Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-12-12
GRANT CO. IRON
MINES ARE SOLD
FOR S2,000,000

ESPECIAL GO0tEbFCNpENGH 70 NCNNlHG JOURNAL
Silver city, y. NJ, Dee lit is an
nomced that The Hanover-B essenleH
Iron and Copper company at Hanover
has been acquired by the United States
Smelling. Refining and Mining com
iany, which is said to have paid
$4,000, 600 for the properties.
The owners were John BroCkman
Of Los Angeles Spencer Penrose Of
Colorado Springs and p. NJ. BarrinEer
Of Philadelphia, a trio who made mil
lions out of the Pearce mine in Art-
IONA. Since the closing OF the Pueblo
steel plant these iron mines at Han
over have been idle, as the product
was not needed For many years the
mines were operated by the puebla
company under lease, hut several years
ago the lease was cancelled by the
owners who then enlarged equipment
and sold the ore TO the Pueblo plant,
The mines were a source of much trat-
fic for the Santa F'e railway company.
over 200 men We're employed, ore be-
ing shipped both direct from the mines
and after concentration, II is said to
be the plan of the new operators to
build up a working force of nearly
600 men, carrying out development
work now planned.
Bodies Of copper have been encoun-
tered, some Of it High grade, for ship
ment to smelter ana some being in
combination with the iron and low
enough grade to demand concentra-
ton in order to he profitable.
Despite the fact that the Chino
Copper company has not sold a pound
of the copper produced in 1919, ow-
ing to its cost exceeding the market
price, about half the usual force has
been retained, largely for development
work for future production. But the
continued depression and the shortage
of coal has Just caused several steam
shovel crews to be laid off and fur
Their reduction of workers may be nee
Cssary. The company is at heavy eX-
pense in maintaining its organization.
The amount invested in the plant and
buildings for employees is large and
at present bringing no interest return
on the investment The profit taxes re-
uuired by the state would have been
entirely missing but for the arrange
ment the company made with the leg
islature for assessment Of such taxes
this wear and next on the basis Of the
average annual profit on the product
during the three war years Of great
outut at the 25-cent price, when cost
OF material used in mining was much
less and freight rates lower There
have been increased assessments of
mine properties by the county, for
other than state taxes.
The Hanover Iron Mining company
has also been loser on this tax ar
rangcment, as production was de-
creased after the war and the Colorado
strike closed the mines for lack of
market.
The Big Burro mountain operations
of Phelps, Dodge K co, also ceased as
far as production was concerned, some
months ago, the locality being a large
loser by reduction Of pay roll forces
and general outlay from the war years.
The Empire Zinc company mill at
the cleveland camp, north of Silver
City, viii move the two big Diesel oil
burning engines and other equipment
TO Hanover, where the company will
enlarge its power plant The industry
was also hard hit by the drop after
war. But it has acquired a big copper
body at Hanover, overIaid or accom-
panied by zinc and operation viii pay.