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er against The Kendrick and Gelder Smelting Company on any of the prop- ties purchased. They are all paid for, free and clear in The Kendrick d Gelder Smelting Company, including all of the smelting works, ore serves, and everything enumerated in the quarterly report, with assets over two millions of dollars, and with ore reserves sufficient, with e concentrating mill, to furnish the entire capacity of our smelting rks from our own mines. The Kendrick and Gelder Smelting Company, in t hs way of indebt- nQSS, is in better condition than even the American Smelting Company, own as the Smelter Trust. The Trust has millions of dollars of indebt- ness in the way of bonds, as reported, and has a high capitalization ,mpared with its assets. The Kendrick and Gelder Smelting Company has .bonded indebtedness, and has assets of more than double its caritalis- ion. A party from A'ew York, who purchased a few thousand shares of ~e first issue of stock of The Kendrick and Gelder Smelting Company had man come out to Colorado aryl spend about a month making examinations, 'ter which he came out to Colorado, a few weeks ago, and has been to .lverton and made a personal investrigation of the mines, smelter and •operties of The Kendrick and Gelder Smelting Company, and on his• re- ,rn to Denver, came into the office and, without solicitation, gave his peck in payment for 25,000 shares more of the stock of The Kendrick and alder Smelting Company. Fie did this after making this careful investi- :tion, conferring with engineers who had examined the property, and !th numerous mine owners of the district. This spoaks strongly for the slue of the stock of the company. The greater portion of the last is- ~e of the stock is now subscribed for. We received a telegram from Silverton ordering ten thousand cares of stock of The Kendrick and Gelder Smelting Company at fifty enta per share cash. This order comes from miners who pay five thous- nd dollars cash for it. We also received another order from the audi- or of the smelter company for one thousand shares of the stock. The stock of The Kendrick and Gelder Smelting Company should ell now at the par value of Its assets, which are over two million dol- ara. o_r at the rate of over X2.00 per share, instead of 50 cents per hare, and these assets are being enlarged each month. Thera is only a mall balance of about 2.0,000 shares, which is all the stock that the ompany will sell. The ;properties controlled by The Kendrick Promotion Company are good financial shape, like The Kendrick and Gelder Smelting Company. If~you see your way clearly we would be pleased to have you in us in his enterprise. Pease send Jour orders direct to The Kendrick and Gelder Smelt- Compan~, or to The Kendrick Promotion Company, Exchange Building, nver, Colorado. Very truly Yours, THE KENDRICK PROlA0TI0N COASPANY, paps Sept. 5th. sub. blanks. ~~~"y'~ BY _ Presi ent. ,_.