New-York tribune., 1908-12-19
GUGGENHEIM DEFENDS
NO CAUSE FOR WORRY.
Smelters President Discusses Ryan
Cole Acti1ity- Stock Breaks.

Following the sharp break IN sueitsr- y-st.--
day. Daniel GugEenheiu7. president of ths Amer
can Smelling and Refining Company in discussing
the smelling and refining company orEsntzed
by the Ryan-CoIs interests defended his company
and denied several rumors.
Some years ago the spsculstinz public vsrs
kept a ferment BY the cry of wolf IN connscti11
with Sugar Refining stocks d1s 70 composition Be-
ueen the Havemsyers and the Ar5uckIss. said
Mr CilzzenFeiu7 1T - now tn Smelri1K
pany with other large financial interests II seems
that the people must be fed upon something q
this kind As the American sugar Refining stocks
are now 50 largely ABSORBED and put away n re
boxes the American SrueltinE and Ref1fnz CON-
pany's common stock IS being spsculated with IN
its stead
This will continue until II is absorbed ard put
away in the boxes. unless some other security
shall in the mean while becore nor. popular win
the spectators. There * nothing new that can
any change of policy in the sO-called ryan
Cole development OF the copper smelling Business
The group OF known a. the Ryan-Cols
and their following have been for many years "a
the copper mining ard copper smelling business
They great believers. undoubtedly n copper as
metal So L They can see that 4 Er-at dea-
Of money can De made IN this business. = ca1
be when inteEIzertIy prosecuted They nave t1r---
ests in copper sreltsrs aud copper mines n var--
Gus parts of the United States and properties a
various parts or the world
It Is business they have gone r1to. a-d
whether or not they have now formed 4 la-gs
company for the purpose Of taking IN other inter-
ests OF for the purpose u building nsT s-1el-s--
and b,4vinz ney mines Il nothing new. nor : =
ANYTHING that TIE American Smelling and REFINING
Connrany's shareholders need look uron with ary
concern whatsoever. because the American Sr.efs-
ing and Refining Company has not single s111S-
sive copper sr1elter in the United stares IeeT
have feV coppeufturnaces a. some q tneir p-1o~
which ara simply used as auxiliary rIr1aoes .
n-ovfde for bv-prodIcts and such ores as a. co.
tizuous TO their locality.
The American Shelters Securities Company
have only one exclusive copper sra4lter n -
United States Neither % these companies = 1zH-
" 70 have in the near future any more s1cfr-f-s
copper commission sreltzrs- becaIse theY Iooz
upon copper smelling extremely annoying otls~
ness. The American snslttng and Refining Co-1-i
pany largely Interested II copper rz1r1nS Z
personally an very fond OF and believe n ocpr%
mining highly profitable guinness and ooS7e-
refining 4 very satisfactory o1sfressS ccz
would not personally 20 INTO he copper corn--s-
sion smelling business advise any companies
with which an connected 20 90 into The ooppe~
smelling business unless snslr the copper o->0
from their own mines BY that mean d -cs
believe that the smelling q copper or-s o7 oo--
mission FOR Others Z business that 81 t1s pres
ent time a. least IS desirable
As regards the lead smelling bustresz q ths
American Smelling and Refining Company. r1ilyf
20 per cent OF all the lead ores of the United sta1ss
ard in the Republic OF Mexico are now conrron>e
bv ownership q mines and BY tirs contracrs-
These ores are either controlled oy the A-1srtcs-
Smelling and Refining Company or BY its present.
competitors The earnings o the Sr1eirtns CON-
pany a the present time. as EeL "a OF TIE -
c,!riez company are considerably IN excess oc t1s
dividends that being paid
The break IN SrneIters yesterday carried rhe price
down 7s44 4 new low record for The movement
Il rallied al the close. however. 20 I9os net os5
OF points for the day The preferred broke %
es and closed az Ioo. net loss 0t point for the
day
The slump in Sr1eItsrs upset ne market gen
eraly and declines OF from 70 points n several
Of the leading stocks resulted Steei cor1non orozs
70 52a. Southern Pacific 11s-. Union Pactnc sold
Al l7s and AulaIgarla ted Copper 10 ~ HeaNy
sr7rDorri7g orders which came n the late trading
I7Cz--s~ rallied The market and most OF r1e LIST
closed a. 4 small advance