Hungry Horse news. [volume] (Columbia Falls, Mont.) 1948-current, 1955-05-20
Kelley Retires As
ACM Chuirmun

j NoVu uusus
The following is an Associated
Press article from Anaconda on the
retirement of Cornelius F. Kelley
as chairman of the Anaconda Cop I
per Mining Co. board of directors. /
ACKNOWLEDGEMENTS F. Kel-
ley, one of the great captains of
modern industry, Wednesday an
nounced his retirement as chair
man of the Board of Directors for
the Anaconda Copper Mining Co.
In the same meeting, stock
holders.
/. Changed the corporate name
of the worldwide operation to the
Anaconda Co.
2. Voted a retirement plan for
salaried employees subject to u. S.
Treasury Department approval.
Kelley will continue as direct
or. Also reelected directors are
Robert E. Dwyer, president of An
aconda, and E. Roland Hartman.
All are of New York City.
1t was solemn scene as the
impact of Kelley's retirement
statement struck the audience.
Many choked up. Some eyes were
moist. Kelley himself was visi-
bly, affected as he slowly gave the
announcement that his days of
active leadership were near the
end.
The name change was recon-
mended by the directors because OF
| the widening scope of the COM
pany's operations. Since its organ
ization in 1895, its operations have
been extended to many other fields
than the mining and processing OF
copper ores.
The new name is expected to be-
come effective June 10. Directors
said it would not involve any
change in the company organiza-
ton, in it's capital stock or in the
rights of shareholders. They said
stock certificates bearing the name
Anaconda Copper Mining Co
would continue to be honorec
without change until new certifi-
Gates bearing the new name are
available.
| Kelley announced his desire t.
retire as chairman after Is years
in that position. He was born tx
mining 80 years ago at Minera
i Hill, New, the son Of miner
He earned his first money in sum.
mer vacations by working on BUTT
Hill, the birthplace of the Ana
conda Copper Mining Co. and nov
known as the richest hill on earth
In his retirement address, Kel
; ley looked back on SO years serv
ice with the ACM - % years a
its president.
OF the company, now in its Got
!, year, Kelley said:
!, "Anaconda's future was neve
.. so bright. Many of the problem
that have plagued us are now be
ing solved and our entry into ne1
fields will increase the stabilit
: of our operations.
: Anaconda 'sis developing NOR
rapidly than at any other time i
its long and dynamic history"
1t now has assets of 673 millio
!, dollars, compared with its 1895 in
corporation for 80 million dollar
:. Construction expenditures by tt
company since 1916 have totale
: 339 million dollars and will
v more than 400 million when pos
: war program improvements a.
completed.
"a The copper fabricating oper;
: tons of Anaconda, through Amer
5, can Brass Co., and Anaconda Wi
u and Cable Co., have become Il
n largest in the world.
The Butte district has becon
e the largest producer of zinc in Il
q United States.
"a The plants at Anaconda al
l. Great Falls are the largest Yin
y producing plants in the world.
ID With the development of t
Butte mining area, Anaconda h
ST become the largest mangane
70 producer in the United STATE
OF accounting for about 80 per ce
= of total domestic production.
J. Kelly also announced that tn
Anaconda Aluminium Co. 65 mil
S. lion dollar plant in Northwestern
~ Montana at Columbia Fall
Is. would bring its first pot line int
production by July l..
Kelley said the atomic age ope
a new vista, challenging imagin
ton, and that Anaconda has turn
10 development and production
uranium.
au He said the expectation is tt
VI after military requirements ha
De been met this new source of ener
cd would be in abundant supply
the welfare of mankind.
co More than 200 stockholders I
TO tended the meeting. They WE
ne represented in person and
tie proxy 6,621, 229 shares of stoD
IS approximately 1888 per cent
~ the 8,674,328 shares of record
of Dec. 81, 1854.
ne This was the largest repreSe
q tation of shareholders at an G
10 nual meeting in the history OF
company.
n Roy H. Glover, vice presid,
set and general counsel, presided
IN chairman. G. E. Moran, secretal
ol- treasurer, acted as secretary.
ne Tribute was paid to Kelley
the retirement announcement
get a number of those present.
aw
et- Zonino Bourd