WITH AFFAIRS in this unfavorable condition the Executive Committee of the Directors decided to appeal to the stockholders for a loan of fifty cents per share on their holdings. On January 16, 1884 a circular was sent informing them that the indebtedness of the Great Sierra Consolidated Silver Company on January 1 amounted to $225,236.38, and that money would have to be provided to meet the expenses of continuing work on the mine.

The amount proposed would enable the company to go on with its work to cut the Sheepherder Lode, expected to take place within two months, to erect mills, and get the mine in productive condition. “We are confident that the result will show the company is the possessor of one of the largest and most valuable mining properties now in existence.”

The appeal brought a response from a number of the Eastern stockholders and a few of the Western, which enabled the operation to continue for a short time. But the situation remained critical. Since a majority of the Western stockholders were not heard from it was decided to send a second circular. ⁶²

“The money loaned to the company by a portion of the stockholders since the first of February last has all been expended in advancing the tunnel, and the company is now without money or resources to go on with the work unless it is furnished by those stockholders who have not already done so, and unless they now come to the relief of the company as the others have done, all work at the mines will have to be stopped on the thirtieth instant.” ¹

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