The American Metal Co. and L. Vogelstein, representing _German capital_, are believed to control, through selling and refining, much of the output of the French, British and Belgian mines. These concerns also own custom smelters in Chile and probably have interests in many mining properties there. The big business in Chilean ores shipped into the United States is done by these concerns, although the American Smelting, Refining & Mining Co. is also an important factor. These ores come from many small mines, although there are a few important ore shippers, one of which is British owned. Most of the mines are ostensibly Chilean owned, but much of the financing, marketing of products, etc., is done by American houses with German affiliations. It seems that Chile may soon become the second largest copper producer of the world. American capital has led in the development of the Chilean deposits, as American interests have discovered and furnished funds for the equipment of the two leading producers, and the third most important ore body is American owned. This is the more remarkable in light of the fact that American capital has so far been conspicuous by its absence in the development of the other important industries of Chile. Were it not for the present difficulties of building up plant facilities, due to shipping shortage, high cost of equipment, etc., the American-owned copper mines would today be still larger producers than they are. However, American capital now completely controls about seven-eighths of the total output. Substantially all the copper produced in Chile is shipped to the United States. The Chili Copper Co. produces in Chile a refined electrolytic copper, and this is the only finished refined copper produced in South America. Braden can produce a grade of copper that does not compete with electrolytic but is refined enough to go directly to the consumer. PERU Peru is one of the important copper-producing countries of the world. The chief mines are at extreme altitudes, however, and their character and location is such as to indicate that production will probably remain stationary or at least not show any important increases in the next few years. There are two important districts: Cerro de Pasco (elevation, 14,300 feet) and Morococha (elevation 13,700 feet).