OCR Text |
Show REPORT MADE ON U. S. RED METAL SURPLUS WASHINGTON. July 26. One hundred million pounds of surplus copper have been sold at prevailing market prices durinar the last four months. K. C. Morse, assistant sales director of the war department de-partment told the house investigating committee today. The United Metals Selling company, created to dispose of this surplus and representing 95 per cent of the copper producers, was the purchaser. pur-chaser. Secretary Baker's instructions last winter. win-ter. Mr. Morse said, were "that copper be withheld only to see if ;tn agreement cculd be reached with the producers, and. ii not. to sell in a short time as best we could." The contract, Morse admitted, might permit the producers to sell among themselves, them-selves, and by su doing make a large volume of sales and a low market. The stocks, linwu'er, he said, went to consumers, con-sumers, according to the shipping orders given the department. Mr. Morse said labor organizations had urged that surplus metal be withhold from the market, as wRgf-s were based on the market price, and that the selling company sought to have it withheld for six months aft er t he armistice was signed, but in April contracted to buy tht; surplus. The volume of sales made possible to early disposition, it was said. |