Word: pisart
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Copper; 9½ Cents. When copper had tumbled to 14? per Ib. last spring, M. Fernand Pisart, managing director of Societie Generale des Minerals of Brussels, potent marketer of African copper, arrived in Manhattan (TIME, May 5). Roundly was it hinted then that all copper countries would cooperate, the price be held. Last week, just after copper had dropped to a new low of 9½?, a level not witnessed since 1895, it was disclosed that once again M. Pisart would visit the U. S. Again it is hoped that his arrival may mean an agreement to curtail African production...
While consumers waited, producers conferred. In Manhattan was M. Fernand Pisart, managing director of the Societé Génèrale des Minerals, the Belgian outlet lor the Katanga mines of Africa. Although producers insisted M. Pisart's visit was merely a routine one, many observers interpreted it as a crisis in the affairs of Copper Exporters, Inc., international price-controlling combine. When Copper Exporters was organized, its president Cornelius Kelley of Anaconda Copper Mining Co. optimistically stated that its purpose was to keep the price adjusted to day-to-day conditions in Europe. European consumers, long unwilling...
While U. S. Producers were conferring with M. Pisart last week, executives of African copper companies were gathering in London. A major topic was coöperation in smelting. Katanga (Union Miniere Haut Katanga) is now the only African Company with smelting facilities but Roan Antelope is building a smelter, and three other companies (N'Kana, N'Changa Mufalira) expect to follow...
...capital is thought to own around 35% of African copper producing companies, the control is definitely European. It will be increasingly difficult for a group in Manhattan to set prices unless those prices are maintained by African companies. While the Manhattan meeting of last week was taking place, M. Pisart might well have noticed with interest that Chile Copper Co., Anaconda-controlled, reduced its dividend from $3.50 to $3, thereby reduced Anaconda's income by $2,000,000; that practically all copper stocks touched new lows on the Exchange; that independent speculators were said to be offering...