The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-09-05
Speed-up,Profit
in the Copper
Industry
Nv LABOR RESEARCH ASSN.

Michigan TdIlhS lOuI I'LL dlIAO4LS C4lC
American states in its production of
copper. Arizona leads, then Utah,
Montana, Michigan, Nevada and New
Mexico. These six states produced in
1929 "a per cent of the copper mined
in the United States.
The biggest American companies
are mining copper also in Latin
America and importing it to the U.
S. for refining and manufacture. This
brings American workers into direct
competition with lower paid workers
in other countries.
British capitalists have resented the
fact that American capitalists control
a dominating percentage Of the cop
per production in the world. In re-
cent years they have been developing
new copper mines in Africa, where
the central corporation operates I'M
der the name Of Union Miniere du
Haut-Katanga. When production Of
American companies fell, in 1880, this
company pushed up its output above
its 1929 figure and became the larg-
est single produced of copper in the
world.
For copper miners, this means di-
rect competition with native African
workers whoare the poorest paid and
most exploited group in the world.
The larger output Of this African
company in 1880 was produced with
a decrease in numbers employed.
1880 1929
Output, Union
ofcopper ore5. 2,603,00 2,225,000
Obs. of cop. 306,326,965 SO2,O12,56S
Eg e%PPfoyed starr an 1.77s a,s71
African work.
ers employed 1900 1900
Calumet and Hecla Consolidated
Copper Co.
Calumet and Hecla with its sub
siliary companies is the largest cop
per interest in Michigan. 1t owns a
large block of shares in the Isle Roy
ale Copper Co., and controls Cliff
Mining Co., LaSalle Copper Co., and
Lake Milling, Smelling and Refining
Co.
Calumet and Hecls has been one
of the most profitable ventures of
Boston capitalists, paying large div
idents every year until June, 1880.
In 1928, stockholders were presented
with additional shares of stock for
every one share they had held beforet
So when old stock holders received
in 1929 a dividend of $3.50 share
they were really paid $S6 on each
share they had held from 1922 or
earlier. The 1880 dividend of $3.50
a share gave them $12 on each orr
ginal share.
The copper industry has been hit
by a sharp fall in copper prices, re-
sulting from the worldwide capitalist
crisis, and profits in 1880 and 1881
have dropped accordingly. Practically
all copper companies in the United
States produced much less copper In
1880 than in 1929, but the decline in
| pTOOuCJlOu was Ie1dGlNCAJ SiiAoA1CA ASA
Calumet and Hecla than for any 9TH
er important company.
In spite of lower production and
lower prices, Calumet and Hecla had
an operating profit of over $1,000
900 in 1880, but this was more than
wiped out by the large amounts set
aside for depreciation and depletion.
So it reported met loss" for the
year.
Its Current asset" -nade up of
cash, government bonds, and accounts
due to the company from buyers OF
copper-are about nine times as
large as its current Liabilities
is, amounts due from Calumet and
Hecla to other companies and in
dividual creditors. The margin OF
current assets" over current habil-
tiles" was over $12,5Oo,Ooo on Deem
Der 81, 1880.