¶ Copper Sequence
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Index Entry
"Dodge, like many of the great corporations, were just absolutely dominated by J.P. Morgan. What the S.E.C. did, with the beginning of the New Deal coming in, was to break up the depositing and investing, and the gambling of common stocks, whatever it might be. At any rate, J.P. Morgan really got severed from corporations. All the great corporations-- their board and their management had represented very much a banker’s control of the situation. And that banker’s control broke down. And Phelps-Dodge was a very interesting one to be in, because they had dominated up to that time and they were no longer dominating. In order for the copper companies to be able to exploit World War I, they had to really produce copper-- and not just take it out of the mines. They found their customers were too small and small-headed. So the great copper companies bought all these small fabricators, their customer’s businesses, armature, wire, whatever it might be, and then they operated the whole show and made the end product for the government.
“In order to make a quick amalgamation like that, they promised the president of Habirshaw a very big job. That was called Phelps-Dodge Copper Products had the management of the fabricators in opposition to the mining men and mining engineers.”
