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Show COPPER PRICES " HI M FIXED Mines Agree to Make Big Cut and at Same Time Uphold Up-hold Wages. WASHINGTON, Sept. 21. Copper prices were fixed today at twenty-tbreo twenty-tbreo and a half cents a pound, about three cents below the prevailing iuark-j et by agreement between the govern-j ment and leading copper producers, ef- j fective for four months. Sales to tho government, the public and the allies will be at this price, f.o.b. New York and producers agreed not to reduce wages now paid in the industry. They also pledged themselves them-selves to maintain maximum production produc-tion and to prevent copper from falling fall-ing in the hands of speculators. Although the price Is fixed under voluntary agreement between producers produc-ers and the government's war Industries Indus-tries board, with the president's approval, ap-proval, it was announced officially that under the executive's war power, "the proper departments of the government govern-ment will be asked to take over the mines and plants of any producers who fail to conform to the arrangement arrange-ment and price." Recent government purchases of copper for war purposes have been made under agreement to pay the price to be determined by tho war industries in-dustries board. Early in the war when copper sold at about thirty-six cents, the government contracted for 45,000,-000 45,000,-000 pounds for the army and navy at 16 2-3 cents but future contracts will bo at tho new rate. The price agreed upon today was set after extensive investigation of production cosths by the federal trado commission. The commission's report re-port was understood to have indicated that copper cduld be sold profitably at mupch lower price than 23 1-2 cents but in reaching its decision tho war industries board, headed by Frank A. Scott, took into consideration that the price should not bo pared down to tho point where production would bo discouraged dis-couraged or wages reduced. "Three important conditions were imposed by the board," said an announcement. an-nouncement. "First that tho produc- r in ... aaiE i i iBamni 1 1 ' ..3Ba ers would not reduce the wages now, being paid; second that the operators would sell to the allies and to the public at the same price paid by the government and take the necessary measures, under the direction of the war industries board, fotf the distribution distribu-tion of copper, to prevent it from falling fall-ing Into the hands of speculators who would increase the price to the pub-j lie; and third, that the operators' pledge themselves to exert every effort ef-fort to keep the production of copper at the maximum so long as the war lasts." Without the wage stipulation, It was explained, present wages me highest ever paid in the copper industry, be I reduced by tho new under market I price. i "Within the last year," said the statement, "copper has sold as high as thirty-six cents per pound and the market price would now be higher than it is had it not been well known for some weeks that the government 'would fix the price. I "Tho principal copper producers throughout the country have evinced an admirable spirit and for weeks j have promptly supplied every request i of the government for copper without with-out awaiting decision as to price and agreeing to accept the pnee which tho board should ultimately fix." |