The silver state news. [volume] (Winnemucca, Nev.) 1907-1909, 1907-10-17
CUCCEN Helm ON
THE COPPER
SITUATION

American Smelling e. Refining com
pany does not. purpose closing down
or even curtailing production. 1t is
receiving products from everybody,
and expects to continue to do so. It's
large plants and additions to plants
under construction will be pushed to
completion and the development of its
properties at Ely and elsewhere will
be continued.
/ believe that in 60 or 80 days the
financial situation in the East will
have cleared and there will be no
trouble to sell at fair prices all the
copper that will be produced.
The price of copper fell because of
failure to float securities for large en-
terprises that would have used the
copper could they have been carried
through.
The large producers are doing right
in curtailing production of copper. Re
cession is good thing. With the
heavy demands for money withdrawn
for time matters will soon right
themselves and the march of progress
will be resumed.-Daniel Guggenheim
Daniel Guggenheim, president of
the American Smelling & Refining
company, foreeful, optimistic and un-
questionably possessed of power given
to few men to grasp complicated sit
uations and bring order out Of appar-
ent chaos, was in Salt Lake Sunday
imparting to those with whom he came
in contact confidence and good cheer
throwing off gentle shocks of anma-
tion like the sparks from a trans
former.
He arrived in his special car over
the Oregon Short Line, repaired at
once to his suite of rooms at the
knutsford hotel and went into con-
ference with General Manager G. w.
Whitley and others of his staff. Ac-
eompanying Mr.. Guggenheim on his
trip are his son, Robert Guggenheim,
Edgar L Newhouse, Franklin Gutter
man, Judd Stewart, the company's
auditor, and Walter Cutting, private
secretary to Vice President S. w.
Eccles.
During the afternoon a hurried trip
to the plant at Garfield was made and
shortly before midnight the party was
ready 10 leave for the East.
That Mr.. Guggenheim is a thorough
business man, accustomed to econo.
mizing time, is shown by his having
made appointments to meet all the
local newspapers at the same time.
He submitted with the utmost good
humor to the eross-fre of questions
with which he was piled when the
meeting took place and he was ready
to volunteer information which he
thought might be of value.
Don't ask me to be q prophet, -
he said when asked how much further
the prices of copper stocks were go
ing to drop. And then he proceeded
to venture to some extent into the
field of prophecy on his own account
Money Situation will Clear.
81 believe that in from 60 to 80
days. he said, "the money situation
in eastern financial centers will have
cleared and there will be no trouble
to sell all the copper that will be pro
duced.
The only reason the consumers are
not buying copper is because they
mt get the money to carry out en-
terprises which are actually needed.
There is not enough money to carry
on the business of the country. And
the difficulty is not confded to this
country. The situation is the same in
European countries. The supply of
money flowing through regular chan.
nels has not kept pace with the in
creased business and expansion of in
dustries.
The large producers of copper are
doing the right thing in curtailins
production. Farmers the country over
are prosperous, and when the money
now tied up in the movement of the
enormous crops gets back into other
channels il will be availible again for
the needs of industrial and other pur-
poses. Buying of such necessaries as
copped will be resumed and the diff
culties We are now posing through
l. -