Arizona republican., 1898-01-23


 the News Report a Fake.
 This is the manner in which the Denver Republican treats the matter which has stirred up a veritable hor- nets nesc:
 The report of an organization Of a snational smelter trust," which will place all lead, silver and copper plants between the Atlantic and Pa cific coast under one management, published in the Rocky Mountain News, is a fake pure and simple TOT which there is not the slightest foun- dation in fact. The matter has never been given serious consideration by the Denver smelter managers, 10 whom the proposition has been sug- gested. F. L. Underwood, who IS credited with organizing this gigan- tic trust which is to include all the smelters in the country, has been indulgin in this dleam for ten or twelve years, and whatever hopes he may have of it's ultimate realiza ion it is certain that there is no lmme- diate prospect of the smelterts now in business giving up the control of their plants into the hands of a. stock company to be managed by others who may or may not have the ability necessary for the conduct of such a great enterprise.
 There are so many considerations involved in a transaction of this mag nitude that many of the gentlemen interested in smeling plants do not hesitate to declare the scheme utterly impracticable. The proposition that has been made is almost entirely on
 
 with which all smelters have to con- tend are so serious and manifold that men who by hard work and lavish expenditure have been able to build up immense smeltlng plants vii think a long time before relinquish- ing the control of their own property and accepting a management of their affairs which may result in disaster. Without an exception the managers of smelters in this city say that the report is absolutely without fourda- tion Mir. Underwood has made re- heated propositions, which have been listened to with remarkable pa ience, but has never submitted any definite plan cauable of fulfilment, and, from the expressions of those most vitally interested it is certain that his hopes will never be realized. The entire story is a superstructure of fa1sehood on a foundation of improbability. The scheme, so far as that may be called a scheme. which so far has ma teria1ized nothing more substantial than words, was first intended to in- clude the lead sInelters only, but as the lead and copper smelters are fre- quently competitors for the same classes of ores, it finally grew in its oil classes of smelters, and has been treated by mining men, to whom the efforts of MT. Underwood have been no secret, as unworthy of serious at tentiop
 sIt requires money, and goo1 dea1 of it, to buy smelting plant." said w. H. James of the Grant smelter, "and so far there has been no money in sight. I am not prepared to say that the creation of a shelter trust is impracticable, and if the large amount of money necessary can be raised it may yet go through. But MT. Underwood has so far presented nothing of a practical nature. He has been to see us on the subject several times during the past ten years. I have always told him that when he is prepared to buy our p'ant at ia fair price he can have it, but l. have never yet seen any money
 '3The mana cement of a smelter is a very hard burden for individuals, and I think many now in the business would be glad of an opportunity to unload on trust if they could be as sured of their money and that any interests they might have would be properly managed. But we have had no positive offer and if there is a trust the Omaha & Grant company is not in it."
 Ex-Senator Hill said: "I have giy en the matter no consideration what ever and regard it as absolutely im- practicable. In the first place most of the smelters in business would de- mand a price for their plants which no trust that could be formed would be able to pay, and besides the con- sideration offered is principally in stock in the trust, which could not be regarded as adequate security for such vested holdings as are included in all smelting plants. The Boston & Colorado Smelling company is not in any trust and is not contemplating g such thing under any ciIcum- stances"
 ssWe have not only not considered any proposition to enter a trust" :" said Simon Guggenheim of the Phila- delphia sme1ter, 'but have not seen MT. Underwood at all. We will not enter into any trust under any condi- tions whatever, and if a smelter trust is formed it will be without us."
 'I know of one smelter that will not go into trust" said J. A. Co., ram of the Butte & Boston Mining and Smelling company, "and that is the Butte & Boston. There is noth- ing practicable in the plan. The country is too large, the interests in-