Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1908-06-06
PITTSBURG SILVER
PEAK REVELATION

AAC AOAAO0Aho NAANdloA h9o CN1eA
sent out by the Pittsburg Silver Peak
directors to It's stockholders. 1t nat
urally as a great surprise to
the people, as former reports had
been of an entirely different char
acter:
To the Stockholders-The execu-
tive officers of your company, togeth-
or with a number of the directors,
have Just returned from a visit to the
mine and r pleased to report that
the entire plant is In a most satisfac-
tory condition. The mill was run dur-
ing April to about 80 per cent of its
capacity. and the later developments
in the mine show the opening up of
a large ore body of somewhat higher
value than we had anticipated. The
gross returns from the mill for April
amounted to $S4,6S0, of which, upon
a 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.
stallatiqn 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 me-
cessary to raise a 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 presl-
dent and yice-president. These notea
will all mature within the next 81
days, and as a 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, 1905, at the
price of $1.20 per share, each stock
holder being entitled to subscribe for
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 9Th of June a
statement will be mailed to each
stakeholder, showing the mount 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
IN 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 II imper-
atively necessary 10 expend about
$50, 900 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 1t will be
necessary to reserve approximately
100000 out Of the earnings of the
next six months for the purpose OF
meeting 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 a.
a reasonable rate. o later than the
trst Of January next, and possibly be-
fore that time.
The total Indebtedness OF the COM
pany amounts to $4,000 maturing
as follows:
Bills payable. due In 1908. .3310,o 600
Purchase money due