Bisbee daily review., 1904-01-03
ANNUAL REPORT
 on the
 SHANNON MINE

Years Work Was Seriously Inter
 rupted by Various causes-Encour-
 asement Concerning Dividend Pros
 pects.
 The report of the directors to the stockholders of the shannon Copper company for the year ending August 31 1903, has been issued. The com pany was incorporated November 13, 1899, under the laws of the state of Delaware. The par value of the shares, is sf0 each and the author ized capital, is s3.000.000. The Boston office is 10 post office square and the mine office. Clifton, Arizona. The of ficers are: George c. Gill, president; Hagen, treasurer; John K. Krskine, Jr:, secretary. The directors are George c. Gill, Holyoke. Massschu- sets; John F. Alvord, Torrington, Connecticut; John F. Erskine. Jr., 52 Wall street, New York City; Leonard Wheeler, Worcester, Mass; James Virdin, Dover. Delaware; Edwin A. Carter, Springfield Mass; J. w Ha- zen, 10 P. O. Square, Boston, Mass. William B. Thompson 10 P. O. Square Boston, Mass; John W. Belches, B State street Boston Mass.
 The transfer agent is the Boston Safe Deposit and Trust Co.,, S7 Milk street, Boston and the registrar is the National Shawnaut Bank, Boston, Mass. The annual meeting of stock holders is held on November 27 in each year.
 The directors submit the following reports. signed by the president for the year ending August 31, 1903, and dated Boston. Mass, November 27 1903.
 Tn presenting the fourth annual re- port of the Shannon Copper company to its stockholders, I wish to say that it covers period of many inter ruptions and of a continuous run of only two full months, caused by the miners'strike of June l, viz: July and 1 August, our fiscal year ending Au. gust 3.
 
 for a 300 ton concentrator, designed in two sections, with the machinery for one section capable of handling 250 tons of ore daily. This plant has been running since March its work being entirely satisfactory Last September We placed the order for the machinery for the second 250 ton section, our ore reserves having in. creased to such an extent as to justi- fy it. It is now being installed and we expect to put it in commission in February next. In January we bought and installed a briquetting plant, which takes care of the fiue dust, etc. It works admirably, is economical and is an excellent in. vestment.
 Ore Reserve.
 s ben vigorously pushed. opening up many new and valuable ore bodies and demonstrating the value of others. We have driven during the last year HOT feet, or nearly a mile and han of tunnels, shafts. winzes, etc. and now have about five and half miles of underground workings. A very careful estimate of the ore reserves has been made by the superintendent and his assistant, and the estimate shows enough ore in sight to run the smelting plant for over five years. In addition, three very promising ore bodies have been discovered on our other claims since their report was made. We shall follow this develop. ment work up carefully and expect to be able to report larger ore reserve in sight each year.
 "On September l, We retired 50 of our bonds, or $60,000 as called for by the deed of trust. These bonds were purchased at a price which was en- tirely satisfactory to the directors. Profits and Loss Accounts. 1 Gross profit for four months,
 running time .s15S,971.2 .29 Less loss of previous year, made up from this years earn ings.... --...... .....- 2O,S1S.70 Net gain .............s1 s138, ,152 .59
 black copper last year after Net loss from fall in price of black copper last year after
 inventory was taken... S,333.63 Profit for the year. $129, ,S1S.9 Deduct Interest paid on
 bonds -..... .-.......- 41,650.Oo Surplus in four months ...$ S8,168.96
 This year we hope to be able to pay for all our contemplated i'm provements, retire $60Yooo of bonds. and have something for the stock