Word: metallically
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Dates: during 1930-1939
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...that the International Tin Committee threw the London market into confusion by suddenly upping second-quarter quotas from 100% to 110% of 1929 figures. Copper, which was 13? per Ib. a month ago, was boosted for the fourth time this year to 16?, while in London, where speculation in metals is now as wild as Wall Street's wildest days in stocks, copper soared above 17½?. So mad was the copper market that Business Pundit Bertie Charles Forbes quoted level-headed President Shattuck Gates of big Phelps Dodge Corp. as declaring: "This is no time to whoop things...
Twice last week the price of U. S. copper had to be hiked to keep it in line with soaring foreign quotations. The last was the seventh boost in two months and left the metal at 15? per lb., more than triple its Depression low. Yet every quota, restriction or curtailment program had been removed from production, and long-closed, high-cost mines were preparing to cash in on the boom. Where was the copper going...
Said London's Brandeis, Goldschmidt & Co. Ltd. in their annual Metal Report: "It is generally acknowledged that the rise of copper in recent months was largely brought about by purchases, speculative and otherwise, in anticipation of a greatly increased demand for military purposes...
Copper's boom was shaved by other metals, even steel. Operations in the steel industry this week were expected to hit 84% of capacity, and talk was growing that 1937 would turn out to be a record year. Adding $6 per share, U. S. Steel stock closed the week at $114, and Bethlehem at around $95 per share showed a gain of $5. Though U. S. markets were closed for Washington's Birthday at the start of this week, the metal boom, roared on in London. Said one weary British metal broker at the close: "This has been...
While normal world consumption of copper has picked up sharply with general business Recovery, and record armament programs have jumped Europe's consumption near record levels in history, there was apparent by last week still another reason for the copper boom. Vast amounts of the red metal were going into hoarding, either by profiteers or as outright war reserves. Estimates of total copper hoarding in Europe ran as high as 400,000,000 lb., equal to nearly one-fourth the entire U. S. output last year...