The Financial Records of the Compañía Metalúrgica Mexicana and Related Enterprises were purchased by the Benson Latin American Collection in 1990 from Charles Apfelbaum Rare Books and Collections. The records were described by the Benson's Mexican Archives Project in March 1995.

The physical extent of the records is eight linear feet, consisting of 70 bound volumes and two boxes of foldered material. Its materials are in English; their bulk dates are 1890-1940.

The suggested citation is "Financial Records of the Compañía Metalúrgica Mexicana and Related Enterprises, 1890-1968, Benson Latin American Collection, General Libraries, University of Texas at Austin."

Biographical Sketch

Chronology

Biographical Notes on Robert S. Towne and the Compañía Metalúrgica Mexicana

Scope and Contents Note

Corporate Names Appearing in the Records

Arrangement Note

Series List

Container List

Sources for Further Research

The Compañía Metalúrgica Mexicana (CMM) was chartered in New Jersey in 1890 by Robert Safford Towne. Towne was born in 1858 in Ohio and died in 1916; in 1880 he received a degree in mining engineering.

Towne was president of the Mexican Northern Railroad, which he helped bring to completion in 1890; he also built a smelter at San Luis Potosí in 1892. To supply it, and to service mines he had leased in the San Pedro district of San Luis Potosí, Towne controlled the Potosí and Rio Verde Railway and the Mexican Mineral Railway. His Alvarez Land and Timber Company supplied needed lumber. Towne also held the Montezuma Lead Company and Sombrerete Mining Company in Zacatecas.

Towne's death in 1916, compounded by the Mexican Revolution and an erratic metal market, left CMM and its subsidiaries in financial straits. In 1923 most of the CMM properties were sold and Towne Mines, Inc. was organized to succeed CMM. Towne Mines, Inc. was a holding company whose activities were directed by the American Smelting and Refining Company, although Towne's heirs retained title to the properties of Towne Mines, Inc. The name CMM continued to be used in Mexico as agent and trustee for Towne Mines, Inc. In 1936 Towne Mines, Inc. was merged with CMM. CMM continued to operate at least until the 1960s, although its subsidiaries were dissolved beginning as early as 1940.

1858	Robert Safford Towne born in Ohio
1880	Towne received degree in mining engineering
1890	Compañía Metalúrgica Mexicana chartered in New Jersey by Towne
1890	Mexican Northern Railroad completed
1892	Towne built smelter at San Luis Potosí
1894-1895	Monterrey Mineral & Terminal Railway built; owned by the Mexican Lead Co.
1899	Mexican Metallurgical Co. bought the Monterrey Mineral & Terminal Railway and changed its name to Mexican Mineral Railway
1899-1900	F. C. Potosí y Rio Verde built by CMM, a U.S. corporation controlled by the American Smelting & Refining Co.
August, 1916	Towne died
1923	most of the CMM properties sold
August 16, 1923	Towne Mines, Inc. was incorporated in Delaware (organized to succeed CMM)
November 1924	Towne Mines acquired the Potosí and Rio Verde Construction Company
January 15, 1926	Mexican Alien Land Law; caused the transfer of some properties and mining concessions to Compañía Minera La Lotería, a Mexican corporation and wholly-owned subsidiary of CMM
December 31, 1936	Towne Mines, Inc. was merged with CMM
January 23, 1940	Mexican Mineral Railway Company dissolved by court order
June 30, 1940	original charter of CMM expired
May 20, 1947	Towne Mines Security Corp. certification of incorporation filed
June 1953	Alvarez Land and Timber Company dissolved
March 1960	Mexican Smelting and Refining Co. dissolved
December 1960	Mexican Lead Company dissolved
1968	Potosí and Rio Verde dissolved (see last entry in Journal No. 1)

Source:	Bernstein, Marvin D., The Mexican Mining Industry, 1890-1950. State University of New York, 1964.
p. 22	"Robert S. Towne ... started working for the Kansas City Smelting and Refining Company. He organized the Mexican Ore Company which bought Sierra Mojada ore, shipping it out by mule train to the Kansas City company's smelter at Argentine, Kansas. He also obtained control of two of the largest mines for the Kansas City company. In June, 1887, Towne supervised for his employer the construction of a smelter at El Paso, Texas, to work Sierra Mojada ores. ... Because of El Paso's location at the crossroads (where American ore moved east and Mexican ore north) and the prevalence of cheap labor, which offset fuel and transportation costs, the financial success of the plant was assured."
p. 22	"Believing themselves threatened by Sierra Mojada ore, American lead-mine operators, over the opposition of smelter owners, prevailed upon Congress to insert a duty of lead imports in the McKinley Tariff of 1890. Towne completed the Mexican Northern Railway the same year."
p. 39	"Robert S. Towne chartered the Compañía Metalúrgica Mexicana in New Jersey in 1890. He obtained a concession to open five smelters in Mexico but actually built only one plant at San Luis Potosí in 1892. It became an immediate success working ores from Sierra Mojada, Aguascalientes, and San Luis Potosí. The plant processed Towne-owned ores and did custom work for independents."
p. 61	"Robert Safford Towne was an empire-builder almost unknown outside mining circles. Born in Ohio in 1858, he received a degree in mining engineering in 1880. Gaining experience in Colorado mining camps, Towne joined the Kansas city Smelting and Refining Company. He established its ore-buying agencies in Sierra Mojada and organized the Mexican Ore Company to buy mines there and in Parral. Towne then helped build the El Paso smelter and the Mexican Northern Railroad, serving as president of the railroad. The El Paso smelter and the Mexican Ore Company (but not the railroad) were merged with several other units to form the Consolidated Kansas City Smelting and Refining Company. When it joined ASARCO [American Smelting and Refining Company] in 1899, Towne disposed of his holdings to devote himself exclusively to Mexican affairs."
p. 61	"The heart of Towne's enterprise was the Compañía Metalúrgica Mexicana, a corporation chartered in New Jersey in 1890. He built a smelter in 1891-92 at San Luis Potosí to take advantage of the railroad tapping the mines of Sierra Mojada, the northwest Pacific coast area, and the many mining camps in San Luis Potosí, Aguascalientes, Hidalgo, Guanajuato, and Oaxaca. Although the bulk of the ore came from the Towne-controlled San Pedro mines, the excellent rail connections overcame the distance from other sources of ore, and the smelter prospered."
p. 62	"Towne's interests were very extensive. To supply the smelter and service his neighboring mines, he controlled the Potosí & Rio Verde Railway and Mexican Mineral Railway, as well as the Mexico Northern. His Alvarez land and Timber Company supplied the needed lumber. To assure a basic ore supply for the smelter he leased mines in the San Pedro district of San Luis Potosí. Towne also held the Veta Rica at Sierra Mojada, which sent about 2,500 tons a month to San Luis; the Montezuma Lead Company, controlling lead mines in Santa Barbara, Chihuahua; and the rich Sombrerete mines in Zacatecas. With the Mexican Lead Company, the Sombrerete Mining Company had additional holdings in La Noria and Chalchuites, both in Zacatecas. Later Towne acquired the tremendous Proaño Hill in Fresnillo, Zacatecas. He organized the Fresnillo Company and opened a 700-ton cyanide plant to treat the silver ores and the old dumps. To help supply the copper furnaces at San Luis, Towne held the Cerro Prieto and the adjoining mines at Concepción del Oro, Zacatecas, and the San Pedro and San Pablo mines in Nuevo León. He acquired minor interests in properties Guachinango, Jalisco, the Urique district of Chihuahua, and a lease on properties in Flojonales, Hidalgo. Towne also headed the Tezuitlan Copper Company in Puebla, ... When Towne died in August, 1916, he left an estate appraised at $2,500,000. The value of the property under his control, but not owned personally, was greater."
p. 145	"ASARCO's greatest coup was the absorption of a large part of the Robert Towne properties. Towne's death in 1916, the ravages of the Revolution, and the erratic metal market left his Compañía Metalúrgica Mexicana and its subsidiaries in bad financial straits. ... Finally in June, 1923, ASARCO announced that Metalúrgica had been taken over by a holding company, Towne Mines, Inc., whose activities would be directed by ASARCO, although Towne's heirs still held title to the properties. Under a complicated arrangement, ASARCO agreed to provide working capital; ... In turn, ASARCO was given a 60 per cent interest in a number of Towne mines, to integrate with ASARCO's own operations ... ASARCO appointed all officials of the new company with the exception of Towne's old crony and general manager, Donald C. Brown, who was retained as Vice-President to represent the Towne interests."
Source:	Best, Gerald M., Mexican Narrow Gauge. Berkeley, Calif.: Howell-North Books, 1968.
p. 73	Monterrery Mineral & Terminal Railway. "Built in 1894 and 1895 between Monterrey and San Pedro, in the State of Nuevo Leon, this connected the mines at San Pedro with the smelters in Monterrery. It was owned by the Mexican Lead Co. and in 1899 was bought by the Mexican Metallurigcal Co., at which time the name was changed to Mexican Mineral Railway."
p. 74	F. C. Potosí y Rio Verdi. "... primarily a mining railroad, but was a common carrier and furnished passenger service of sorts during its existence. It was built in 1899 and 1900 by the Cía. Metalúrgica Mexicana, a U.S. corporation controlled by the American Smelting & Refining Co."

Financial records reflecting the activities of the Compañía Metalúrgica Mexicana and its subsidiary or associated enterprises in mining and related industries in Mexico from 1890 to 1968 (bulk dates 1890-1940). The records are comprised primarily of bound ledgers, journals, balance sheets, stock and bond registers, and cash books, but include unbound materials such as receipts, lists of stockholders, and a few pieces of correspondence. Enterprises other than CMM which are substantially represented in the records are Towne Mines Incorporated (1923-1958), Potosí and Rio Verde Railway Company (1898-1968), Mexican Mineral Railway Company (1899-1940), Mexican Lead Company (1899-1959), Montezuma Lead Company (1899-1958),Alvarez Land and Timber Company (1898-1953), and Gold Operators, Incorporated, (1933-1936). Within the records of those organizations, entries appear for other enterprises not named here (please refer to list of corporate names, which follows). One of the bound volumes bears no information identifying the organization to which it pertains; the same is true of some of the unbound leaves present in the records.

Alvarez Land and Timber Co.
American Smelting and Refining Co. (ASARCO)
Begonia Mine
Blue Ledge Mine
Cerro Prieto and adjoining mines at Concepción del Oro, Zacatecas
Chalchihuites Properties
Cocinera Mine
Compañía Metalúrgica Mexicana
Compañía Minera Crisólita
Compañía Minera de Peñoles
Compañía Minera de San Pablo
Compañía Minera La Lotería
Concepción del Oro Mine
Consolidated Kansas City Smelting and Refining Co.
Copper Matte, Aguas Calientes
El Paso Smelting Works, Torreón Smelter
Ferrocarril Mexicano del Norte (Mexican Northern Railway Co.)
Fresnillo Mining Co.
Flojonales Mines, Hidalgo
Gold Operators, Inc.
Guadalcázar Mine
La Cruz Roja Mine
Metallurgical Engineering and Process Corp.
Mexican Lead Co.
Mexican Mineral Railway (Monterrey Mineral & Terminal Railway)
Mexican Smelting and Refining Co.
Mexican Smelting Corp. Ltd.
Mexican Western Construction Co.
Montezuma Lead Co.
Morelos en Baján Mines
Ocotes Mine
Piedras Verdes Mines
Potosí & Rio Verde Construction Co.
Potosí & Rio Verde Railway Co.
Robert S. Towne and Associates
San Carlos Mine
San Pablo Mine, Nuevo León
San Pedro Mine, Nuevo León
San Pedro Tramway
Sombrerete Mining Co.
Teziutlan Copper Mining and Smelting Co.
Towne Mines, Inc.
Veta Rica Mine, Sierra Mojada

The records were organized into series by the staff of the Mexican Archives Project, which completed the processing of the collection in March 1995. The series represent organizational units of the Compañía Metalúrgica Mexicana.

Within series, arrangement is based upon the format of the financial records (ledgers for a particular organization have been brought together, followed by that organization's journals, etc.). Loose documents which were found within the covers of bound volumes were removed to folders and housed separately for reasons of preservation. Cross-references to original and current locations are made in both the following Series List (which lists all component parts of each series, regardless of location) and Container List (which lists all items now housed in document cases, including those removed from the bound volumes).

1.	Compañía Metalúrgica Mexicana, 1890-1964
	General Ledger, 1893-June 1909. Loose documents found inside front cover were removed to Box 6, folder 1. The documents (two leaves) are dated 1922 and relate to the purchase of bonds by Amherst College.	Bound volume.
	New York Ledger, July 1899-December 1901. Loose document found inside front cover was removed to Box 6, folder 2.	Bound volume.
	New York Ledger, January 1902-June 1908.	Bound volume.
	New York Ledger, July 1908-June 1917.	Bound volume.
	Ledger No. 1 (from reorganization 1/1/37-12/31/45).	Bound volume.
	Ledger No. 2, January 1, 1946-December 31, 1960.	Bound volume.
	Ledger No. 3, 1961-1962.	Disbound and moved to oversized box.
	Journal, January 1891-June 1893.	Bound volume (in Box 1; moved to end of shelf).
	General Journal, June 1893-January 1900.	Bound volume.
	General Journal, March 1900-December 1906.	Bound volume.
	General Journal, June 1907-March 8, 1921.	Bound volume.
	New York Journal, July 1893-July 1896.	Bound volume.
	New York Journal, August 1896-December 1898.	Bound volume.
	New York Journal, September 1900-December 1901.	Bound volume.
	New York Journal, January 1902-November 1903.	Bound volume.
	New York Journal, December 1903-December 1906.	Bound volume.
	New York Journal, December 1906-August 1911.	Bound volume.
	New York Journal, September 1911-September 1919.	Bound volume.
	New York Journal, October 1919-March 1921.	Oversized.
	Journal No. 1 (from reorganization 1/1/37-12/31/45).	Bound volume.
	Journal No. 2, January 1946-December 1954.	Bound volume.
	Cash Book, September 1890-July 1893.	Bound volume (in Box 1).
	Voucher Register, July 1900-November 1902.	Bound volume.
	Voucher Register, December 1902-March 1906.	Bound volume.
	Bond Transfer Register, October 1, 1901-March 1922. Two adding machine tapes found loose at page 20 were removed to Box 6, folder 3.	Bound volume.
	Register of Stock, 1897-1901. Loose documents found inside front cover were removed to oversized box. The documents (five leaves) date from December 10, 1918 to December 19, 1923 and are registers of preferred, guaranteed, and common stock of the CMM.	Bound volume.
	Register of Preferred Stock, 1890-1918. "List of Preferred Stock Outstanding, March 22, 1892," (four leaves) found loose inside front cover. Removed to Box 6, folder 4.	Bound volume.
	Registers of Guaranteed and Common Stock, 1892-1918. Found with "List of Common Stock Outstanding, March 22, 1892.	Oversized.
	List of Common Stock Outstanding, March 22, 1892. Found with Register of Guaranteed Stock, 1892-1918, which is now in oversized.	In Box 6, folder 5.
	Stock Ledger, 1890-January 10, 1936. Loose documents (dated 1928-1937), found inside front cover, were removed to Box 6, folders 6-17; record of warrants and record of stock transfers were moved to oversized box.	Bound volume.
	Loose documents found inside the front cover include lists of CMM stockholders as of May 9, 1928, May 9, 1935, and June 4, 1937; a record of warrants issued to CMM stockholders as of February 16, 1937; a March 31, 1932 memorandum from D.A. Crockett to a Mr. Corson regarding Towne Mines Inc. and subsidiaries; and a September 29, 1936 record of CMM stock transfers. Other documents were found attached to pages 14, 36, 55, 60, 79, 93, 101, 113, 122, 125, and 132; they are filed separately with references maintained to the pages from which they were removed. The documents include orders of dividend payment, memoranda, minutes of the CMM board of directors meeting held September 23, 1936, correspondence, and a letter of attorney.
	Stock Transfer Record, 1924-1925 and 1933. 16 leaves.	Oversized; one leaf in Box 6, folder 18.
	Stock Transfer Record, 1936-1937. 11 leaves.	Oversized.
	Trial Balance, January 1958-December 1961. Includes entries for Compañía Metalúrgica Mexicana, Mexican Lead Company, Mexican Smelting and Refining Company, Montezuma Lead Company, and Potosí and Rio Verde Railway Company.	Bound volume.
	Trial Balance, January 31, 1962-December 31, 1964. Includes entries for Montezuma Lead Company and Potosí and Rio Verde Railway Company.	Bound volume.
	Accounting records concerning the Blue Ledge Mine, March 1913-August 15, 1923.	In Box 6, folder 19.
	Ledger pages with entries for the Compañía Metalúrgica Mexicana, Towne Mines Inc., and Mexican Lead Co., November 1918-December 1940.	In Box 6, folder 20.
	Memorandum for Journal Entry. Maintained as found, filed in reverse order.	In Box 6, folders 21-25.
	Compañía Metalúrgica Mexicana, January 1937-December 1941. Also "Balance Sheet as of March 31, 1943.
	Towne Mines Incorporated, February 1924-January 1937.
	Compañía Metalúrgica Mexicana, September-October 1935; June 1924-December 1931.
	[CMM/Towne Mines? Detail of capital assets, San Pedro office], 1924-1937.	In Box 6, folder 26.
2.	Towne Mines Incorporated, August 1923-December 1958
	Ledger No. 1, December 1923-January 31, 1937.	Bound volume (in Box 2).
	Journal No. 1, August 16, 1923-February 1930.	Bound volume (in Box 2).
	Journal No. 2, March 1930-January 1937.	Bound volume (in Box 2).
	Consolidated Balance Sheet dated December 31, 1924; covers August 1923-December 1924.	Bound volume.
	Consolidated Balance Sheet dated December 1926; covers January 1925-December 1926.	Bound volume.
	Consolidated Balance Sheet dated December 1928; covers January 1927-December 1928.	Bound volume.
	[Consolidated Balance Sheet], January 1929-December 1930.	Disbound; in Box 3, at end of records.
	Consolidated Balance Sheet and Profit and Loss Statement dated December 1932; covers January 1931-December 1932.	Bound volume.
	Journal, Towne Mines Securities Corp., January 1948-December 1958.	Bound volume.
3.	Potosí and Rio Verde Railway Company, November 1898-December 31, 1968
	General [Ledger], December 31, 1906-June 30, 1921. The volume's spine is gilt-stamped, "General Ledger." The volume also bears a taped-on label which reads, "General Journal-A, December 1906-January 30, 1924." Apparently the taped-on labels for this volume and for General Journal-A were switched.	Bound volume.
	General Journal-A, December 31, 1906-January 31, 1924. The volume's spine is gilt-stamped, "General Journal A." The volume also bears a taped-on spine label which originally read, "General Ledger, December 1906-June 30, 1921" but was hand-corrected to read, "General Journal." Apparently the taped-on labels for this volume and for the General Ledger were switched.	Bound volume.
	Journal No. 1, December 1930-December 31, 1968.	Bound volume.
	Transfer Register and Stock Ledger, November 3, 1898-February 19, 1957. Inside front cover bears the penciled notation, "Examined Aug. 10/15 E. J. Lewis Ex."	Bound volume; moved to Box 5, folder 1.
	Bond Register No. 1, November 27, 1899-April 28, 1922. Loose document at page 54 removed to Box 6, folder 27.	Bound volume.
	Ledger pages, 1930-1968.	In Box 6, folder 28 .
4.	Mexican Mineral Railway Company, July 1899-July 31, 1940
	General Ledger, December 31, 1899-July 31, 1940.	Bound volume (in Box 4).
	General Journal, December 1899-August 15, 1923. Spine label says June 29, 1923.	Bound volume (in Box 4).
	Journal, July 1899-December 1917.	Bound volume (in Box 4).
	Voucher Register, September 1899-August 1923.	Bound volume (in Box 4).
	Cash Book, July 1899-March 1907.	Bound volume (in Box 4).
	Bond Register No. 1, 1904-1928.	Bound volume.
	Register of Stock Certificates, October 14, 1899-November 14, 1899. One leaf only.	Oversized
5.	Mexican Lead Company, July 1899-December 1959 and undated
	General Ledger No. 1, 1899-August 15, 1923. Spine label gives ending date of 7/23/23.	Bound volume.
	General Ledger, 1899-. Spine label gives ending date as July 31, 1939, but volume contains entries dated December 31, 1947.	Bound volume.
	Journal No. 1, August 23, 1899-December 1914. Loose financial statements dated December 31, 1917, found inside back cover, were removed to Box 6, folder 29.	Bound volume.
	General Journal, December 1899-December 1947	Bound volume.
	Expense Book, September 1899-December 1910.	Bound volume.
	Stock Transfer, July 31, 1899-December 10, 1959. Loose documents found inside the front cover were removed to Box 6, folder 30 and oversized box.	Bound volume.
	Preferred Stock Register, September 1899-June 24, 1915.	Bound volume.
	Registry of Preferred Stock, March 21, 1919-December 19, 1923.	Oversized.
	Registry of Common Stock, November 19, 1918-December 19, 1923.	Oversized.
	List of Stockholders, January 24, 1956.	Oversized.
	Index, undated.	In Box 6, folder 31.
6.	Montezuma Lead Company, December 1899-January 1, 1958
	Ledger No. 1, New York Office, January 1900-August 15, 1923.	Bound volume.
	General Ledger, December 31, 1900-January 1941.	Bound volume.
	Ledger No. 2, May 1904-August 1923.	Bound volume.
	Ledger No. 3, January 1941-December 1957; spine says No. 2; label says #3.	Bound volume.
	Journal No. 1, New York Office, January 22, 1900-December 1915.	Bound volume.
	Journal No. 3, December 1937-December 1957.	Bound volume.
	Voucher Record, New York Office, 1900-April 1904.	Bound volume.
	Cash Book, November 1900-September 1909.	Bound volume.
	Stock Register - Preferred Stock, December 1899-May 29, 1918.	Bound volume.
	Registry of Preferred Stock, May 29, 1919-December 19, 1923.	Oversized.
	Registry of Common Stock, December 15, 1919-December 19, 1923.	Oversized.
7.	Alvarez Land and Timber Company, 1898-1953
	General Ledger, May 1898-August 31, 1953. Four leaves found inside front cover were removed to Box 6, folder 32. Headed "Memorandum for Journal Entry," the unbound documents are dated March 17, 1953-September 10, 1953, and cover the period February 1953-August 1953.	Bound volume.
	Journal, May 1898-August 31, 1953.	Bound volume.
8.	Gold Operators, Incorporated, 1933-1936
	[Detailed and General Ledger], November 1933-December 1935.	Bound volume (in Box 5).
	Stock Transfer Book/Combination Book, November 1933-October 6, 1936.	Bound volume (in Box 5).
	Receipts for stock transactions. Gold Operators, Inc., October and December 1936; Gold Operators (Canada) Ltd., October 1936.
	Bound volume (in Box 5).
--	Unattributed
	Stock Register, 1900-1918. Probably CMM.	Bound volume.
	List of stockholders, dated September 30, 1936.	In Box 6, folder 33.
	Drawing, "El Canada Moscos Vein," dated October 10, 1951.	In Box 6, folder 34.

Bernstein, Marvin D. The Mexican mining industry, 1890-1950. State University of New York, 1964. G338.20972 B458m

Best, Gerald M. Mexican Narrow Gauge. Berkeley, Calif.: Howell-North Books, 1968. G385.5B464m

Curtiss, J. S., comp. Handbook of Mexican properties and securities, 1920-21. El Paso, Tex.: J. S. Curtiss, 1920. G338.2 C946h

Durán Esperanza. Guerra y revolución: las grandes potencias y México, 1914-1918. México: El Colegio de México, 1985. F1234 D95 1985

Fuentes Diaz, Vicente. El problema ferrocarrilero de México. México: 1951. G385.972F952p

Guía mensual passe-partout de Ferrcocarriles, tranvías y vapores. Dic. 1904. G385.972G9431904Dec.

Mexico. Secretaría de Industria, Comercio y Trabajo. Departamento de Minas. Anuario de estadística minera. 1922-1933. G622.01 M57a

The Official mining directory of Mexico. 1908. Gz q553.0972 So89d

Pletcher, David M. Rails, mines and progress: Seven American promoters in Mexico, 1867-1911. Ithaca: Cornell University Press, 1958. G385.972 p716r

Powell, Fred Wilbur. The Railroads of Mexico. Boston: Stratford, 1921. G385.972 P871r

Southworth, J. R. Las minas de México. México: 1905. Gz 557.2 S089m

Téllez Pizarro, Mariano. Apuntes históricos sobre los Ferrocarriles de la República Mexicana. México: 1906. G385.972 yt 238b 19--

Velázquez, Primo Feliciano. Historia de San Luis Potosí, vol. 4. San Luis Potosí, San Luis Potosí, 1982. F1336 v4 1982 t. 4 LAC

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