The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-09-23
SPENT YESTERDAY At SHELTER
60 TO MINES TODAY--PLEAs-
I'm NTH SITUATION-NO
CHANGES IN MANAGEMENT.

Daniel Guggenheim. president Of
the Guggenheim interests, ;. W. Ec-
cIes, president of the Nevada North
ern, james Phillips, Jr., president Of
the Nevada Consolidated, Carl Eilcrs.
Willard Morse. Anton Eilers, Robert
Guggenheim, OF New York, and w.
r.. Rust, Tacoma. and Eugene BRA
den, of San Francisco, composed u
party which arrived at Smelter yes
terday morning ut 3 o'clock ON spe-
ciaI train which came over the West
ern Pacific from salt Lake.
The gentleme nspent the day mt
Smelter, coming to East Ely last
evening at o'clock to remain over
night. This morning they will go to
the mines, spending most of the day
at Copper Flat and Veteran. They
will also visit other Nevada Consoli-
dated and Cumberland Ely properties.
returning to Ely City this afternoon
and probably continuing to Smelter
later in the day. OF is expected that
they will leave that point tomorrow
morning. returning east.
Daniel Guggenheim and Mr.. Ee-
eles were busy while at Smelter yes
terday in looking over the plants and
in consultation with Managing Diree-
tor Yeatman. In the afternoon
members of the party We're taken out
for a drive. going over the property
and getting a general idea of the To-
cality. The result of their inspection
was stated last night by several mem
bers of The party to have been very
satisfactory. the situation found be-
ing all and more. so far as pro-
gressed. than expected In point of ex-
cellence With conclusion of visits
and conferences which are TO be had
today, however, there will be oppor-
funity for broader expressions.
Concerning the Steptoe smelter,
Mr.. Guggenheim is quoted as say
Ing that II will soon be turning out
from , 1000 to $500 tons of copper
per month AS to report that there
are 10 be changes in the management
of some OF the Guggenheim smelters
and mines in different parts of the
country. he is quoted as follows: No
changes are thought of. We are well
satisfied with the men who are In
charge, and we are well satisfied with
the manner in which the business Is
being handled"
Discussing copper. Mr.. Guggen-
helm has given out the following:
Men who undertake TO corner cop
per are usually able to buy from
100000 to 10000 tons of copper.
They are unable To buy more because
the banks refuse TO finance their un-
10 4, f.,e Ynfnf lao
cause they are unwilling 10 lock up
too much capital.
when the men who are trying to
corner the market succeed In ad-
vaneing the price To 90 cents the
producers of the metal realize that ar
tlficial methods have been adopted
and that they may be drop. For
that reason they lose no time in dis
posing of their reserve supplies of
copper. Then the price falls and up
goes the syndicate.
"As the producers OF copper of the
country. under normal conditions,
have from 400,000 to 500. 600 tons
of copper in reserve. il can be under
stood why the combinations TO con-
troll the market fall down.
Copper is now strong statisticallx
because the producers have disposed
of their reserve supplies of the metal.
When the price of copper was high
they sold the metal they had on hand
and are now endeavoring TO gather
new reserve supplies. At present, so
far as copper held in reserve by the
producers is concerned, the quanti-
~ is practically nil.
AS the producers of the metal are
endeayoring to accumulate stocks of
copper. the market conditions of the
present Will probably continue and
the price of copper will advance from