13 October 2010

Kennecott Corp HQ in NYC:

All the Kennecott Copper Corporation reports from its formation in 1915 through the closure of its Alaskan operations in 1938 show the main office as being at 120 Broadway, NYC:
As you can see from reading this part of the Braden Copper Company report, the purchase of that Chilean copper mine was huge. Who was behind this purchase ?  Where did the money come from ?

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Kennecott Copper Corp occupied this building at 120 Broadway from the time it was brand-new in 1915:

Upon its completion, the Equitable building was the largest (in total floor area) in the world. It rose as a single tower with the appearance of two separate identical towers standing side by side, connected by a wing for the whole height of the building, such that it appeared in the shape of the letter "H" when viewed from above. A striking feature of the building by modern standards is that it has no setback from the street beyond the depth of the sidewalk, rising vertically for all its floors.  (Wikipedia) 
This 40 story building casts a 7 acre shadow across the city, which caused public outrage when it was completed. As a result, New York City passed the 1916 Zoning Resolution which aimed at restricting the height and bulk of buildings and assuring the penetration of light and air to the streets below.
This structure was the last skyscraper to be constructed before building regulations were instituted in New York.
Built to replace the first Equitable Building which burned down in 1912.
Used by some 15,000 people daily, this was the world's largest office building at the time of completion.
The principal designer was Peirce Anderson.
Building features a subway entrance.
Businesses located at 120 Broadway:
American International Corp.     
The Corporation Trust Co.    
Empire Trust Co. Inc.    
Fidelity Trust Co.     
American Smelting & Refining Co.     
Armour & Co. (New York Office).     
Baldwin Locomotive Works     
Federal Mining & Smelting Co.     
General Electric Co.     
Kennecott Copper Corp.     
Metal & Thermit Corp.     
National Dairy Products Corp.     
Yukon Gold Co.     
Stone & Webster & Blodget, Inc.
Federal Reserve Board of New York
Franklin Delano Roosevelt
Bernard Baruch
 The entities in red had a direct connection with the Guggenheim Brothers--major stockholders in the Kennecott Corporation at the time. There was probably a financial relationship with some of the others on the list, but I have not found it so far.  In any case, what we have here is an impressive array of Big Money and power of the type that would have been needed to pull off the kind of mining investments conducted by Kennecott.

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