Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1901-05-18
sruoN eUesENHEIM TALKS.

Simon Guggenheim of the execu-
tive committee of the American
Smelling & Refining Company, who
was at Denver recently, is quoted by
the Post Of that city as follows:
THE owners of silver mines will be
pleased to know that the smelling syndi-
cate has taken a new attitude toward the
silver market Of the world. We came to
the conclusion that the silver product has
not been properly handled to obtain the
best results. Everything wa sold through
the British brokers, and the shelters had
TO take what they could for their product.
Hereafter we shall sell direct to the con-
sumer. This will mean the establishing OF
banks in China, India, Japan and other
s~ilver-using countries, and will also mean
an advance in the price Of silver. We
shall be compelled, Of course, to hoard a
great deal of silver, but the new method
will benefit all concerned.
"We have agreed with several miners
to share with them, they taking two-thirds
and we one-third of the excess over 65 cents
an ounce, instead of raising the treatment
price on silver ores to the point at which It
stood when silver was higher, and which
we reduced in order to allow silver mining
to continue.
cit has been customary for years for
owners Of large mines in Utah and other
parts of the West, to enter into three-year
and five-year contracts with the smelters.
Such contracts are Of distinct advantage to
the miner, because it is evidence that the
smelling company has confidence in the
permanency of the mines, and that it will
not raise the smelling charges is part of the
contract. The purpose of the American
Smelling and Refining Company is to
build up the mining industry and to
encourage the development Of mines. Our
| treatment charges will be such that many
low-grade properties will be developed. 1t
is likely we shall spend something like
So, 900, 900 improving the plant SO that the
low.grade ores may be handled.
"The company has guaranteed to the
| miners a price Of 4 cents a pound for lead
| ores. This has stimulated the output, but
| it has been q burden to the smelling com
| pany, as a great deal Of money has beer
lost by the company in selling lead tC
| foreign markets at less than the guar
anteed price. This guarantee is therefor'
a hardship to the American Smelling Com
pany, but the company is making no com
| plant, as it will keep its pledges"
The only exception taken by the
SENTINEL to the above article is the
statement made in the closing para
graph, in which Mr.. Guggenheim sayi
"the company has guaranteed to The
miners a price Of four cents a pound
| for lead ores" This is incorrect, a
least regarding this section. AS
matter of fact, the shippers of leat
ores from this district have received
but $500 per 100 pounds for thei,
product since the regular contrac'
price of 81, established by the Ameri
can Smelling & Refining Company las
year and settled for at that rate unit
the first Of the present year, wa
discontinued. By noting the leat
quotations published each week in thu
SENTINEL il will be seen that at Sal
Lake City, where most of the ore
shipped from this district are treated
the price paid is but $3.50 per 10'
pounds, while the New York Exchang'
quotation is $4.37H. No doubt thu
syndicate represented by Mr.. Gug
genheim is paying the large shipper
of lead ores "a, but the small pro
ducers, like these in Eureka district
- IL 40 M T.. Ill ~A-