and local officials with Americans and people loyal to him. He modified labor relations, establishing capitalist hire for wages system, increased the number of guards at the Hacienda San Miguel and largely eliminated organized banditry around Batopilas. The San Miguel tunnel, which was opportunistically rechristened as Porfirio Díaz tunnel, was extended, rails were laid on which the mule-drawn ore cars could be rolled, a new bridge was built across the river to bring the ore to the smelter at the Hacienda for processing. New motorized equipment was also installed at the processing plant. By 1883, the company had produced 1,250,000 pounds of refined silver. Through his friendship with Díaz, Shepherd gained control of an area covering 132,779 acres, including ranch and timberlands and mining concessions. In 1884 and 1886, further land, mining, water concessions were obtained. The company and Shepherd were also exempted from all taxes for twenty years with the exception of minting fee imposed by the Chihuahua mint. This exemption was later renewed for another 20 years. Through the vast land ownership southwest of Batopilas, Shepherd was also able to secretly smuggle silver south through Mazatlán. In 1887 Shepherd incorporated the Batopilas Consolidated Mining Company which included 350 separate workings and 10 companies owned by the original Batopilas Mining Company. By this point the population of Batopilas swelled to over 6,500 people. In 1884 the company paid its first dividend worth $2,000,000 at the time the company's stock was introduced on New York Stock Exchange, but stopped the dividend payments in 1887. Falling silver prices towards the end of the 19th century forced the company to invest in technology trying to maintain their profits, resulting in shrinking workforce. By 1906 the town population was reduced to about 4,000 people. Alexander Shepherd died on September 12, 1902 from complications of peritonitis. He was briefly succeeded by his son-in-law E. A. Quintard, who died a year later. After Quintard's death, Alexander Shepherd Jr., eldest son of Alexander Shepherd, took over as a manager of the company until its closure in 1921. After Shepherd's death in 1902, the company's directors could finally review the books regarding the true costs and production values of the mines. It was found that Shepherd had wildly overestimated certain expenses, for example, ore refining and ore hauling costs decreased nearly twice after his death. It is also unknown how much silver was transported and sold through