Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
FRANKE WILLIAM A
   2. Issuer Name and Ticker or Trading Symbol
PHELPS DODGE CORP [PD] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O PHELPS DODGE CORPORATION, ONE NORTH CENTRAL AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
11/04/2004
(Street)

PHOENIX, AZ 85004		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
COMMON SHARES 11/04/2004   M(1)   1,148 A $ 26.4052 3,148 D  
COMMON SHARES 11/04/2004   S(1)   1,148 D $ 92.3329 2,000 D  
COMMON SHARES 11/04/2004   M(1)   1,148 A $ 29.1875 3,148 D  
COMMON SHARES 11/04/2004   S(1)   1,148 D $ 92.3329 2,000 D  
COMMON SHARES 11/04/2004   M(1)   1,148 A $ 32.9063 3,148 D  
COMMON SHARES 11/04/2004   S(1)   1,148 D $ 92.3329 2,000 D  
COMMON SHARES 11/04/2004   M(1)   1,148 A $ 44.9375 3,148 D  
COMMON SHARES 11/04/2004   S(1)   1,148 D $ 92.3329 2,000 D  
COMMON SHARES 11/04/2004   M(1)   1,148 A $ 44.75 3,148 D  
COMMON SHARES 11/04/2004   S(1)   1,148 D $ 92.3329 2,000 D  
COMMON SHARES 11/04/2004   M(1)   1,148 A $ 55.5625 3,148 D  
COMMON SHARES 11/04/2004   S(1)   1,148 D $ 92.3329 2,000 D  
COMMON SHARES 11/04/2004   M(1)   1,148 A $ 56.6875 3,148 D  
COMMON SHARES 11/04/2004   S(1)   1,148 D $ 92.3329 2,000 D  
COMMON SHARES 11/04/2004   M(1)   1,148 A $ 73.9375 3,148 D  
COMMON SHARES 11/04/2004   S(1)   1,148 D $ 92.3329 2,000 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
DIRECTOR STOCK OPTIONS/RIGHT TO PURCHASE $ 26.4052 11/04/2004   M(1)     1,148   (2)   (10) COMMON SHARES 1,148 $ 26.4052 0 D  
DIRECTOR STOCK OPTIONS/RIGHT TO PURCHASE $ 29.1875 11/04/2004   M(1)     1,148   (3)   (10) COMMON SHARES 1,148 $ 29.1875 0 D  
DIRECTOR STOCK OPTIONS/RIGHT TO PURCHASE $ 32.9063 11/04/2004   M(1)     1,148   (4)   (10) COMMON SHARES 1,148 $ 32.9063 0 D  
DIRECTOR STOCK OPTIONS/RIGHT TO PURCHASE $ 44.9375 11/04/2004   M(1)     1,148   (5)   (10) COMMON SHARES 1,148 $ 44.9375 0 D  
DIRECTOR STOCK OPTIONS/RIGHT TO PURCHASE $ 44.75 11/04/2004   M(1)     1,148   (6)   (10) COMMON SHARES 1,148 $ 44.75 0 D  
DIRECTOR STOCK OPTIONS/RIGHT TO PURCHASE $ 55.5625 11/04/2004   M(1)     1,148   (7)   (10) COMMON SHARES 1,148 $ 55.5625 0 D  
DIRECTOR STOCK OPTIONS/RIGHT TO PURCHASE $ 56.6875 11/04/2004   M(1)     1,148   (8)   (10) COMMON SHARES 1,148 $ 56.6875 0 D  
DIRECTOR STOCK OPTIONS/RIGHT TO PURCHASE $ 73.9375 11/04/2004   M(1)     1,148   (9)   (10) COMMON SHARES 1,148 $ 73.9375 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
FRANKE WILLIAM A
C/O PHELPS DODGE CORPORATION
ONE NORTH CENTRAL AVENUE
PHOENIX, AZ 85004		   X      

Signatures

 / s / S. David Colton, Attorney-in-fact for William A. Franke   11/08/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) EXERCISE AND SAME DAY SALE OF STOCK OPTIONS AND UNDERLYING COMMON SHARES PURSUANT TO THE PHELPS DODGE CORPORATION 1989 DIRECTORS STOCK OPTION PLAN, AS AMENDED.
(2) THE OPTION VESTED IN THREE EQUAL ANNUAL INSTALLMENTS ON MAY 4, 1990, 1991 AND 1992.
(3) THE OPTION VESTED IN THREE EQUAL ANNUAL INSTALLMENTS ON MAY 3, 1991, 1992 AND 1993.
(4) THE OPTION VESTED IN THREE EQUAL ANNUAL INSTALLMENTS ON MAY 2, 1992, 1993 AND 1994.
(5) THE OPTION VESTED IN THREE EQUAL ANNUAL INSTALLMENTS ON MAY 7, 1993, 1994 AND 1995.
(6) THE OPTION VESTED IN THREE EQUAL ANNUAL INSTALLMENTS ON MAY 6, 1994, 1995 AND 1996.
(7) THE OPTION VESTED IN THREE EQUAL ANNUAL INSTALLMENTS ON MAY 5, 1995, 1996 AND 1997.
(8) THE OPTION VESTED IN THREE EQUAL ANNUAL INSTALLMENTS ON MAY 4, 1996, 1997 AND 1998.
(9) THE OPTION VESTED IN THREE EQUAL ANNUAL INSTALLMENTS ON MAY 2, 1997, 1998 AND 1999.
(10) THREE YEARS AFTER THE DIRECTOR'S TERMINATION OF SERVICE AS A DIRECTOR, WHICH TERMINATION OF SERVICE HAS NOT YET OCCURRED.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.