Word: kennecott
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...Copperman No. 3, Phelps Dodge's Louis S. Cates, who moved the market up ½? a pound to 11½?. Booster Gates has been wrong on his market many times, and no Phelps Dodge price sticks until Coppermen 1 and 2, Anaconda's Cornelius F. Kelley and Kennecott's Steve Birch, stamp it O.K. This time (with one eye on Washington) they did. Figuring this was just a starter, their customers bought in a rush...
Last week Union Securities Corp. had 23,000 shares of Kennecott Copper common to dispose of. Like many a trader, Union Securities decided that its best chance was to sell them privately, outside the market...
Next day Union Securities, following the rules of the Exchange, asked permission of the Exchange's Committee on Member Firms to sell the Kennecott at |of a point under the last sale after the close of business that day. The committee passed the request along to the Committee on Floor Procedure. There it ran into Chairman Robert Stott, who was vexed at seeing so much rightful Exchange business done off the floor. He did some fast telephoning. Back to Union Securities went word that the Exchange could & would handle the sale...
Over the ticker just after 12:45 p.m. went the news that 1,500 shares of Kennecott had been sold at 25-⅛ under the last sale. Next sale was 200 shares at 24⅞; then 400 at 24⅜. Could the market take it? It could. On the fourth try 20,000 shares of Kennecott went down the chute at 24⅝-up ¼ from the low, only ½ under the high...
...Metals, price-cutting on copper continued (TIME, Jan. 29). The industry followed Kennecott down to 11¼? a lb. (war boom high: 13?), still failed to induce new orders. By now U. S. coppermen have become bearish on war export prospects (except to Russia-see p. 69). The trade anticipates a 33% cut in output if reordering does not save it in the next few weeks. Lead prices were cut twice in as many weeks for the same reason...