Durango semi-weekly herald., 1901-02-07
SILVER WILL BE FORCED UP.

The organization OF the American
smelling company IN which the Amer
ican Smelling & Refining company
has been merged with the Guggep.
helm interests, and which will con
troll between rs and 80 per cent OF
the silver output of the world. has
been announced E. w. Nash, presi-
dent of the old company, Will retain
his position, and the governing body
will consist of an executive board of
which Daniel Gnggenheim will be the
chairman. The Messrs Guggenheim
gave out the following statement:
| Our business has not been absorb.
ed. There has been merging of the
two interests and an exchange of Sc
| curities.
In the handling of metals the mi
ner will be enabled to get the full
prices that are paid and what bene-
fits the miner is of advantage to the
| smelter. We have kept up the price
| of lead and we propose to do the
same with silver. In course of time
we hope to handle silver as intelli-
| gently as We have jointly treated lead
To-day silver is scientifically ami
secretly bought by four brokers in
| London who stand in with each otll-
er and the buyer. The seller sells
his product from day to day, and is
| at the mercy of the brokers. This
| can and will be changed as soon as
the thing can be rounded up. We in
tend pursuing the same liberal policy
| towards the miners that the Guggeh
helms have pursued in the past. arl
before entering upon the merging
| with the American people number
of discussions were held in this le-
gard.
Some few years ago Russia bought
80, 100000 ounces of silver in one
year, and it was not known by any
of the sellers that that country was
quietly absorbing the product. Last
year India bought 60,000,000 ounces
and silver was not raised in price.
The reason for this condition of af
fairs lies in the conflict of interests
that have existed heretofore.
The American Smelling company
now controls the silver output of
South America, Central America, Brit
ish Columbia. Mexico and the United
States, which Is nearly so per cent OF
| the output of the world. We entered
| this merging with the other company
because we are satisfied that this in
dustry can be made one of the best
in existence under proper administra-
ton
I'VE believe that instead of the
smeiter company being menace to
the country it will be an advantage.
In the first place the receipts OF the
railroads will be increased by an in
crease of freight in and out. To the
miner 1t will mean an enormous adj
vantage. 1t will increase the product
of his ores, because under such a large
operation as this Will be. the smelt-
ers can assist the miner to mine his
low grade material which he now of
tentimes allows to remain In the mine.
I'VE have been investigating the
field as to the men In our employ as
1t was intmated that by the new ar
rangement there would be surplus
OF talent. That is not so. On the con
trary. there are too few. We have
room for all and more. We mean to
push our young men to the front and
give them show, as this is bust
ness that will he here when we are
all old and they will eventually have
charge of the concern. Our firm has
arrangements with the School OF
Mines of Columbia college, the Mas
sachusctts Institute of Technology
and the School of Mines OF Goldc \.
by which many Of their youns mei
are sent to us at the completion OF
their courses.
I'VE have been getting Information
from large institutions like the Kiupp
gun works In Germany concerning
the methods of caring for employees,
We intend to apply the best OF these
to the men in our employ. 1t Is our
intention to improve the condition OF
the men and we hope to establish H.
braries and proper homes for them.
We do not claim to be philanthfop-
lists, but believe that an improved
condition of the men cannot but work
an advantage to us.
I'VE realize that the greatest IN
terest the company has is in Colorado
and Utah In Colorado we have nj 1c
emciterS, and IT is our purpose TO inf
crease them in size and to build now
ones whenever it Is deemed adyis
able. There will be cash working
capital of from s20000.00O TO S25.-
coo 900, which will enable us to carry
out these policies"
The reported establishing Of large
pyritic smelters in this state does not
concern the officers OF the new com
pany. They say that only under the
most favorable conditions eau these
smelters be worked at profit.
The new company will he capital.
ized at 800. 900, 900, of which the Gus-
penheims will co1tfol between s3S.
600, 900 ard 800 900.