Perth Amboy evening news., 1905-03-17
DEATH COMES
TO Mr.. MEYER
CUGGENHEIM.
Head of the Well Known Family
Prominent in Mining and
Smelling.
STARTED AS PEDDLER.

Word was received in this city yes
terday of the death, at Palm Beach,
Fla, of Meyer Guggenheim. whose
extensive mining and smelling inter-
ests made him one if the best known
men in New York financial circles
Mr. Guggenheim went south for his
health three weeks ago. Pneumonia
caused his death after a short illness
His son Daniel was ON his way to
Palm Beach at the time, having been
notified on Wednesday of his fathers
serious condition.
Mr.. Guggenheim was born in Lang
nau, Switzerland, in 1928. At nine
teen, with his father and four sisters,
he sailed for America in sailing
ship. The voyage took nearly four
months and on the ship were Barbara
Meyers and her family, who came
from Langnau. Mr.. Guggenheim and
Miss Meyers saw good deal Of one
another on the voyage, and five years
later, in Philadelphia, they were
married.
In Philadelphia, Mr.. Guggenheim
went to peddling various goods. One
of these was stove polish. He was
making a good profit out of this, but
he wanted more and had chemist
make an analysis of it. After that he
made stove polish for himself at cost
of about 10 per cent. of what he had
been paying, and sold it for greater
profit. Later, in the same way, he
sold and then manufactured glue.
Curiosity. not fickleness, caused him
frequently to change his business,
although he made money out of every
thing that he undertook and eventual
Is drifted into the sale of white goods,
from which he made his first million.
lie made specially of Swiss en-
broideries, learned everything he
could about them, was a hard, intelli
gent worker and had an accurate
knowledge of conditions.
Mr.. Guggenheim was venturesome,
although a careful business man. and
drifted into mining through business
associate who had secured an option
on mine in Colorado. He was soon
paying 50 much to smelters that he
thought smelling must be paying
business, so he investigated and put
$50, 600 in the stock of a smelling
company in Denver. One of mis- sons
was sent there to get at the details of
the work, and he made 80 per cent
on his investment. He asked more
questions, learned enough to satisfy
himself, and in 1855 he built for Nj.
Guggenheim' Sons q fine smelter at
Pueblo, Col. at a cost of 81, $50. 900.
That was only the beginning. The
firm erected smelters in other parts of
the country, east and west, in Mexico
and in South America, until they
ranked among the leading producers
of precious metals in the world. They
did much to develop the mineral re-
sources of Mexico. Then they erected
large refining works in Perth Amboy
so that they could smelt ores and
refine the products of their smelters.
In all of their plants no expense was
spared to obtain the highest possible
efficiency from the usc of the newest
machinery and methods.
When the American Smelling and
Ref ming Company was formed the
Guggenheims held out, preferring 10
be independent. Later they joined it,.
70 pay for their plants the trust near
ly doubled its capital stock, but the
price was not dear and the Guggen-
helms became leading spirits in the
big corporation.