Show CHIEF CON GRAND CENTRAL DEAL according to a letter addressed to the stockholders of the grand central mining company by walter fitch sr president of the chief consolidated which has acquired control of the grand central a plan of consolidation provides for the exchange of ten shares of grand central for one of chief con stockholders will be given until june 30 to accept the offer the letter says since the purchase by my company of a majority of the shares of your company at the beginning of the year much study and work has been given to the method to be adopted in the operation of the grand central mine active mining work was commenced as soon as we had possession the mine workings were found to be in quite good shape but the mechanical equipment as well as the equipment of the same character underground was found to be in some cases old and obsolete and all of it required repairs and much of it had to be discarded entirely the reports attached hereto cover in detail the expenditures that have already been made and which will have to be made at once as soon as delivery can be had of the new equipment the general manager includes with his t the e report of the superintendent in which further detail is presented when we took over the management of your company we found no working capital and it has been necessary for our company to provide the money required to reopen your mine up to april 30 have been advanced to your company and as will be shown by the he estimate of probable expenditures it may be necessary to provide approximately in order to manage the business safely and economically no we find that the stock of your company is and that thai it would be necessary to reorganize b it to permit of an assessment to tie provide adequate working funds the directors of my company have agreed up to this time to make the necessary advances and to take in exchange e the notes of the grand central company but they realize the possible danger to the business of the last named company in being involved in this thiis increasing indebtedness and they deem it only fair that all the facts shall be submitted to your consideration and at the same time suggest that a possible solution of the difficulty may be presented in a proposition that is hereby made that the minority shareholders shall be given the same price for their shares as my company paid to the controlling owners namely per share and in order onder to meet possible ob objection action on the part of some of the shareholders who may have preferred to continue to hold their shares our directors jiahe have authorized the presentation of the alternative proposition of giving one of its own shares for ten shares of grand central stock |