Arizona republican., 1917-06-17

of the main facts. Another was that the man who got Meyer Guggenheim interested in his first mining venture at 60 years of age was merchant in Leadville who had bought goods of hlS firm and had failed to remit when the bill fell due Bennie was only % years old at that time and didn't make nm ing pay The mine was flooded with water and Bennie had no means or pumping it out.
 Meyer Guggenheim then took hold and came west. He inquired, accord ing to invariable custom, and finally numped the water out. He sent some of the ore to a, shelter and was liter ally amazed when he got returns on the samples sent So he lhquireu about the business of smelting. Then he went with F. R. Holden, who was in a tight place. Holden had an assay shop in Leadville and a sampling mlli He took ores from the mines, sampled and graded them, and then sold thent to the smelter. But he was not satls- fled. He wanted the profit on the ores He went to the Colorado Nauon- al bank and talked with C. E. Kountze and Dennis Sheedy. Holden was good talker and in 1886 he, with the two bankers, built the Holden smelter near Denver. Holder then went back to Leadville and began shipping the ores he bought as samples to the Holden shelter Holden sampled the ores, but the bankers sampled them again and trouble arose as to when should obtain in the settlement be- tweeen Holden and the smelter.
 It was then that Holden met the tenderfoot, Meyer Guggenheim and with stock in the Holden shelter to sell he had an answer to all of Gug- genheim's questions. The smeltcrs were getting the lions share, he said. He said further that Kountze and Sheedy were making just about all the profits there were in ore. So Guggen- helm concluded that if smelters were making all the money there is in min ing what's the use of having a mine unless you have a smelter. MT. Holden agreed with him that there was none at all, and Guggenheim tried it. He took about $S0,000 of Holden Smelte- stock. and as a stockholder he investi- gated from the inside. He obtained for his sixth son, simon, a position there and Simon appeared on the pay roll as timekeeper at $60 a month. The light poured through the opaqueness of shelter arithmetic. What Meyer Guggenheim could not understand as a mine owner or as a smelter operator grew wondrous clear and pleasing to him. Meyer Guggenheim read the profit and loss books for year. It was entrancing literature. On the profit side, it is said. he read this, 150 per | cent. IL was a large profit at any rate. and MT. Guggenheim could not get a shelter fast enough.
 He and Holden formed the Denver Smelting company. with s500000 capi tai, intending to build at Denver. But a delegation of business men from . Pueblo offered them a site free of taxes for ten years. So Guggenheim and Holden went to Pueblo and changed their name to the Philadel- phia Smelling and Refining company 1 in honor of the lace peddler's first ] American home.
 At Pueblo they built the PhiladG- phia shelter. This was in 1888. Eventually it cost s1,25O,OOO. Part of that big cost the Guggenheims, father and sons, must charge to shelter edu- cation. They had much to learn yet. and it cost something. One of the mechanical engineers who built the smelter said that the old man and Bennie were both of them always wanting to change the plans or pro- posing innovations that to metallurg- ists would have been ridiculous. The greatest word was poster" this en- gineer said. Wherever he turned there was always a Guggenheim in the way with questions and sugges- tions.
 Learned Game By Keeping At It ! Nevertheless the Guggenheims learned the smelter game though they left wrinkles on the face of the man who had to teach them.
 1 Back east the older boys had to i learn the business too. Isaac in 1886, took charge of the New York office of the Guggenheim smelter business and David began the study of railroad rates. Maurice, the third, leaned to the legal end. Solomon, the fourth, was studying also, to become later the chairman of the American Smelling &s ] Refining company. and William, the seventh, still youngster, left the study of law for courses in chemistry and metallurgy in the University of Pennsylvania. Then he came west as superintendent of the Philadelphia plant
 1 Meyer Guggenheim was glad ne
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