Guggenheim, Meyer (1828-1905)

Swiss-born US financier; He began as a manufacturer of stove polish, then turned to importing and selling Swiss needlework with his own firm, M Guggenheim's Sons (1881). By 1888 he had shifted his interest to the mining and smelting of metals. With the aid of his sons, he captured a large share of the world business. He formed the Philadelphia Smelting and Refining Company and won an economic war against the giant American Smelting & Refining Company; his company merged with that giant trust on his own terms in 1901. His sons carried on his tradition of business success and generous philanthropy. Guggenhiem was born in Langnau, Switzerland. He met his wife while emigrating to the USA in 1848, and together they had seven sons, including Daniel, Simon, and Solomon.