The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1917-05-25
VTginia-LouiSG Plans
$4,000 Bond Issue
Stockholders Meeting Called For the
Purpose of Ratifying Action
of Board of Directors.

Messers. ]. o. Butler and Chas d.
Hoy of Los Angles, were here this
week for the purpose of making
first hand examination Of the proper
ty of the Virginia-Louise Mining
company, having in mind the flota-
ton of the proposed bond issue of
100000.
They spent considerable time at
the property and from Mr.. Hoy the
Record has it that the visitors. were
surprised to find big developed prop
erty such as the Virginia-Louise is.
I'VE are delighted with the prop
erty," said Mr.. Hoy, ''and can con-
fidently say that l believe arrange
of the bonds and the placing of the
mine upon a big producing basis in
the near future" The stockholders of
the company are to meet on the 4th.
day of June for the purpose of ratify-
ing the action taken by the directors
of the company last Monday in re-
ference to the bond issue. The follow
ing letter, bearing the signatures of
Directors Chas. Lee Horsey. c. A.
Thompson, H. w. Rand and Alexan-
der Lloyd, has been addressed to
shareholders:
THE directors in calling a spec
ial meeting of the stockholders to
consider a three year bond issue of
100000. bearing interest at six per
cent per annum, covertible into
time before due, deem it advisable
that the stockholders be fully ad-
vised of the financial status of the
company; the condition Of it's min
ing property, and what will be nee
essary to put on a dividend paying
basis.
"At the time development work
was discontinued in 1914, there
was exposed and available for ship
ment in the Louise mine ore act
ually measuring more than 100000
tons, and if the ore beds continue,
which is evident, there is over two
million tons of shipping ore on the
company's property.
''On account of the control of the
company passing into the hands of
hn ~ no prtn q
contiguous, competing producer in
the same character of ore, the pro-
perty has lain dormant since Sep
tenber, 1914, at which time a mod
ern double compartment shaft had
been sunk to a depth of over AGO feet
on the Louise property. and the main
ore zones intercepted had been open
ed up and made available by cross
cuts, which shaft and workings are
now in good condition.
The total indebtedness of the
company does not exceed $500 Out Of
the total authorized capital stock of
one million shares the company now
owns, and has in it's treasury, over
100000 shares, which the board
believes it is advisable to hold as the
same can be disposed of later at a
much advanced price when the COM
pany is financed by such bond issue;
becomes a regular producer, and is
listed as such.
"The board has taken an option
on an undivided one-twelfth interest
in contiguous mining ground known
as the Davidson Lode, for the sum
Of $4,000 of this as a protection
against rival interests, and it has also
procured an option ON certain mining
ground situate contiguous to the
Louise Claim for the sum OF $4,000
which ground is valuable to this com.
pany principally for It's surface rights
"A standard gauge spur track con-
Meeting the ore shaft with the line Of
railroad extending from the Prince
Salt Lake Railroad Company a
Phoebe, distance of approximate.
one-half mile; will be necessary IL
order to minimize the cost of hand
ling the ore, and the erection o
a gallows frame, ore bins and or,
shutes at such an elevation as t,
enable the ore to be placed in th
cars from the ore bins without hand
ing, will greatly decrease the cos
OF production. It will also be neces