Business: Depression II

Last week Kennecott Copper Corp., whose operations fell to 16% of capacity in 1932 during the depths of Depression I, announced that beginning June 16 all its U. S. mines would be closed "for at least a month." Domestic scrap copper prices having tumbled from 10¢ to 6.75¢ a Ib. in eight days, Anaconda Copper Mining Co., one of the world's biggest producers, already had closed two of its biggest U. S. mines.

Producers of other commodities seem to have developed similarly sensitive reflexes since Depression I when business took its time about shutting up shop. In London last week the International...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!