Word: coppering
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...Magma Copper...
...face of a commodity decline which has caused such losses in the past five months as 15% for wheat, 16% for silver, 13% for lead, copper long stayed firm at 18?. Last week, two days before the first anniversary of the 18? level, copper dropped to 14?. In actual size, this 22% reduction is a tremendous one, perhaps the biggest single drop ever recorded in any commodity. But the news was neither surprising nor alarming, for 18? copper had lately been becoming more a theory than a fact...
...Copper prices for export are fixed by Copper Exporters, Inc., to which belong all the important U. S. copper producers. Acting quite independently, but with a unanimity as perfect as if they had an agreement, these producers fix the price for domestic copper at an equivalent level. The 18? price was started April 15, 1929, after a wave of copper buying had sent the price to 24? for a short period. Even then consumers protested against the price, and with the decline in business last autumn it seemed obvious that a reduction would have to come. Buying became negligible, exports...
Merger. Last week stockholders of Phelps-Dodge Corp. held their annual meeting, learned two important things. First was that Walter Douglas, president since 1917, will resign and be succeeded by Louis Shattuck Gates, vice president of Utah Copper Co. Second was that Mr. Gates may soon head a much bigger company, for engineers are inspecting the properties of Phelps-Dodge and Calumet & Arizona Mining Co. to decide on the advantages of a merger...
Phelps-Dodge ranks third among largest independent companies, being outranked by Anaconda Copper Mining Co. and Kennecott Copper Corp. Such a deal would not be surprising, however, since, recently, the two companies have become closely affiliated. In 1928 they purchased large foldings in Nichols Copper Co. which has built a refinery to be shared by all three, and the same year, together with Nichols and Old Dominion Co. they formed Phelps-Dodge Sales Agency...