REPLIES TO CARD AND SCHEDULE INQUIRIES, 419

Machinery.—Although it is generally stated that there are no combinations
 of buyers of machinery abroad, one large manufacturer of
harvesting machinery mentions, as among his customers, farmers’
associations in Austria-Hungary, Russia, and Siberia, which control
large districts.
Meat products.—The vice president of a large packing house that
exports one-third of its product says:
We know of no combination of buyers of our products abroad other than the
cooperative societies of Great Britain, foremost among which is the Cooperative
Wholesale Society (Litd.). which operates in practically every corner of England
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Metals.—The producers of iron, steel, copper, and other metals not
only are fully aware of the existence of foreign buying combinations
in this line but describe their methods of operation.
The following is a typical answer regarding buying ¢ombinations
in copper and other metals:

In Europe, and more particularly in Germany, not only are there no legal
restrictions to “ big business,” but combinations or other means to foster * big
business ” are actually encouraged by the Government. Through these cartels
or combinations of manufacturers of metals, not only are their manufacturing
profits protected, but for many years the manufacturers as well as dealers
sought to manipulate the markets for copper and other metals by acting in
concert, first depressing the market by abstaining from buying for a period of
about a month or longer, and then when the price was brought down to a sufficiently
 low level, they would buy in large quantities, starting at the lowest level,
Then the market would naturally advance after they had made most of their
purchases, thus realizing them substantial profits at the expense of the American
producer. The domestic manufacturer, ignorant of the * game that was being
played,” usually came into the market too late to get the benefit of the low prices,
and the result has often been that the American manufacturer actually paid
higher prices for the products of his own country than did his European competitor.
 During the periods of abstention from the market by the European
buyers, stocks would accumulate here, with the resultant demoralization of
prices, which would sometimes even force a curtailment of production.
There is no secret about these manipulations; they are well known to everybody
 in the metal trade, and the producers here, without any cooperation, were
helpless to counteract them.
A large smelting and refining company replied as follows:
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 that it is proposed to continue this combination after the war is over.
It would thoroughly and effectively combine all of the large tonnage of copper
which has heretofore been purchased in this country and place the American
producers at a tremendous disadvantage. In Germany there are interlocking
directorates, with large financial interests holding shares in the companies that
are the 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
ased in Germany, and Germany has been the largest consumer in Europe.
This company [the informant] refines approximately 85,000,000 ounces of silver
 yearly, which is considerably in excess of the entire production of American
mines. However, a large proportion, doubtless more than one-half, of our production
 of silver is derived from the smelting and refining of imported material.
Of our total production.of fine silver seven-tenths is exported to London. The
average amount of fine silver imported into England yearly is approximately
100,000,000 ounces, so that this company is exporting to London more than onehalf
 of all of the silver received in London. Fully 75 per cent, under normal circumstances,
 of all of the silver received in London is exported to India and
China. It will be seen, therefore, that more than all of the silver, say 60,000.000