1930: United Verde Copper Company, April 13.


"Relative to the effect the recent drop in the price of copper to 14 cents would have on conditions generally, General Manager W. V. DeCamp of the United Verde Copper company has issued the following statement:"

"'Begining at once, the five day week inaugurated on March 29 in the steam shovel pit, shops, and concentrator of the United Verde Copper company will be discontinued, and the six day week reinstated."

"'The five day week was placed in effect due to the fact that a reduced production was necessary on account of the demand for copper having fallen off to a radical degree, and it was the desire of the company's officials, pending the time when the demand would increase, to maintain its efficient working force intact to as great an extent as possible.'"

"It was further hoped that the price of copper would be maintained at 18 cents per pound, in order that no reduction in wages would be necessary, as in this industry wages follow a sliding scale based on the price of the metal. However, the demand for copper has been extremely weak during recent months, due to economic conditions and the use by consumers of cheaper substitutes, and on the 15th of April the price dropped to 14 cents.'"

"'To forestall the probability of reduced income to as great an extent as possible, the United Verde company has resumed the six-day schedule in the various departments which had been affected by the five-day ruling. In addition, the company will prosecute a maximum amount of development and construction work, in order that its present working force may be maintained and that no hardship may result through reduced income.'"

"'At the smelter, production will be continued with two furnaces as in the past.'"

"Inasmuch as wages in the mines are regulated on a sliding scale determined by the market price of copper, the news that full time work is to be resumed is most welcome, in that the monthly sum earned by the miners will not be curtailed."

(Verde Copper News; Jerome; Friday, April 13, 1930; page 1.)

Nationally, the "Great Depression" began in August, 2 months before the stock market crash began on October 24, 1929. October 29 was called "Black Thursday" by investors.


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