CONDITIONS IN PARTICULAR INDUSTRIES. 361
Ou the subject of the purchase of copper by German buyers before
the war, the American concern stated:
The German consumption was such a large proportion of the total
amount of copper exported that German buyers had more influence in
fixing the value of copper than the English buyers. It was very evident
 to this company that the buyers of Germany at least worked as a
unit. They would repeatedly remain out of the market for weeks at a
time and would not accept ‘any offer made, during which time the
American sellers would ri such amounts of copper that they
would be obliged to reduce their offers. The German Pu er would
wait until the offers were reduced sufficiently and then would come in
again as the unit and buy in very large quantities. This process of
buying at the lower and refusing to buy at the higher price, which was
naturally stimulated by their very heavy buying at he low price, resulted
 in the average price of export copper being considerably lower
than the average price at which the American buyer, who bought more
regularly and was more inclined to buy at the panic high prices, could
buy. The result is, so far as the sales of this company are concerned,
and we believe that there is a similar condition on ae part of other
sellers of copper for exportation, the average export price is considerably
 lower than the average price obtained from the American consumers.
 This difference arises entirely from the selection as to the
time of buying and not from the holding of a price at any one time by
this company to American consumers above that offered to consumers
abroad.
On conditions in the German market since the war began, the American
 concern said:
In Germany at the beginning of the war a combination of all the
large German consumers and metal merchants was made, known as
the Kriegsmetall Gesellschaft. This combination has assembled and
distributed the copper supply of the country. This is recognized as
an incident of the war, but we are now informed it is proposed to continue
 this combination after the war is over. It ot thoroughly
and effectively combine all of the large tonnage of copper which has
heretofore been purchased in this country and place the or producers
 at a tremendous disadvantage. In Germany there are interlocking
 directorates, with large financial interests holding shares in the
companies that are largest consumers of copper, which enables the
management of the respective companies to act jointly in purchasing
their requirements of copper in this country. The United States has
heretofore supplied most of the copper used in Germany, and Germany
has been the largest consumer in Barone.
The bearing of the conditions existing in the European markets on
the copper industry in the United States may be understood when it
is realized that the United States produces about 56 per cent of the
world’s supply of copper and exports about three-quarters of its
annual production. In the year ending June 30, 1914, it exported
975,000,000 pounds, valued at $145,000,000, seven-eighths of the
exports being in the form of pigs, ingots, and bars. Of the total quan-