Asarco

Click Picture for History of ASARCO

Figure 3 Consolidated Kansas City Smelting and Refining Certificate

1899 – Smelter becomes part of American Smelting and Refining Companyo fficially organized in New Jersey on April 4, 1899, the stated purposes of ASARCO were “to acquire, deal in, sell, and otherwise dispose of ores, minerals, metals; and to manufacture, acquire, deal in, sell, or otherwise dispose of the products of ores, minerals, and metals.” The corporation was founded by by Henry H. Rogers, William Rockefeller, Adolph Lewisohn and Leonard Lewisohn and organized to own and manage the properties of eleven companies, including, amongst others, Omaha Grant, National United Colorado, and Kansas City Consolidated, owner of the El Paso smelter. Globe by-products plant (Denver, Colorado),and East Helena lead smelter (Montana).From 1901-1958, American Smelting and Refining was a member of the Dow Jones Industrial Average.

Figure 4 At the smelter [ASARCO], El Paso, 1899 (Aultman Collection, B198 El Paso Public Library

1900 ASARCO was hit with two months of worker strikes and Daniel Guggenheim increased production at his family’s operations, flooding the market with cheap lead and silver and driving prices downward. He also lured mine owners throughout the West into selling their ore to the more stable Guggenheims. As ASARCO stock fell in price, Daniel Guggenheim bought it up. ASARCO officials, now worried, tried again to buy out the Guggenheims. A deal was negotiated: Guggenheim properties and working capital in exchange for $45.2 million in ASARCO stock, a controlling interest, and board positions for the Guggenheim

Comments are closed.