The copper era., 1904-05-05
STANDARD COPPER MINES.
Former Officers Reflected Favor.
 able Showing for Past Year.

the shareholders of the Standard
 Copper mines was held in the com
 paay's ofce at Clifton Saturday last
 aud the former officers Of the company
 reelected for the ensuing year.
 The following report submitted by
 tue directors will be ot interest:
 The figures and statements here
 given embrace q period Of fifteen
 months. from l., oi January, 1903 to
 3l-t 0, Mach. 1914. Al that time the
 company va. on the edge Of some re-
 markedly rich ore bodies which re-
 quired but little development to bring
 Go the surface. This va, done. and
 for many months the mines made
 rapid shipments Of exceedingly high
 grade ore. Altogether for the period
 of fifteen months mentioned, there
 was shipped to the Clifton smelters a
 total O. 503O tons Of ore. such high
 grade ore shipments, the stockholders
 of course know, must prove q drain of
 great severity Of the producing abil-
 ijy Of the mines Favored as We were
 for many months with ore Of extra
 rdnary richness, with the double ad-
 vantage of small prod cost and
 good prices for electrOlytic conper, on
 which ss+tlement for our orep deliver
 ies is made. it ;s no wonder that for a
 considerable time we had great pros
 perity, which enabled your directors
 to declare three quarterly dividends
 ag3regating l2t per cent, tbe latest
 of which was paid on 30th of Septem-
 Der, 1903. Thereafter we had to suf-
 fer decline in our revenue through
 d gradual fall in the price or copper,
 d, well as smaller output of rich ore. A, the ore grew leaner and more diff cult to extract, the cost Of mining ad- vanced, and the directors are al pres- ent carefully considering the best and ! cheapest method of increasing the ! value oi our o"c by reducing its cost.
 At the same time the erection of Ou:' aerial t"amway and two sets Of ore ] bins began. which have since been . completed at q cost Of :l63ll. We . had also to contend with an expensive . lawsuit over a disputed territory, which, although decided in our favor involved Us in a dead loss of about SLO.000. These expenses are now, fortunately, finished with. We also purchased some smaller mining prop erty: We have made many improve ments generally. and are at present arranging matters for the securing of patents for our property; all Of which expense was borne by our revenue, with the exception of $l6S62 J0, real l. ized from the sale Of treasury stock and which was devoted towards the erection of the tramwav and ore bins.
 Keeping these expenses in mind, and with the figures appearing in the balance sheet, the stockholders will recognize that. while it was matter Of regret to the directors that cOndi- tioas did not warrant them in declar- ing d dividend to 3Ist of March, there were many circumstances to account for this, bu, with patience and devel- Upment, the Standard Copper Mines will ere long, again occupy the posi- ; tion it. held for 9o many months as one of the largest producers of high grade ore in jhi- district. Should subse- quent events prove favorable, the di- rectors right be able to declare q di- viiend within d few months, but they will not consider any dividend until it is absolutely safe to do so
 For the fifteen months ending 3lst Of March last, the following work has been done: On tte Cellar tunnel we have driven 93 feet; on the north; :rOssCut of the Cellar tunnel r. feet Ou the Rubio crOsScut 20 feet; on the north drift. first level. 2OD feet; on the { south drift, first level, lS0 feet: north , lpraise from main station, first level, to Cellar tunnel 99 feet; northeast ! drift from Fessler stOpe chute on ( hanging slip 39 feet; Flores rosscut, . south drift first level Is feet; TerraZas vinze, south drift. first level. 21 feet: main incline wiuIe 4S feet: north | drift. second level. - feet: south t drift, secCnd level. Fl feet; Chavez crosscut bottom of winze 40j feet: Iron drift north on wiuze crosscut l00 : feet: being q total Of HIS feet. With t the exception of the long crosscrt Of iO6 feet, the majority of this work Ddlu TOT IISt4I, d. the bulk or II was iriven on ore. The long crOSscut of i i06 feet will nave tO be driven at least f 300 feet more to get to the point where t was originally intended to drive it. With the development that has been | aid out and which will TOW be prose- | ,utcd, We intend to keep our reserves ' in advance Of our output
 We are confident that he stock | holders are in possession of a splendid t property, but before it eau be made a 'he great producing mine it ought to I De, II will have to be more extensively :, developed. The directors have given this matter of larger development much thought. and plans are now be- [ ing detailed to open up the property q in all directions, and they feel assured . that on the early accomplishment Of .. this work. the stock holders will find themselves the pOssessOrs of an excel $ lent dividend paying mine. q
 "Within the past few months we have also made a satisfactory contract with U the shannon Copper company for the [ treatment Of all our ores, whereby we { ire now enabled to ship much Of our ore ata profit that formerly had to 20 Dn the dump. although it cost much money tO put il there
 "The directors. r thoroughly rely on the confidence and support Of the stock holders in carrying out this policy Of I , .-.,1. '