| Show GREAT FUTURE SEEN FOR SILVER 4 1 Gold Suspension Means I 1 Gain for White Metal Smelter Chief Thinks WORLD CONFERENCE SHOULD BE CALLED GALLED TO I WORK OUT PLAN GUGGENHEIM STATES I LESS HOPEFUL FOR FOP COPPER COPPERI I my By A Associated Press Pres NEW NE YORK Sept 30 Simon 30 Simon Guggenheim president of the American J Smelting and amI Refining company on his return from Europe said that of or all the metals silver appeared I destined at the moment for the thc greatest future I As a direct result of the thc economic disturbances all over the thc world and the suspension of the gold standard in most European countries he said I HI 1 believe that silver will come into its own It is necessary and most countries including Great Britain arc are beginning to realize its importance in inI I value a rT 0 t Talks k Hopefully f 1 1 1 aj y- y S. S GUGGENHEIM I No uNo C Cause sc for Alarm I A conference should be called of I leading exponents of silver sU and nd a plan should be developed whereby the metal could regain some of Its former former former for for- mer prestige and play playa a more amore important important tant taut part In the purchasing power of the world All countries have something something some some- thing to gain aln b by such action Mr Guggenheim emphasized that there is no cause for alarm over pr present present pres pres- ent conditions JUST CO COMMON DION SENSE I As I see sec It he said all one needs l Is sound common sen sense e and a will to work Now Is ls the time to build for I the the thc future for tor a 11 better opportunity J never existed Mr Guggenheim said he believed the present would be an opportune time Ume for a concerted effort on the theof part of world copper producers to help remedy the present situation Concerning dividends he expressed the opinion that in consideration of I the thc smaller stockholders dividends should be maln maintained so 0 long as It is po possible for companies to do so without without without with with- out the necessity of borrowing money to continue to na nay then them For what better betler purpose he said mid could surpluses built bum up In good goodyears goodyears goodyears years be used than In the maintenance nance of dividends thereby creating good will and confidence of stockholders stockholders stock stack holders t 4 I r advocated this policy policy polley pol pol- icy ley and believe belleve that American Smelting Smelting Smelt Smelt- ing will continue to maintain it now Our earnings of ot course have been affected by the depressed state of conditions in the nonferrous Industry industry indus indus- tf try but taking into account the depth of the depression the compan company com corn pany pan has not done clone so bad and hasI has continued to get Its share of ot the busi busi- I ness I NOT IN SIGHT YET YEr An Army Any improvement In the copper Industry will now depend on a general gen gen- eral cral Improvement of world conditions and as yet this is not In sight The Thc American Smelting el Refining Refining nning nn- nn ing company Is the worlds world's largest smelter and refiner renner of ot nonferrous metals and one of the most important lant tant producers of ot silver sUver as well as copper lead zinc and gold with withholdings withholdings holdings In many countries throughout through through- out the world Simon Ou Guggenheim has b been n pr president pres- pres ident of ot the thc com company pan since 1919 when he succeeded his brother Dan- Dan Continued on Pace race Six GREAT CREU FUTURE E FOR SilVER IS FORESEEN Continued from Page rue One leI id upon his retirement from active business Simon alone of the seven sC sons of ot Meyer Guggenheim who founded the family fortune regarded as one of the largest in this country ventured into politics Colorado nominated him for tor lieutenant lieu lieu- t tenant nant governor go and two years later for governor before he had reached an age where he could qualify under the constitution and both times he withdrew In 1906 however he was elected to the United States senate b by the state legislature and served one term Declining reelection he re returned returned re- re turned t to take his place in directing the business affairs of his Only four forn of r the seven sOns sons are alive Meyer le cr Guggenheim the father who came to Philadelphia from Switzerland in 1848 died In 1905 He lIe started the family on the road t to wealth far be beyond ond his dreams when he became a partner in two gold mines at Leadville Lead Colo Cob In 1901 he and his sons ons surrendered their personal personal per per- properties which had grown immensely to the American SmeltIng SmeltIng Smelt- Smelt Smelting Ing Refining company for In stock That gave them control of oC the company which the thc sons di direct direct dl- dl today |
