Word: nickel
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Dates: during 1960-1969
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Died. The 5? Hershey Bar; of acute inflation; in Hershey, Pa. Born in 1903, the nickel chocolate bar became a U.S. institution and generated the growth of Hershey Foods Corp. (assets: $208 million). It survived wars, depressions and rising taxes, but suffered from weight loss in recent years, shrinking from 1 oz. to ¾ oz. Last week, a victim of the rising cost of cocoa beans, it went the way of the penny licorice stick and, increasingly, the nickel pack of chewing gum. Henceforth, the least expensive Hershey Bar will cost a dime...
...Nickel, the lowly metal commonly associated with the U.S. 50 piece, has become a philosopher's stone for speculators. On the London Metal Exchange, the main international market, a pound of nickel last week brought $7.70 -about five times more than a year ago. The price was bid to incredible levels by the worst global shortage since World...
...immediate cause of the scarcity was a four-month strike at International Nickel Co., which mines well over half of the West's nickel, mostly from the ore fields at Sudbury, Ont. Last week union negotiators and Inco reached a tentative but shaky agreement that would increase the average hourly pay of workers from $3.10 to $3.98 over three years. If finally accepted, the Inco deal would also be the basis for ending a parallel work stoppage at Falcon-bridge Nickel Mines, a smaller Ontario firm. Even after work is resumed, however, the delivery pipeline will not be refilled...
...rush was on. Speculators turned to cheaper issues of other mineral companies operating in Australia's raw and open West. Rumors spread that undiscovered nickel deposits lay under much of the territory. Thus, the boom is likely to spur prospecting as well as speculation...
...nickel find was made by Ken Shirley, 55, a veteran of 40 years' prospecting for gold in the Outback. Last year he went to work for Poseidon. He found several promising outcroppings and staked out the drilling site. The big payoff has gone not to Shirley but to his burly friend Norman Shierlaw, an Adelaide broker, who hired him for Poseidon. A mining engineer before turning to finance last year, Shierlaw controls 8% of the company's 2.5 million shares, an amount worth $6.5 million. Sitting behind a desk littered with empty beer cans, lumps of ore, contract...