. mines...
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...