Word: kennecott
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INVESTMENTS IN CHILE of $250 million over next four years are being planned by Anaconda and Kennecott copper companies. Since copper production helps finance government's expenses, the money will aid in restoring Chile's earthquake-damaged economy...
Last week the Mormon Church got out of the banking business. In a surprise move, it sold its controlling interest of 146,540 shares in Zion's First National Bank to a group of private businessmen headed by Norge Chairman Judson S. Sayre, Kennecott Director Leland B. Flint, and Utah Loan Company Executive Roy W. Simmons. Sale price: $9,818,314. The explanation from the Mormon leaders: the time has passed when Brigham Young's Latter-Day Saints need place their trust only in church-backed business institutions...
Grants and commitments for the projest thus far have come from the Carnegie Corporation of New York, the Sloan Foundation, the United States Steel Corporation, the Kennecott Copper Corporation, and the Hudson Gas and Oil Company...
...Morgan Guaranty as one of the principal dealers in government securities. The bank annually sends out more than 9,200,000 dividend checks worth $1 billion for corporations, takes care of investing $6.5 billion in trust funds. Morgan Guaranty runs pension funds for such big corporations as Johns-Manville, Kennecott Copper, Philip Morris, the New York Times. It runs them well. Alexander's current appraisal of the stock market is one of caution; the bank is now putting only one-third of new money into stocks, compared with its normal...
...steel strike, the Federal Reserve Board's industrial production index did. Some 100,000 workers were laid off in mines and railroads, and carloadings dropped to 532,304 cars, lowest for a comparable week in years. Last week the Steelworkers Union and others called a strike at Kennecott Copper Corp. and Magma Copper Co. that idled another 15,000 workers. As a result, industrial output declined 1% in July to 153% of the 1947-49 average, two points below the record June level of 155%. But activity in most other durable-goods industries increased, and output of nondurable goods...