Eureka Daily Sentinel

EUREKA
TUNNEL.

Circular Letter by the Trustees
to the Stockholders.

The Trustees of the Eureka Tunnel
company have issued a circular letter to
stockholders setting forth the reasons
for the assessment of fifty cents per share,
recently levied. It contains a history of
the company with reference chiefly to its pres-
ent financial condition. About the time
destrike was made in the mine, May 10,
the company's indebtedness was
$7,986 21. About that time a portion of
the title of the Eldorado No. 2 was pur-
chased for $21,000. Following this pur-
chase a call of 25 cents per share was
made upon the stockholders. The present
Board of Trustees came into office March
1883, when the company's indebtedness
was $47,451 60. of which sum $29,443 was
notes, dated December, 1881, and a note
dated May 10, 1882. for $12,246-a total of
$41,689, drawing interest at 18 per cent
per annum. Sept. 1, 1883, the indebted-
ess was $47,060 54. During the six
months ending Sept. 1, 1883, $52,
i3 was netted from the ore pro-
duct, which sum was spent in explora-
tions, machinery and improvements needed
to put the mine in order for systematic
and extensive development. The expendi-
ture of this money resulted in taking the
company out of the list of prospects and
placing it among actual mines. It is in
condition now to be worked with facility
and cheapness, and the indications are
strong for finding large deposits of ore if
work can be resumed. It is the opinion
of mining men here that the property is
worth twice its indebtedness.
The Trustees court the fullest investiga-
tion of their acts, and throw open their
books and the mine to the inspection of
any stockholder.
The notes against the company having
passed into the hands of third parties their
payment has become a pressing necessity.
Loss of local credit and the present
danger of being closed down by attach-
ment have resulted from this fact. The
property is now in the hands of judgment
creditors, and an assessment of 50 cents is
needed in order to remove the embarrass-
ment and relieve the property. During
stoppage of work the company is at no
expense but for office service.
The letter states that though Lawrence
Eckhardt may have an alleged claim of
$23,000 against Gen. P. E. Connor per-
sonally, he has no legal claim for any
amount against the Eureka Tunnel Com-
pany.
The letter is dated Eureka, Nev., Nov.
15, 1883, and is signed by G. H. Thomas,
Pardy
George
Baker
Sillman and P. E. Connor, as Trustees,
Endorsed by John Pardy, Secretary.