“Our present plans contemplate construction on from Raton to Elizabethtown, a distance of a little over 75 miles, but our total trackage will be about 80 miles. Of course, it is not our intention to stop with this little piece of road, but when it is extended to the West, the question will be where to find the most feasible route to cross the mountains. The Taos Valley, the Canon of the Rio Grande and the rolling mesas beyond the Rio Grande, and as this route will be difficult at best, very little attention can be given to present established localities. I mention this to show that even though the road is extended to the West, and we do expect to extend it, still your camp will always be the best served over the road connecting with the railroad in the Moreno Valley.” By the above it will be seen that we will in the near future be favored by convenient railroad facilities, which will very materially enhance the value of property throughout the District. Mr. O. H. Stanley, a mining man of six years experience in this district, has general superintendence of the development of the American Consolidated Mines Company property. His long experience in this district, together with his knowledge of the condition and character of the ores, make him a very valuable man and stockholders in this company are to be congratulated on having such a man at the head of its mining department. [Illustration: _SKETCH MAP PART OF THE RIO HONDO DISTRICT TAOS COUNTY NEW MEXICO._ MAP NOT DRAWN TO SCALE] Statement of Treasury of the American Consolidated Mines Co. Cash on hand at organization $2,000 00 Cash stock sales and installment stock closed 4,035 54 Cash received on installment sales not yet closed 2,073 25 Bills receivable (balance payable on installment 7,940 09 stock) Expenses to close 1902 $4,182 06 Cash on hand (including bills receivable) 11,866 82 $16,048 88 $16,048 88 Policy of Management. Work will continue to be prosecuted with all speed, and to the best interests of all. Our plans contemplate extensive development and improvement in equipment along all lines. Proceeds from the sale of treasury stock will be used for the sole benefit of the stockholders. We wish to thank the stockholders for their liberal support in the past, and ask your continued co-operation—if not in a financial way, we shall equally appreciate any words of approval you may have to offer for the enterprise. The interests of one are the interests of all, and we shall work accordingly. [Illustration: Decorative glyph] [Illustration: A Street in Twining, New Mexico. Views of Mountains in the Rio Hondo District.] Extracts from Bulletin on Taos County, New Mexico, issued by the Bureau of Immigration.