Bisbee daily review., 1904-01-03
$3,T7.,oos.As

Shannon advices state that the ex- ploratory work now being carried On at several points Pn its extensive properties has encountered some very satisfactory ore deposits. Among the discoveries are three very rich stringers running abnormally high in copper. It seems that such stringers are feature of the district and that by following them in the older mines of the camp some of the largest auh most valuable ore deposits have been opened. The stringers referred to are being followed toward the middle of the shannon company's propertas and the management has hopes of h- eating a very large body of high grade ore at a point where it can be opeF- ated to advantage.
 At the present time the shannon is treating about 450 to 800 tons of ore daily and making an average of about 15 tons of metallic copper, which is equivalent to yield of a little better than per cent ingot As 25G tons Of ore is concentrated, five tons into one, the amount actually going through the shelter daily is less than 300 tons of ore and concentrates This makes the smelting cost lower, and enables the Shannon company to produce it's copper, refine and sell it at cost Of ap- proximately 12 per cent per pound. While producing soc, 900 pounds of copper monthly, as at present, the Shannon company should earn. on a 12 1-2 cent copper market. close to s400,000 annually, or sufficient to pay the interest on it's S540,000 of out standing per cent bonds, retire the S60, 0,0G0 annually provided for when they were issued, and leave s1 per share for its 300.000 shares of stock. New machinery is now being iR- stalled at the company's concentration, which will double it's capacity. and within two months it should be re- ducing 800 tons daily. As the com pany already has ample furnace ca pacity, there is ground for the belief that it will next year produce an ay- craze of nearly 25 tons of copper daily, or a total of 16,0O0,000 to 17,000, COO
  ing claims, and a management of dem | onstrated efficiency, Shannon prom ] ises to become a very large producer of copper At present it is produc- ing more copper than any other com pany whose stock is selling at an equally tow price, excepting, perhaps, Old Dominion, which has never yet demonstrated an ability to make cop per at a lower cost than 10 cent~ per pound.
 Shannon's annual report shows that on about four months operations last year S158.91 of profits was secured, or at ;he rate of about $40, 900 per month. Thte company clos0l it's fis- cal year, August 31. with sl-Dics of s8S,169 and has added coc7.-cTably to this amount since.
 There has recently been V"r-' good | buying of Shannon stock. A- g per share it is selling, including bc-ds, for abant c8 cents for each pound Of an- nual copper production, and it is ap- | parently earning fully cents per pound in profits, or better than 14 per ! cent on the investment If it's pro- duction is increased to 100000 pounds annually without an advance in the price of its stock, Shannon will be selling for about IS cents for each pound of annual copper production; and, with copper still at it's present price, will be earning p per cent on its selling price. It therefore seems probable that the stock will soon sell higher. Shannon stock is very large ly held among the brass and paper manufacturing interest along the Con- necticut River valley in Connecticut