New-York tribune., 1918-12-18
Copper Trade
Forms Export
Combination
All American Producers In
vited to Join Association
to Boost Foreign Trade
Allies Needs Prodigious
Will Require Not Less Than
963, 100000 Pounds of
Metal During Next Year

With the 1919 copper requirements
of the leading Allied nations estimated
by experts of the War Industries Board
at more than 963, 100000 pounds, the
leading copper producers and rpfners
or the United States at a meeting in
the Offices Of the Anaconda Copper
AIMING Company yesterday launched
the Copper Export Association, Inc,
an organization which is expected to
handle in the future all the copper
intended for foreign consumption. The
copper trade is the first of the large
industries to operate under the pro-
lection of the Webb-P Pomerene law,
which permits combinations of Amer
ican industry to promote foreign trade
All the important producers and re-
tiners are represented on the direc-
torate.
The officers of the association are
Simon Guggenhcim, chairman of the
board; John D. Ryan. president; Wal
ter Douglas, first vice president; r. L..
Agassiz, second vice president; G. W.
Welch, secretary and treasurer IN out.
lining the character and purposes OF
the new association, Mr. Ryan. in an
official statement, said:
"The plan adopted by the association
is purely a mutual one. Only a romi-
nal capital is proposed; $2500 of
preferred stock will be offered pro
rata to all producers, and each pro-
ducer will be entitled to one share of
common stock, with cumu ative voting
power, based upon his production of
copper. Common stock will have no par
and no market value, as it is provided
that no earnings shall be divided
among the common shareholders, and
any profit made after providing for
dividends or a retirement of the pre-
ferrcd will be credited to the produc-
ers in proportion to their export sales.
All Producers May Join
every producer. large and small, in
the country will be invited to join the
association on precisely the same basis
as the larger interests; that is, all rep
resentation, voting right and other
privileges are based upon the proper
ton of production and export of each
member of the association.
prices will be averaged over month
ly periods and each producer will re-
ceive identically the same price at the
seaboard for his product.
at is believed that the plan, being a
purely mutual one, and providing for
no advantage on account of the size or
location of any contributing organiza-
ton. will fulfil the expectations of its
promoters and firmly unite all Ameri-
can exporters of copper
"The production of American smelt-
ers and rehneries was, before the war,
fully 70 per cent Of that of the whole
world. it is believed now to be IS
per cent. About 80 per cert of the
pre-war production was exported. 1t
is expected that that proportion will
continue to hold good. The Federal
Trade Commission, in its invest CATION
Of the copper trade, found that by COM
bination Of buyers in European coun-
tries and manjpul atcn of markets for
futures the foreign consumer had been
enabled TO obtain his copper from
American producers over period Of
years for about l cent per pouHd less
than the American consumer had paid
1t is believed that the Export Asso-
citation will remedy this situation, and,
without interfering with the domestic
trade, will not permit the foreign com
binations to secure such undue adj
vantage.
The fact that every producer, large
and small. in the country has been or
will be invited to join and the door
will not only be open, but will be kept
open for any who desire 10 come in,
will undoubtedly satisfy every posi-
BILE requirement of public policy and it
is the belief of all Of the copper people
that the organization is formed along
ideal lines to commend itself favor
ably to the Federal Trade Commission