Word: keyed
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Dates: during 1950-1959
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...third group-led by the small Manhattan brokerage firm of Osborne & Thurlow-started bidding and pushed D'el Rey stock up to $12 per share, both Hanna and Banker Model backed off. Eventually the Osborne syndicate picked up 35% of the stock and control of D'el Key. The only trouble was that the new owners lacked the capital and the mining know-how to make the mine pay off, and asked Banker Model for help. He, in turn, went to M. A. Hanna...
...Hanna vice president and a director. He was interested in nothing less than complete control, and took off on a whirlwind trip to Brazil. He looked over the mine, talked to Brazil's President Juscelino Kubitschek and in six days lined up a deal. Said D'el Key's British manager: "A very dynamic chap, Humphrey. He never even stopped...
Last week M. A. Hanna announced that it had control of St. John D'el Key and would operate it. The details of the deal were secret, but there was no secret about the richness of the prize. Though D'el Key's British owners dug nearly $300 million worth of gold over the years from a maze of galleries running five miles into the earth, they never laid a serious shovel on the iron. In fact, they had bought the lematite ridges humping hundreds of feet high around the property only to protect water rights...
Gold from Iron. Hanna's goal is to turn D'el Key into a major ore supplier for the U.S. and Europe; D'el Key will be almost as big as Hanna's Labrador project, which shipped about 12.5 million tons last year. It plans to spend something like $300 million for equipment, a railroad and a port to get the ore to market. In winter, Hanna's fleet of 40,000-ton ore carriers will shift southward from ice-locked Labrador to Brazil, cut around the world carrying 10 million tons of ore annually...
Died. Edward Asbury O'Neal, 82, onetime (1931-47) president of the American Farm Bureau Federation, influential voice in the shaping of New Deal farm policies, key figure (with Henry A. Wallace) in the passage of the first Agriculture Adjustment Act and the subsequent Soil Conservation Act; in Florence, Ala. O'Neal watched with satisfaction his federation's membership grow from 276,000 to 1,275,000 during his tenure as president, once said of farm production: "We should figure out our future on the basis of human needs-of goods and service...