Word: coppering
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Down upon the cactus-littered desert at Roswell, N. Mex., where Professor Robert Hutchings Goddard tinkers with stratosphere rockets, slid the red-striped monoplane of Colonel Charles Augustus Lindbergh. From the plane stepped Colonel Lindbergh and Copper Tycoon Harry Frank Guggenheim, bent on finding out whether the Goddard rockets are worth spending more money on. For three days Visitors Guggenheim & Lindbergh peered at a 60-ft. rocket tower and instruments usually covered by canvas to foil snoopers. Bald, secretive Professor Goddard showed them a new rocket he has sent on short nights at 700 m.p.h., a new gyroscope designed...
...stretch of imagination could the 118,000 stockholders in Anaconda Copper Mining Co. be called "satisfied." They have received no dividends for four years. In that respect they are not alone among U. S. investors, and their grudge has another basis. A number of them still resent the price they paid for Anaconda in 1929 when the stock touched a high of $174 per share. Three years later it could have been bought for $3. Moreover, many stockholders feel they were high-pressured into buying Anaconda by no less a supersalesman than Charles Edwin Mitchell. The onetime National City Bank...
...Mitchell undoubtedly regrets his copper crusades profoundly but his retirement from Anaconda was not precisely an act of atonement. Simultaneously Anaconda filed a registration statement for a new $55,000,000 bond issue. Listed as one of the underwriters was Mr. Mitchell's Blyth & Co., which will probably head the banking syndicate. Under the Securities Act, Mr. Mitchell must deal at arm's length with Anaconda, may not serve as a director of a company whose securities he plans to purchase for resale...
Filing of the big Anaconda issue was significant for more than its size. The low estate of Anaconda stock in the black day of Depression reflected a not unreasonable doubt as to the company's ability to survive. Not only was Anaconda suffering from an unprecedented drop in copper prices; in the final stages of a long expansion program it had piled up bank loans of $70,000,000. During the past few years the company has whittled this figure down to about $57,000,000 but Anaconda's balance sheet is still enough to give a banker...
...sinking fund provision may well retire the whole issue before it falls due in 1950. In addition to an annual sinking-fund appropriation of $1,000,000, Anaconda will apply 20% of its profits for the next 15 years (with certain limitations) to debt retirement. In boom years when copper profits are fattest, Anaconda will be spending millions buying in its bonds-a shrewd selling point, for sinking-fund buying will provide strong market support at a time when rising interest rates generally send the bond market into a decline...