Show I INTERESTING REPORT REP RT ON SILVER PEAK Local mining men mn will wl be Interested In Inthe Inthe the following report of or tho the conditions at al attim i tim tho Sliver Silver SI er Peak mine which Is lelm being mailed to the tho shareholders of ot this b by President William Flynn 1 To tho the Stockholders The The executive officers of ot your our company compan to together with a 31 number r of the directors have havo o ha Just re returned returned returned re- re turned from froni a n Is visit It to the mine and are aro I Jle pleased cd to report that the entire plant I Is In a I most satisfactory con condition Th The mill mi I was run during April Apri to about 90 00 per cent of I Its capacity and the later developments develop develop- elop cc ments merits In the mine mimie show the tho opening up of ofa ofa a R large larse ore body of 0 somewhat hat high higher or value than we had anticipated The gross Jross re returns returns re re- turns from the mill mi for April Apri amounted to of which upon a a con conservative calculation calculation cal cal- culaton at least ma may bo be classed ed as profit I I As 1 Intimated In former communications to the stockholders the tho developments de at atthe I Ithe the tho mine and tho Installation of ot the plant have hn resulted In an expenditure largely largel I exceeding time the orl original e estimates As a CL 0 I result of ot such expenditure the executive I officers at the time of the deepest finan Onan- financial cial cal depression last fall taU found It necessary to ral raise e a largo large amount of mone money to pa pay maturing debts and were compelled to borrow bono from various sources fe- fe so- so cured cure by tho the per personal onal Indorsement of the president an and vice Ice These notes notts will vilI wi all al mature within the next sixty days das I and as ns a means of ot meeting them the hoard of directors has ha decided to offer ofer the i stock of or the thc com company pan amounting to lo about shares to stockholders of ot record on th tho day of June 1905 at the price of ot HO per share shan each stockholder r being entitled to subscribe for his proportion tion ton which will wi amount to about 12 per percent percent percent cent of ot his present holdings In case an any portion porton of the th stock tock Is not subscribed for a group roup of ot stockholders conversant with the affairs of oC the tho company compan have agreed ared to take It at nt the price above e name named Immediately Imme Immo- after the of June a 1 statement will vilI wi he bo mailed to each stockholder showIng showing show- show Ing tIme tho amount to which be he Is entitled to lo an subscribe b be Tho The transfer books will be he closed at the wi close of business on the Ith lh da day of Jun June 1908 and will wi remain closed until the tho opening of ot business on the tho day of ot June 1908 1903 Parties who hold stock tock In other names than their own are advised to have ha the same fame transferred at once Out of 0 the tie Income for tor the next six b months the tho directors dr deem m It I Imperatively cly necessary to expend about for additions to the pumping plant houses for forthe forthe forthe the workmen and additional equipment for tor the Silver SI cr Peak railroad An n Installment Installment Instalment Install Install- ment of on the purchase mon money for th the property Is also aiM due on the tho of o January Januar next so fO that It will b be necessary to reserve approximately out of the earnings s of ot the next six months for tor the purpose of meeting these payments We c believe c ho however e er r. r that 1 after provision pro I is made for all ull uJ these theBo payments the surplus earnings s will wl be sufficient to assure us ue that dividends dl ma may commence at a reasonable rea rea- rate not later than th the first of ot January next and arid possibly before Core that time Th The total Indebtedness of ot the company amounts to maturing as a follows Bills Els payable due In I OS I Purchase e money due rine D.C. D.C. D. D I C. C Blair Bair July JuI 15 15 I OS I January 15 15 1 1909 09 I January 15 1910 I January 15 1911 1011 Convertible notes held b by stockholders stockholders stock stock- holders Due August 1 I 1903 Total The first item Hem and the Ort first payment to D. D C. C Blair will wi be extinguished by the tho Issue of ot n new w stock outlined as above boye The purchase mone money indebtedness can ea easily ly he be met mel It matures as out of tho tim income The Tho convertible con notes are arc most mostly held hel by the largo large stockholders and ind nd even en If the they are arl not converted con Into tock ock lock before maturity ma ma- we feel safe afo In assuring th the stockholders stockholders stock stock- holders that they ther will wl cause no 10 embarrassment embarrass s. s ment to tho the company nor will wi thc they Interfere Inter fere era with th the Iii payment of reasonable vl vL WILLIAM I FLINN President |