Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-10-10
+ Transaction Involves Over Two
Million Dollars and Property
Destined to Become World
Famous Copper Producer.
ROSY OUTLOOK FOR
GRANT COUNTY DISTRICT
Extension of EI PaSo South
western Railroad From DEM
ing to Mines Among I'M
provements Projected.

Jndgc Norman w. Haire of HouSh-
ton, Michigan and J. +. Saint OF Al
buauerquc. who returned to Albuquef-
que yesterday morning from SILVER
CITY having completed the incorpora-
ton Of the big Mangus Copper COM
pany. brought with them the news
OF the biggest mining deal IN the
history of New Mexico, closed FRI
day.
BY this transaction Phelps, Dodge
G. COMPANY of New YORK. owners OF
the greatest copper producing mines
in southern Arizona and owners OF
the Eel Paso and Southwestern rail-
road, become the owners of the Bur
ro Mountain Mining company's prop
critics in the Burro Mountains twelve
miles southwest of Silver City, the
largest copper property in New Mex
leo, and destined mining experts say,
to be one Of the worlds great pro-
ducers.
Phelps, Dodge g. company have
held q minority interest in the Bur
ro Mountain company for some time.
the property having been held as
close corporation in which Alfred and
Nathan Leopold of Chicago held the
control. or about 65 per cent. The
Leopolds have sold their entire in
tcrest in the mine, together with their
stock to the Phelps, Dodge company.
Messrs Haire and Saint We're not
in a position to say what price was
paid for the stock, but advices re-
Ceived by the Morning Journal last
night from Silver City and from the
east indicate that upon the basis at
which this 60 per cent of the stock
was purchased. the mine is worth
$4,000
The Burro Mountain property has
for long time been recognized as
one OF the great copper properties OF
the country and the price for which
Phelps. Dodge and company secure
control of the property is the largest
price ever paid for a mining property
in the territory The size Of the price.
however, is not the most important
feature of this deal, as it relates to
the mining industry Of New Mexico
While no statement has been given
out to indicate that the action is con-
templated. it is generally believed in
Silver City that Phelps Dodge and
company will soon build an extern
sion of the FL Paso and Southwestern
railroad into the Burro Mountain
mining district The southwestern
already has a branch line reaching
to Deming. The extension would not
be very large one and it is con-
hdently expected that it will be made.
This VIII result not only in greatly
hdslening the development Of the Bur
10 mountain company's property. but
of the Chemung, another great prop
erty adjoining it and of the recently
Incorporated Magnus property which
lies right in the heart of the district, !
adjoining both the Burro Mountain
and the Chemung holdings.
In Grant County.
This is the day OF big transactions
and big development i'm southwestern !
New Mexico mining districts and the
purchase of the Burro Mountain by
Phelps Dodge and company comes as
the last and biggest of quite a lengthy !
series of big transactions which point |
inevitably to the immediate develop |
ment of a great copper producing |
district which will rival very shortly |
the greatest producing districts of |
Arizona
The activity in mining properties !
in Grant county has extended over /
the entire southwestern district. the 1
Mogollon mountain district having re-
ceived its full share of the wave of
1t is predicted that this
is just the beginning.
Il believe" said Judge Haire yes
terday. that Grant county, New Mex
leo. will very soon be ranked as one
of the greatest copper producing dis
tricts i'm this country. II is difficult
tO see how it can help it. Vast
bodies of ore have been blocked out
and far reaching development OPT