Show THE ATTITUDE OF THE guggenheims 0 I 1 2 A recent testimony of daniel guggenheim heim president of the american smelting smelling Sm elting and refining company and the guggenheim exploration company in the ross burrage litigation brought out some interesting facts faces regarding the house of guggenheim and the InEth methods pursued in acquiring new mining properties the exact number of properties in which the ms are interested cannot be stated in fact daniel guggenheim himself says he does not know the number when it was suggested to him that he was in somewhat the same posit position ioa as a new england millionaire who test nea he did not know how many automobiles he owned MT mr guggenheim replied that he could easily answer that question owning four cars which are used mostly by his family says boston news bureau daniel guggenheim is a faultless dresser and of course appeared in a different suit ot of clothes on each of the four days he was in boston he is a great believer in vichy awater and milk as a cure for indigestion and while under the questioning of sherman L whipple in the ross burrage hearing he frequently sipped his vichy and milk consuming ning about a quart of the latter during the six hours he was daily on the stand the firm of M guggenheim was formed aln in 1879 and comprises the guggenheim brothers exclusively the senior partner is murry M guggenheim daniel being the second brother and more active in the firm than the older brother the executive work is in charge of S R murray and daniel murty murry is more particularly interested in the financial end of the business in the next few months ex united states senator guggenheim will gain again a become active in the firm and as his brother daniel puts it he will come back to take up the white mans burden the business of the firm is concentrated at the new york office at broadway its main business is the development of mines as an industry the firm rarely being identified with their flotation when the firm is invited to inspect properties to determine their worth the usual course of procedure is to turn the papers over to chief engineer pope yeatman who has held that position since 1907 and he with his assistants berry and marsh reports on the same tests of the ore are usually made by experts guiterman smith and guess the latter being in missouri franklin guiterman has been in the employ of AT guggenheim sons over twenty years and is regarded as one of the most eminent metallurgical experts and in whom the guggenheims have very great confidence B camplin smith is given as high an in ili dor by the guggenheims as mr guiterman his special business at the present f vine me being the perfection of a leaching process at perth amboy to handle chile ores particularly daniel guggenheim in his recent testimony stated that tha t he first heard of the chuquicamata Chuqui camata mine in chili about a decade ago when mr duval of beechey duval co a good friend of the firm and a gentleman with whom it had business in south america called their attention to the property he told mr guggenheim about the grade gra i de of the ore the distance from the rail road etc the firm did not take much stock in treating ores in those days except by direct smelting smelling sm elting and as the ore is and low grade the guggenheims turned the proposition down later however in june 1911 through correspondence with A C burrage the firm became interested in the amata mines as it was believed the ore running about 2 per cent copper could be profitably treated trea ted by the new so called bradley process or by some same other similar leaching process in purchasing the property the 9 guggenheims were influenced to td a great extent by the reports made by fritz mella melia highly regarded as a mining engineer by pope yeatman in offering the property to M guggenheim sons mr burrage stated to daniel guggenheim 1 I dont don t want you to put in any money to pay me or to take my interest over but I 1 would like to jo join in you and I 1 am willing to take for what I 1 get for the property a certain percentage of the stock in the new company A C burrage did not own all the stock of the various companies purchased the lyon company and the duncan fox company being minority owners As it is the policy of the firm to control all of a property if possible daniel guggenhiem m told mr burrage that it was absolutely necessary we should control the whole business because we like to go into business of this kind and be compelled to do all the work vork and put up all the money and have a lot of stockholders on the outside who would probably be dissatisfied with things we wanted to do and who were not reasonable and pliable but we always respected the minority shareholders interest in fact we were very sensitive about it our experience peri ence is that the small stockholder on the outside can be very pestiferous and very annoying and usually is |