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Show I -J. P. Loffus Attempting Step i That Will Save Interests of Stockholders. "LETTER SENT TO ALL ' WHO ARE INTERESTED Jlan Fully Explained, Willi Expressed Opinion as to Mine's Merits, i Tu accordance with the desire to "hri n x order buck 10 the ;ift'nirs of the Gold Bnr "Mining company of the Bullfrog Bull-frog district of Nevada, .1. P. Loftus, one of the old oflicials and largo stockholders stock-holders of the company, and the principal prin-cipal owner of the initio under rbe rc-tVnfc rc-tVnfc creditors' sale, has a .propo.-ition nhich ho is trying to get. bciort all the stockholders, ft will be Tocnllod -that rho Gold Bar went, ro pices carry Jast year on account of a uuinbrr of adverse circumstances, but that Tr Loftus has faith in the proposition and that, ho is anxious to got. back all the old stockholders, believing there will "be ample opportunity forthcin to pull out of the hole, is apparent fioin his letter. 3fr. Loftus sets forth that the indebtedness indebt-edness of the company could be met bv the assessment route, but he is :nix- Iious not only lo pay off the debts, but to have- sufficient funds in the treasury with which to r-omplctc tho work of thoroughly developing the property and for other expenses necessary on 1 he resumption of activity. His communication com-munication in part follows: -After careful consideration myself and associates have agreed to present for your consideration and action the following proposal: "Wo will incorporate Ihc property under the uamc ami style of Hie '2scw Gold Bar Mining company," com-pany," capitalized for one milliou .shares, par value $1 each, being the samo capitalization and value per share as the original corporation. We will place 400,000 shares of this new issuo in the treasury, and will turn over I he remaining C00.000 shares to the present stockholders at 7 cents per share. As tiie indebtedness amounts to approximately approxi-mately $40,000, the returns on this 600.-000 600.-000 will cancel the indebtedness and Jeave a small balance for tho treasury. Myself nd associates will immediately that this subscription is complete, take out of the treasury 25,000 shares at '10 cents a share, amounting to $10,000 caf.b, which will also be placed in the treasury as a working fund; and will then turn over the propert' free of all claims to tho new corporation. This method you will see at a glance accomplishes a two-fold purpose: clears the corporation of its indebtedness, furbishes fur-bishes a substantial treasury fund aud Axes the value of tho stock at 40 cents a share. This will placo approximately $12,000 in tho treasury and 375,000 shares of stock as an additional resource. re-source. At tho limo of the forced shut-down last May, not only our own property, but all other property in tho Bullfrog district dis-trict had shown unexpected weaknesses that seemed to cKirly indicate that the district as a whole was a disappointment, disappoint-ment, and that tho hoped-for results could never be realized. It is a matter of gratification to mo now to bo able to say to you that during tho past few months something of a change for the better has come over the district, and it- now looks as though the- Bullfrog district dis-trict might be shaped to great and permanent per-manent success. At that time the Montgomory-Shoshono had "been practically prac-tically condemned after a detailed expert ex-pert examination, this ground showing tho same weaknesses that were discovered dis-covered in th-j Gold Bar. Since lhat time, under skilled management, tho property has been brought into successful success-ful lino of operation, with immense ore reserves now in sight, and making a gross output of $50,000 a month. Over across the hill, and in direct line northeasterly north-easterly from the region of the Gold Bar, the Mayflower ground is stcadily showing strength, and it is expected will become a steady producer within tho next few months. Jn the same vicinity, also in lino with tho Gpld Bar country the Pioneer mine has been re--cently opened, showing phenomenal values at a depth of 150 feet, there being be-ing at the present writing a well defined ore body fifteen feet thick that breaks better than $100 a ton. Should this prove to be permanent, as it now appears ap-pears to be, here is the making of one of the great mines of Nevada. Our near neighbor, in fact adjoining us on tho north end line, the Ilomeslake-King Mining company put itself jnto fom-mission fom-mission a f.'.w weeks after our closedown., close-down., frankly admitting that tho re- suits might ultimately be as disappointing disappoint-ing as all other ground in the district had proven up to that time. We have carefully observed during the months past tho "work of the Home-I Home-I stake, for from its results wo might come to some reasonably safe conclusion as to what might be expected in Ihr Gold Bar, provided the same line of equipment and development was rniricd forward. Tt is gv.-i'.ifying for mo at this time to be able to" say lo you that at tho present time, notwithstanding many disappointments nnd much si'ti-ous si'ti-ous concern, tin llomostake now semis to be making ui.od. 1 am credibiv informed in-formed lhat Ihov are treating ninety tons of .-ro :t lav; making a very cUmc saving, and having a monthlv gross o.il-put o.il-put of $18,000 to $20,000. The management manage-ment is roporled as saying lhat the work is now satisfactory, and that, it is the expectation to extend (ho operations, increase tho tonnage and materially increase in-crease the gross output. Tho mine conditions con-ditions as they now find them seem 1o .justify this plan. An analysis of what is being done at the TTomostako indicates indi-cates that they are handling an ore body that does not much exceed $6 a tou, and 1 have in my hand a letter from tho present superintendent stating that ho believes if the Gold Bar was equipped similarly to themselves $6 ore and indeed $5 ore could bo handled at a nice profit. That there is at present in tno (.Told uar ground throughout its miles of development largo sections that will produce ore of $(5 value, there seems no reasonable doubt, and thero is a chance that further exploitation there in depth, or laterally, might result as it has in the case of the Pioneer, in developing a central ore bod- which must exist somewhere as the source of this general enrichment extending throughout our present known ore bodies, and should such a result attend any future development the Gold Bar may ultimately prove to be all that ir was expected to be by those who wore most seriously concerned in its earlier period. There are on the books of tho old corporation stockholders of record to the number of about. -100. and these will be addressed direct from ihis office. of-fice. Undoubtedly there are a great many persons holding Gold Bar sto-rt who'are not of record in our offiv. How to reach these people is a little difficult. Therefore this letter will be published in tho Rhyolite papers, one or nioreot' the Goldtield papers, one of the San Francisco papers, and a copy placed in each of the exchanges in San Francisco,-Salt Francisco,-Salt Lake City, Ltis Angeles and Gold field. In this way we hope to get the matter to the attention of all concerned. Subscriptions to the 600,000 shares of the new corporation at 7 cents per share will bo received for a period of ninety days; thai is, until April 1. Should no sufficient number of subscriptions to this proposal bo received to warrant our carrying out the plan, your check or exchange will be returned at that date, and tho whole matter passed up as a closed incident. San Praucisco Mining Stocks. SAN FRANCISCO. Dec. 30. Tho official offi-cial closing quotations for mining stocks today were as follows; Alta $ .Of Julia OS Alpha Con ... ,02,Kentuck C .. .03 Andes 0-J. L Wash C... .05 Belcher to. Mexican . . . .SI Best & B 4:t Occidental C. .21 Bullion : .SOiOphlr 1.12 Caledonia .. . . 13:Overman ... .15 Challenge C .. .ns'Potosl .10 Chollar 0G Savage 20 Conlulcnce .... 1 .150 Scorpion OS C C &. Va fiG.Seg Belcher . -OH C Imperial .. .00 Sierra Nov .. .21 Crown PL 35. Silver Hill .. .2S Exchequer 25' Union Con .. .29 Gould &C OS Utah Con ... .02 Hale & Nor... .27' Vol Jacket .. ..U3 NEW YOIIK MINING STOCKS. Alice $ 2.00 Utile Chief .. .07 Brunswick C . .0."? Mexican 75 Com Sun St... .22 Ontario :;.25 Com Tun ft... ,10 Ophlr 1.50 C C & Va...... .05 Standard .. .. 1.50 Horn Silver .. .75 Yel Jacket ... .53 Lcadvllle C .. .05 BdSTOX MINING STOCKS. Adventure 3.121 M C &. O SO Allouez . .. 36.50 Nevada . .. J0.12J Amalc'd . .. S3.12J Old Dom ... 57.50 Ariz Com .- 37.75 Osceola .. . 131.00 Atlantic . lfi.50 Parrot .. .. 23.25 Butte C 26.50 Qulncy .. .. 05.00 Cal & Ariz.. IIS. 00 Shannon . 17.25 Cal Sc. H 675.00 Tamarack .. SI .00 Centennial .. 33.50 Trinity .... 17.00 Cop Rancce . 81.25 UCopper ..." 14.25 DalvWcst.. 10.00 U S Mlninp. -14.50 Franklin . .. 10.50- U S Oil...'.. 2P.25 Grnnby .... 10G.50 Utah 46.00 Greone-C ... 12.25 Victoria ... 3.7." Tsle Royalc . 24.50 Winona . .. 0.25 Mass ailn... 6.25 Wolverine .. 150.00 Michigan .... 13.25 N Butte .... 35. do Mohawk GO. 00 |
