The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-07-08

passed. The wonder was whether his
pessimism was due to the condition
of the copper market, although Mr..
Guggenhe1m is esteemed by men COM
petent to give Judgment as one of the
broadest minded and clearest headed
men of large business affairs in the
United States. His business intellect
is similar to that of James j. Hill. HIS
mind works very rapidly and with al
most intuitive Judgment. He is one
of the most optimistic of Americans,
so far as the future of the united
States is concerned. He Is sincere IN
his conviction that in due time the
United States will have advanced to
pre-eminent position among the
commercial nations of the world Our
phenomenal expectation OF manu1ac-
tured commodities which now aston
ishes leading business men of Europe,
Mr.. Guggenheim predicted four or
five years ago. His judgment was
then based upon facts which had come
United States has been developing
some of the ablest statesmen to be
found anywhere in the world-sales-
men who find their markets in other
nations These statesmen had built up
fine organizations whose exclusive bus
mess was the marketing of American
products in other parts of the world:
Some of these statesmen were trained
and employed bv the old Standard Oil
company, by the International Har-
VeSI0c company anu lhCAS NCAO tA-N
very sxillful statesmen drilled and per
fectly qualified under the leadership
of Mr.. Farrell, now the president OF
the United States Steel corporation.
1t was the knowledge OF the man
ner in which selling agencies upon
very great scale, matching and even
surpassing some of the largest selling
agencies of Great Britain or OF Ger
many, had been perfected within the
past five or six years in the United
states which justified Mr.. Guggenheim
in saving to his friends. as quoted,
within ten years the United States
will be carrying on the largest inter
national commerce of any nation in
the world"
Mr.. Guggenheim has again and
a gain spoken with approval of the
quaint epigram with which MI J. +.
Morgan expressed his opinion OF the
in Mr.. Morgan's words, 'The man
who is a bear upon the United States
will go broke"
A Great Opportunity.
Every man of great finance OF the
United states and of Europe has with
in the past twelve months, so spoken
of American financing as to make
some of Mr.. GuGgenheim'S comments
on Monday seem more than an ecno
of these staten ents. IN ,Englano' IN
France and in the United States the
great financial leaders have been say
ing that the movements OF great
amounts of money out or the Cnlleu
States, to Germany and to other couh
tries at a time when the railroads or
the United states are needing capltal
in large amounts and cannot get 1t, is
!. fact which politicians, demagogues
and the public Of the United states
should seriously consider.
But. after all, what Mr.. Guggenhe1m
said on the eve of his departure to
Europe respecting the possibilities OF
Alaska furnishes a theme, possibly,
which the present congress or the one
which is to be elected next fall must,
in the opinion of many business men.
very carefully consider. Mr. Guggen-
1eim speaks of Alaska as an empire
I'm that way the late E. H. Hartman
used to speak of our own southwest.
But the Alaskan empire must be de-
veloped through wise legislation and
through the reasonable encoura cement
IF capital Mr.. Guggenheim is of the
opinion that within a few years after
40 more than one thousand miles of
abroad are built and in operation IN
Alaska the territory will be producing
new wealth annually from two hum |
IL ed million to three hundred million
cellars. But, in order to secure that |
prosperity, he asserts that the govern |
nent must build the railroad, because |
,apital cannot be found for private |
enterprise there, at least while |
he true and just relation of the rail- |
o the railroads is still an unsettled |
question.
Not a New Prediction.
Very likely there may be some per-
ems who will suspect that Mr.. Guggen-
leim's statement was inspired by the |
act that he is interested in a corpo-
alton which is engaged in mining op-
rations in Alaska.
Yet ten years ago John P. Jones,
Who was one of the first of the citizens
# the United States to make invest |
nent in gold mines in Alaska, said TO
.dequate railway construction IN
Alaska the territory would, in the
curse of a few years, be producing
mineral wealth SURPRISING the |
PRODUCTION of California, possibly the
ntire gold production of the mining
tates of the Union. But it was Sen
tor Jones's opinion that the govern
nent, owing to peculiar conditions,
would have to build the railroad or At
east aid in its construction as it aided
II the construction of the Union Pa
fife and the North arn Pacific.
Senator Jones invested capital in gold
mines situated upon an island near the
a pital of Alaska-Sitka. Re made
hat investment because he had be-
ONE convinced that the Alaska penin-
ula would some day become the great
st gold producer of the world except
ng, possibly, South Africa. He spoke
" the book of experience. since when
member of the United States senate
lie was regarded as one of the great
authorities on mining
The investment which Senator Jones
With others made in lower Alaska has
'roved fairly profitable The gold is
low-grade ore, but the mining plant
vas recently operating something like |
wo hundred stamps at these mines.
hey were in operation some years be-
ere the discovery of gold in the Yukon
district or in any other part of Alaska.
something which Senator Jones saw
nd which his trained observant ewes
s a metallurgical expert showed him
vas of utmost consequence, justified
i'm in saying, even before Yukon was
pen, that somewhere in the peninsula