They responded by buying Mexican mines and building their own smelter in that country. Daniel successfully negotiated the new venture. His father and brothers were so impressed with his business acumen that they assigned him to oversee the company's mining and smelting business and to plan future expansion.
At 34, Daniel was driven to achieve wealth and stature. His father had arrived in America penniless and wanted to make every one of his sons a multi-millionaire. Biographer John H. Davis described Daniel as "short, quick, intense, of medium build" and "a born general, in whom command was instinctive." During his years in Switzerland he had acquired a European air. He felt comfortable with aristocratic society, which helped him negotiate business contracts. His years in Germany had also taught him to be dogmatic, industrious and disciplined. He was a tireless worker, and extremely autocratic.
By 1895, the Mexican operation was producing a profit of $1 million a year. The Guggenheims formed the Guggenheim Exploration Company and named Daniel president. The independent corporation searched for mines throughout the world, purchased and developed them, then invited public participation in them. Soon another American mining concern, American Smelting and Refining Company (ASARCO), backed by the Rockefeller family, began to challenge them.
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