Copper in His Blood

From the moment he took a $1.50-a-day job as a water boy on a gang building a railroad for Anaconda Copper at Butte, Mont., there was never much doubt how Cornelius Francis Kelley would spend his life. Born in the mining country (his father was a mine superintendent), "Con" Kelley had copper in his blood. He went off to study law at the University of Michigan, started specializing in mine cases back in Butte. In a fledgling industry dominated by Irishmen and racked by legal brawls, Kelley quickly made his mark. He went to work for Anaconda, became its general counsel in 1908 and its president ten years later. Last week, still lively and full of fight at 80, Chairman Con Kelley made a painful decision. After 54 years with Anaconda, the time had come to retire.

As Anaconda's boss, Kelley kept the company in step with the rapidly expanding demands for copper of the electronic age. He bought mines in Chile, made Anaconda the world's biggest producer; by buying American Brass and setting up

Anaconda Wire & Cable, he also made it the world's biggest fabricator. Two years ago, weary of all the talk about aluminum cutting into copper's markets, Con Kelley made a typical move: he decided to spend $45 million on an Anaconda aluminum mill, which will go into production at Columbia Falls, Mont, this summer. His most recent venture: he put Anaconda into developing what may be the largest U.S. uranium deposit in New Mexico (TIME, April 4).

In Kelley's regime Anaconda's assets have soared from $226 million to $870 million, its sales from $150 million to $461 million. Last week Kelley had some good news for his successor, still to be chosen. Said he: "Anaconda's future was never so bright."

Other executive switches:

P:Jesse W. Tapp, 55, was named chairman of the Bank of America to replace 65-year-old Fred A. Ferroggiaro, retiring after 49 years with the bank, biggest in the U.S. Tall, round-cheeked Banker Tapp graduated from the University of Kentucky, got his M.A. at Wisconsin and did graduate work in economics at Harvard. He joined the Agriculture Department in 1920, and through Republican and Democratic Administrations, filled an assortment of Agriculture jobs, including associate administrator of the Agricultural Adjustment Administration. He joined the Bank of America in 1939 as an agricultural economist, was made executive vice-president in 1951, vice-chairman in 1954.

P:President Langbourne Meade Williams, 52, of Freeport Sulphur Co. was elected chairman of the National Industrial Conference Board. A tall (6 ft. 2 in.), courtly Southerner, with a deep sense of industry's responsibilities as well as its power, Williams won a proxy fight for control of Freeport Sulphur when he was only 27. A product of the University of Virginia ('24) and Harvard's Business School, he has been the sparkplug in Freeport's extensive exploration and fast expansion (TIME, Sept. 3, 1951).

P:Charles Edward Wilson, 68, onetime president of General Electric and high Government boss (War Production Board, Office of Defense Mobilization), now enjoying a new career at W. R. Grace & Co. (he was elected chairman a fortnight ago), was elected as a public representative on the board of governors of the New York Stock Exchange.

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