Word: kennecott
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COPPER PRICES have jumped to 40? a lb.. the highest level in the U.S. since 1872. With the exception of Kennecott Copper, which boosted the price of Chilean metal only, the big companies (Anaconda, Phelps Dodge, and American Smelting & Refining) hiked prices of copper for the third time this year, for an overall 10?-a-lb. increase since January. Reasons: 1) a 15½? wage boost given 35,000 U.S. copper workers after a 43-day strike, 2) a general increase in world copper demand...
...Glover, 64, stepped into the board chairmanship of the Anaconda Copper Mining Co., the world's No. 2 copper producer (behind Kennecott), succeeding Cornelius F. Kelley (TIME, May 30). Glover got a law degree at the University of Oregon in 1915, served as a sergeant in World War I. In 1919 he hung out his shingle in Great Falls, Mont., representing among others Montana Power, Great Northern Railway, Anaconda. He joined Anaconda's legal department full time in 1943, and within eight years was general counsel and a vice president. Recently, Glover skillfully helped resolve thorny difficulties over...
Chile's government last week carried out a major overhaul of the taxes it imposes on the subsidiaries of the big U.S. companies (Anaconda and Kennecott) that mine 12% of the world's copper there. The new law, scrapping a legal tangle of income taxes, fixed selling prices and exchange-rate penalties that added up to 85% of operating income, provides for an ingenious graduated income tax in reverse. If production stays at present levels, the companies will pay 50% of operating income as their basic tax, plus 25% as a surtax. But the surtax will shrink with...
...were deep blue chips. At the head of the list was Standard Oil (N.J.), which was held in 506 portfolios. The others: General Electric (417 portfolios); E.I. du Pont (393); Union Carbide (391); American Telephone & Telegraph (387); General Motors (360); Gulf Oil (341); Westinghouse Electric (334); Texas Co. (319); Kennecott Copper (301); Phillips Petroleum (282); Socony-Vacuum (269); American Gas & Electric (269); Standard Oil of California (264); Sears, Roebuck...
...yield on the stocks ranged from a low of 2.73% (Westinghouse) to a high of 6.89% (Kennecott). In the past year, the bull market rise gave paper profits on stocks from...