Word: kennecott
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...price went into effect, sales slumped off considerably. Not in three years had coppermen been able to get 9?. When President Roosevelt took office they could get barely 5?; the January before copper touched an all-time low of 4.7?. The 1933 average was 7.15?. At that price Kennecott Copper, whose operating costs are one of the lowest of any big domestic unit, was able to show a $2,307,000 profit for the year against a $7,102,000 deficit for 1932. Fortnight ago it declared a 15? common dividend, its first since January 1932. Phelps-Dodge announced...
Leading oil was (as always) Standard of New Jersey. Liggett & Myers (Chesterfields) had beaten out George Washington Hill's American Tobacco (Lucky Strikes) as the favorite tobacco stock. Kennecott Copper replaced International Nickel as the leading metal. Favorite bank stock was Guaranty Trust, favorite specialty International Business Machines...
...Roan Antelope and affiliated Rhodesian mines. At the conference table were the lords of copperdom: Cornelius Francis Kelley of Anaconda, which has 60% of its production outside the U. S.; Louis Shattuck Gates of Phelps Dodge whose strategies saved the conference a year ago; Stephen Birch of Morgan-linked Kennecott; James Y. Murdoch of gold & copper producing Noranda; Felicien Cattier of Africa's Katanga; Robert Crooks Stanley of Canada's International Nickel, in line for the first time; Sir Auckland Geddes of Rio Tinto and Rhokana, one-time British Ambassador at Washington. A stony silence greeted Dr. Sussman...
Nevada Absorbed. Kennecott Copper owns 98½% of Utah Copper, which in turn owns 45½% of Nevada Consolidated Copper (mines in Nevada, Arizona, New Mexico). Last week Kennecott offered one share of its stock for two of Nevada's, is expected to acquire practically full control. Coppermen expect that Nevada's mines will then be closed down, pointed out last week that if they were closed now Nevada's stockholders might cause trouble for Kennecott...
...ahead of Paramount-Publix; National Dairy ahead of Borden. Stocks gaining in popularity included American Light & Traction. Chrysler, Drug, First National Stores. General Foods, United Gas Improvement. Decreases were shown in the number of trusts holding Aluminum Co., American Radiator, Anaconda, Electric Bond & Share, General American Tank, International Telephone, Kennecott, Kreuger. Radio, Western Union, Westinghouse. Total shareholdings in American Machine & Foundry, Commercial Solvents, Continental Can, Deere, United Corp., North American Co., Gillette, Mathieson Alkali. J. C. Penney and American Ice were among the gainers. The 85 trusts held 10,487,000 shares of 162 selected stocks...