| Show M MIS IS CRITICiSm Local Mining Men Declare His Statements Were Intended as Campaign Tonic i i i i f fIn In an interview published yesterday esterday I Daniel Guggenheim head of or the American Smelting Refining company compan made some statements that were quite generally dis discussed discussed discussed cussed in mining circles yesterday par hose relating to what the Gar Car Garfield Carfield field smelter has done and is doing and the statistical position of ot copper By some he was quite severely arraigned on the ground he was attempting a boost for tor forthe forthe the prosperity campaign of ot Taft Tatt At any rate said one big operator during the afternoon lie Ie gives the Gar Garfield Garfield field smelter credit for tor doing things that conditions out there dont seem to justify He says the smelter Is now handling 60 tons of ot ore a month when It is known by every company having haing business with the smelter that the plant has never ex exceeded exceeded exceeded 1200 tons a day and that the pres present present present ent average Is under that amount I know that the management ha has been at Its wits ends for months to get anything like rea reasonable reasonable results from the operation of ot the plant nothing about It has apparently worked out as expected and the process of ot changing tearing down and rebuilding has been constantly going on from the day the first furnace was placed In com corn commission commissIon mission and thoy Uy th y are at It yet et If they get things straightened out in another year they will be doing well That the plant Will eventually be perfected and do doall doall doall all that Mr Guggenheim claims for or it now Is just as certain as it is I that the corporation has the money mone and can hire the talent to make it work right I dont care to talk about the details of or the big plants Infirmities but Mr Guggenheim might Just as well have forgot to mention the matter in his Interview which almost appeared to invite criticism Mr Ir Guggenheims argument that copper is statistically statistical strong because producers have ha vc disposed of their reserves which he says are normally to tons and that the price would advance to 14 11 or 16 18 cents while a new reserve was being accumulated was also questioned It was pointed out that the total production of or orthis this country in 1906 was not more than Mr Ir Guggenheim considers a normal re ra reserve reserve serve that the consumption last year was ismall small while the production was only j tons or 01 so less than in jn 1906 that the production this year has hoo hia been fully tully up to requirements and that could the truth be known there Is plenty of copper with which to feed eed the market in case caBO the price is advanced just a little It is argued that producers would have hae to hold every pound they could make for lor a whole year If I they were to build a reserve such as asIr Mr Ir Guggenheim states they have started to accumulate and If they attempt that the declaration Is made by men who make a study of ot the situation the price of the metal will be depressed in proportion as the accumulation grows until six months hence Instead of ot seeing He to metal Ote price is more likely lIkey to be reduced to lOc or lie There Thero Is no better way In the world to stiffen the price of ot copper said sahl one man than to bring about a revival of or business that will require the use of at sev several se several eral cral times the amount of the metal that thatIs Is now being consumed Piling up re reserves reserves serves erves In the hands of ot anybody producers consumers or speculators will not advance the price A complete cessation of ot pro production prod production d for tor a year ear or two would do It probably but every pound of at metal met l that accumulates anywhere in excess of ot the requirements Is sure to help belp helpIn belpIn In keeping the price down Mr Ir Guggenheim Gu gen helm heim knows that so I take it his argument argument argument ment was intended more as a campaign tonic than anything else at least that would be a charitable construction to place upon it |
