Word: kennecott
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Coppers- Completing the roster of 1935 reports from the biggest U. S. copper companies, Kennecott Copper Corp. last week announced that gross income rose 25% to $73,000,000, while profits before depletion, the usual method of showing copper earnings, more than doubled-$13,164,000 last year compared to $5,719,000 the year before. Kennecott's copper production was 418,000,000 lb. Observed President Earl Tappan Stannard: "[Kennecott] has large ore reserves well distributed geographically, and its mining properties are presently equipped to produce, and could maintain for many years an output of over...
...trading halted temporarily in a number of issues, and the session ran to nearly 5,000,000 shares. ¶Copper stocks climbed to new highs for the Roosevelt bull market when copper was upped ¼?per Ib. to 9½? by Phelps Dodge Corp. Anaconda Copper followed suit but Kennecott, presumably skeptical of the possibilities of maintaining a higher price with present demands, continued selling at the old level. ¶ Discounting fat Government orders for the next year, airplane stocks soared on the passing by the House of the record peacetime Army Appropriations Bill...
...Alaska, 195 mi. up the winding Copper River Valley, is Kennecott, a raw mining town sprawled on the edge of what was once the richest copper mine in North America. Alexander Baranof, first Governor of Russian America, bought copper from the Kennecott district Indians in the 18th Century to cast a bell. A hundred years later two grizzled sourdoughs stumbled upon what looked like grass on the mountainside at Kennecott, found pure copper ore. A taciturn young engineer named Stephen Birch bought their claims. With backing from Daniel Guggenheim, a railroad was pushed up the Copper River Valley...
Last week every newspaper in Alaska headlined an announcement by Kennecott's President Earl Tappan Stannard that the Kennecott mine would reopen this week, hiring 250 workmen. Copper prices are not much better than they were when the mine was closed but President Stannard felt he could make his profit from the mine's byproducts, silver & gold...
...Verde, and Louis Shattuck Gates, president of Phelps Dodge, became president of United Verde. With United Verde's annual production capacity of 68,000 tons to add to its own 168,000, Phelps Dodge will outrank Anaconda Copper in size, become second biggest U. S. copper company. Biggest: Kennecott...