With copper last week being sold by custom smelters at 7⅜¢ a pound, another all-time low, the already painful pinch upon U. S. producers became sharper than ever. Therefore last week Quincy Mining Co. shut down its mines for five weeks and Magma Copper Co. shut down for three months. Adding United Verde and United Verde Extension, both of which shut down several weeks ago, this made four copper companies out of business. In 1929, the four supplied 12% of total U. S. production. Should copper fail to rise in the near future,...
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