Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1908-05-31
PITTSBURG silver
PEAK REVELATION

The following circular has been
sent out by the Pittsburg Silver Peak
directors to its stockholders. 1t nat
urally comes as great surprise to
the people. as former reports had
been of an entirely different char-
aeter:
To the StockhoTders-The execn-
tive officers of your company, togeth-
er with a number of the directors,
have just returned from visit to the
mine and are pleased to report that
the entire plant is in a most satisfac-
tory condition. The mill was run du'--
Ing April to about 80 per cent of it's
capacity, and the later developments
in the mine show the opening up of
large ore body of somewhat higher
value than we had anticipated. The
gross returns from the mill for April
amounted to $84,6S0, of which, upon
conservative calculation, at least
$4,000 may be classed as profit.
AS intimated in former communi-
cations to the stockholders, the de-
velopments at the mine and the in
stallation of the plant have resulted
in an expenditure largely exceeding
the original estimates As a result of
such expenditure the executive Off
GERS, at the time of the deepest finan-
cial depression last fall, found it ne
cessary to raise large amount Of
money to pay maturing debts, and
were compelled to borrow $4,000
from various sources, secured by the
personal endorsement of the presi-
dent and vice-president, These noteA
will all mature within the next So
days, and as means of meeting them
the board OF directors have decided
to offer the unissued stock of the
company, amounting to about 300,-
600 shares, to stockholders of record
on the 9Th day of June, 1908, at the
price of $1.20 per share, each stock
LoAuSl UCihS GhlltlCu W SuDbCIlDt lOI
his proportion, which will amount to
about IL per cent of his present hold
ings. In case any portion of the
stock is not subscribed for, a group
of stockholders conversant with the
affairs of the company have agreed to
take it at the price above named. I'M
mediately after the 5th of June a |
statement will be mailed to each |
stakeholder, showing the amount to |
which he is entitled to subscribe.
The transfer books will be closed
at the close of business on the 4th |
day of June, 1908, and will remain |
closed until the opening of business
on the 21st day of June, 1908. Par
ties who hold stock in other names |
than their own are advised to have
the same transferred at once.
Out Of the income for the next six
months the directors deem it imper-
atively necessary to expend about |
100000 for additions to the pumping
plant, houses for the workmen and |
additional equipment for the Silver
Peak railroad. An installment of |
100000 on the purchase money for
the property is also due on the 18th |
of January next, so that it will be
necessary to reserve approximately |
100000 out of the earnings of the
next six months for the purpose of !
these payments. We believe,
however, that after provision is made
for all these payments the surplus
earnings will be sufficient to assure
us that dividends may commence dt
a reasonable rate, not later than the
first of January next, and possibly be-
fore that time.
The total Indebtedness of the conf
pany amounts to 1899 900, maturing
as follows:
Bills payable, due in 1908. $4,000
Purchase money due