Calumet And Arizona ; Ajo ; Nacozari

WITH the acquisition of the Nichols Copper Company ' and the development of the large Copper Products manufacturing and selling organization, the Phelps Dodge Corporation had attained two of its important goals. But at that particular time both its immediate and long-range prospects were giving the company serious concern. The financial panic that began late in 1929 was growing worse instead of better. Neither raw materials nor finished products could find a market. In 1932 the price of copper fell to the almost unprecedented figure of four and eight tenths cents a pound. Domestic production of copper in the United States was further threatened by a large low-cost output from the mines of Africa and the Andes. Canadian copper mines, with their large yield of other valuable metals from the same ores, added to the difficulties of the American companies. After a hard-fought campaign, however, the producers of domestic copper finally induced Congress to levy a duty of four cents a pound on copper imported into the