Louis S. Cates And The Company's Expansion

DURING the closing month of 1929, Walter Douglas found his health impaired by the strain of many difficult years of alternating prosperity and depression, and in April 1930 resigned the presidency of Phelps Dodge. Douglas was succeeded by Louis S. Cates. The choice broke a tradition that had been held inviolate for almost a hundred years. For the first time in its long history, the direction of the company's policies and operations was entrusted to a stranger without previous Phelps Dodge background, training, experience, or tradition. But the choice was wisely made. For a time at least, the path of Phelps Dodge was to run through rough and dubious ground, and no man in the United States was better qualified to blaze that trail than Louis Cates. After graduating from the Massachusetts Institute of Technology, Cates had served a rough and financially un- profitable apprenticeship at one of the century-old mining camps of Chihuahua, Mexico. Following his return to the United States and a brief interlude as assistant to the president of the National Steel and Wire Company, he had resumed his mining career, first as timekeeper, then as