Guggenheim's Sons.
While his son was in Switzerland, Meyer invested in two Leadville, Colorado, lead and silver mines. The mines proved to be extremely productive. Meyer founded the Philadelphia Smelting and Refining Company and built a smelter in Pueblo, Colorado, so that he could control both the mining and refining of his ore. Soon Meyer was earning $750,000 a year. Meyer closed the lace business and, in 1884, asked Daniel to return to the United States and help the family manage the mining company. The same year, Daniel married Florence Schloss. The couple had three children, Robert, Harry and Gladys.
Family Dominated Mining
In 1888, Meyer Guggenheim, his six sons and their families moved to New York City, where they managed their business and sought to dominate the mining industry in North America. Daniel was considered the most ambitious of the sons and became the business's primary negotiator and organizer.
In 1890, a tariff was placed on imported ore and the price of the Mexican lead and silver the Guggenheims refined in Colorado rose dramatically.
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