Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1899-05-31
SANTA RITA MINES SOLD.
Biggss, Mining Deal Ever Made In the
Territory Of New Mexico.
PURCHASE PRICE, sI.1oo,ooo.

From the silver City Independent.
The biggest mining deal ever consum-
mated In Grant county. or. in fact. the
territory OF New Mexico, became public
last Saturday evening at $40 o'clock,
when the different c%Onyeyances were
died In the Office Of the probate clerk and
ex ofGcio recorder Of Grant county.
The deals involve practically the whole
OF the Santa Rita mining camp, about
sixteen miles northeast OF Silver City,
the control OF the immense copper mines
there located passing into the hands OF a
powerful syndicate OF eastern capitalists,
understood TO be the Amalgamated Cop
per oompsny, or more generally known
"a the Copper combine or trust.
For weeks there have been numerous
rumors OF such q sale, but nothing deh-
mite could be learned until the papers
were placed on record last Saturday
night, under teiegrsphie instructions.
The matter has In reality been pending
since June 80, 1898, on which date the
| lOEbl hthilbktiN VI Nit t1htht VI tuF INIT
Senator George Hearst, Of California, 80
cured All option from J. Parker whitney,
the Boston capitalist. aud the companies
controlled and operated by him and
known,as the Santa Rita Copper and
Iron company and the Bonanza Develop
ment company, for forty.six patented
claims and thirty-three unpstented
claims, comprising what is more com
monty known as the Santa Rita Mining
camp, Grant county, New Mexico. the
consideration being the sum OF $1,000.
900, and the term OF the option beng iOr
three years.
Eastern capitalists, looking for profit
able Investment, soon learned Of the op-
portunity and opened negotiations for
the purchase OF the option, with the re.
suit that Mr.. whitney and his companies
have received the figures named for their
properties and the Heart estate the hand
some sun OF 100000 for It's option.
The c%onyeyances were made to Richard
ID. willard. OF Boston, M trustee. II Is
understood that the purchasing syndi.
dictate includes spch men ~ Clark. the
Montana millionaire; Rockefeller, the
Standard Oh msgnste, and even the
R%otbschilds. The local representative OF
the syndicate Is ", II. Burrage, an ex-
pert mining man and a most siiable gen.
lleman, who arrived last week from the
east.
Mr.. Burrage returned TO Santa Rita
Immediately after the filing Of the pa.
pers, and there Ia every reason to believe
that the lessers will at once be given the
sixty days notice provided by the agree.
ments. Formal transfer OF the proper
ties will be made during the present
week.
The future plans OF the new are
necessarily "a matter Of conjecture, but
one fact can be stated positively, and that
Is that the benefit resulting to Grant
county will be enormous. Until the
present leasers are disposed Of 1t Is not
believed that any great amount Of work
will be done, but that the first that will
% undertaken will be- upon several de.
yelopment shafts, 80 that the possibilities
OF the property may be thoroughly under
stood. 1t will then be only the question
OF a short time until work is begun upon
the construction OF immense smelling,
leeching and concentrating plants. and
the development OF the mines upon an
extensive scale, resulting In the employ
ment OF probably 1900 men and the ex.
penditure OF close to a million OF dollars.
This will In all likelihood be insugurated
within n year from date of purchase.
The revenue stamps attached to the In.
struments Of conveyance amounted TO
tbs sun OF *l,4l0.