Industrial Penetration

The descendants of Georg von Giesche have operated in Upper Silesia, gathering into their Bergwerke Georg von Giesche Gesellschaft Erben (Estate) zinc mines (the largest in Europe), bituminous coal fields (present production 3,500,000 tons yearly), lead mines, concentrating plants, smelting works, melting furnaces, rolling mills, agricultural lands, 20,000 employes. The ancestor in 1704 willed that no other than his lineal descendants might own stock in his Estate. But War and aftermath have impoverished these descendants. They had to appeal to the Anaconda Copper Co. and to William Averell Harriman (who has spent much time in Europe since the War snapping up industrial bargains) to refinance them.

Last week President Cornelius E. Kelly of Anaconda returned to Manhattan, told that, for $10,000,000 down and the assurance of spending $10,000,000 more on improvements, Anaconda and Harriman are getting control, 51% of stock, in the Estate's Polish assets. Anaconda men, who speak German, will be sent to operate the various works by U. S. methods. The Estate itself will operate what little remains of its German possessions across the Polish-German border.