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Show COMING 113 DEFENSE ' BE IHE BOBEENHEiMS Eastern Friend of Smelling Interest's In-terest's Sees Xo Danger in Situation. i For some time past tho Boston News Bureau has bceu sayinp some very nc-fnvorablb nc-fnvorablb things about the GupEGuheim intorusts, and by way of contrast, on Liir j24i h of themouth this Boston paper printed n iieffinee of these same interests, inter-ests, quoting a friend of tbo Gufjpen-heim Gufjpen-heim brothers, as follows: '.'To judge from the general talk as to 1 ho prospective competition which 1 the American Smelting and KeHning , companj' is to meet, ouo might think that tho Guggonhoims were to be forced ; out of tho smelting busine.?. "As a matter of fact, tho American Smeltiug- and licliuing company is wnll ; fortified in the sniflting field. Tho Xcvr 1 York office is now receiving daily reports re-ports from sixty-six difl'erent plants in , tbo United States and Mexico, and these plants aro consuming "2000 tons of coal a day. which fact I mention to give some" idea oi" the extent of its 1 operations. The bulk of its money h made iu silver and lead. Copper is a side issue which the Guggenhoiuss would be glad to be rid of if they wore uot already committed to tho copper industry in-dustry by" au iuvestmeut running into 1 the million?. ' ''The copper end of the business has never appealed to them, and has never returned profits commensurate with the investment, of capital thereiu. Tbey consider it a blessing that they were nor, permitted to expand in coppor smelting in California, as they at one time contemplated. "'The American Smelting and Refining Refin-ing company is today showing haud-some haud-some profits for its stock much in ox-cess ox-cess of dhidend requirements. It is possible that it may lose some contracts for smelting, bur. its position is well fortified for years bv long term contracts, con-tracts, especially in 'stiver and lead, and it will take more than the raising of $25,000,000 of capital by a new smelting combination Jo" seriously affect it. "It was only a few years 020 thnt tb United Stales Smelting, defining and Alining company was going to put the Guggeuheims out of business, but I cannot sec that they have made much headway. Wo will wait and see. Tho Guggenheim brothers havo boon years iu the business, and no one can ignore their successes of the past. The future is unknown, but 1 do not think they will sit idly by :md let llic Amalgamated Amalga-mated or any other interest put thorn out of business or mako an attempt to do so without hitting back. ''Possibly the various plauts of the American Smelting aud Tleliuiug company com-pany and the America u 8m e tors Securities Se-curities company could bo duplicated for much loss thau thf' are now capitalized capi-talized for. but so could every railroad rail-road in , the country bo built for less thau the "amount of capital representing such railroads. I have the highest respect re-spect for Messrs. Cole aud liyau and tboir oxpGrtK. Messrs. Matthcwson and Kicketts, and I have no doubt of their ability to raise- any amount of money for the flotation of a uew smelting combination. com-bination. Tt is a matter of record. how over, that Mr. Matthcwson strongly advised ad-vised against tho building of an indo-pondent indo-pondent smelting plant for the treatment treat-ment of Utah Consolidated ores. 'The Garfield smoltcr is making just 75 cents per ton profit on the smelting of these ores, and there will be no money in contracting to smelt them for any smaller profit than this," |