Show SILVER KING ICING CON TO ISSUE ISSUES S 2000 0 WAN O-WAN AN ANTo To Tide fide Over Present Pi Condition Condi tion and Save Sacrifice of Ore of-Ore Ore Stockholders of or tho the Silver King KinD Consolidated Con Con- aro are In receipt of of ot ota ofa a notice I from Chairman Chaliman Solon Spiro of the UC ex executive executive ex- ex committee notifying th them m of or tho purpose of or issuing a term short-term loan of in notes of oC and 1000 denominations for the 1110 purpose purpose purpose pur pur- pose of oC financing the tho Park lark City properly prop prop- crt erly and that thc the company comp ma may holdback holdback hold holdback back the tue mark marketing of Its ores at the tho present unfavorable low prices Manager Spiro was up tip Inspecting the thc mine tho the pa past t week Ho lIe reports that the tho level lo of oC the C-C C has been un- un watered the tho first time in twenty five years ears However CI the mud conditions L Lo UC UV V UI 11 IU LUL VI ULL s n. n Below Belo the tite level lc in ill several ftc places new leads are coming in In showing ln a ahl hl high h state of or which led lo to ore on tho the O. O The Tue Spiro tunnel Is h In now approximately approximate feet and good progress ss is being made The rhe following Is taken from Crom the tho statement lo to stockholders of oC yesterday Business conditions being such uch that the principal effect of or marketing le lead d and antl zinc Inc ores Is to increase the far tar ac accumulation accumulation accumulation ac- ac of tho those e metals and anh postpone postpone post t pone pono tho the time when pro producers will realize real real- ize Izo a reasonable profit on their pro products prod prod- we believe C that those who can afford af aC- af- af ford rOrd to dl so should either cither keep such ores In their mines minCH or 01 carry arry such mined ore In stock until reviving ln Industry absorbs absorbs absorbs ab ab- ab- ab sorbs the thc metal surplus and a normal level el Is reached b by labor supplies supplies sup sup- plies freights and smelting charges cs At tho the same samo time we wo are arc averse to a n policy which will create unemployment and industrial unrest nor do wo we wish to In tb Ilin of or the tile Utilities which should h ld- ld b be ready realy r for r- r immediate use when maximum production is warran war war- I ran ranted ted The proper method of oC dealing with tho tIle situation we have ha decided is hI to finance mining milling and anti development de operations opera opera- lions for such time as ma may be necessary sar sary b by n a term short-term loan meanwhile cre creating a i reserve of marketable ore and concentrates Within ft n few months month we wo are arc confident tho advance ad In metal prices and reduction in co costs ts will far Car tho tho Interest charges on n the borrowed borrowed borrowed bor bor- rowed money and the tunnel development develop p merit ment will have o progressed etl sufficiently to enable us to tal tale o advantage antage of or fa favorable favorable fa- fa changes In iii the tile market In determining the amount of oC the loan we have hn considered not only the usual operating expenses over o an au ample period of or time tune but hut also o tile the amount that may be to extend the Iho drainage e. e mining and transportation facilities afforded af aC- a- a forded b by the Iho Spiro tunnel to lo other I properties a service which when Inaugurated inaugurated In- In will we anticipate yield a considerable revenue re that lint will be bo themore the thc more welcome It will vili involve imol I no depiction depletion of oC our 0 own on n property properly Our obligation allon will b ho he represented by I notes convertible at tho the option of or tho holders Into bIte stock of oC the tho company compan The Thc terms and conditions of or the tho Issue IS are art to tobe tobe tobo be bo is as follows fh The flie total authorized Issue M will aggregate ate In notes notE'S o of and 1000 denominations Said notes will hear interest at Hi tile the rate of or 7 per cent per annum Ita payable ablo semiannually semi semi- annually evidenced LJ by coupons at attached attached at- at to tho the notes notes and antI coupons being being- I payable ble to lo bearer The Tile notes will wilt bear date of or April 1 1919 and bo ho payable April 1 1 1921 4 The note Issue will b be redeemable |