A Conservative Investment 



SAFE AND PROFITABLE. 



TREASURY STOCK OF A COMPANY EARNING GOOD DIVIDENDS TODAY. 



An opportunity is offered investors to secure Preferred stock in a company now earning 

 dividends of 12 per cent, on the par value of its entire outstanding capital stock. It has as- 

 sets worth more than its entire capitalization and the preferred stock has a prior lien on every 

 dollar of assets owned by the company. The company^ s plant is now being run to its capacity 

 and a market is ready to take its entire product. 



' The money derived from the sale of stock offered is to he used for enlarging the plant 

 about nine fold and increasing its supply of raw material. When this has been done, 

 dividends will be several times 12 per cent. 



Briefly stated, the proposition is as fol- 

 loAYS. The Ethel Consolidated Mines is 

 a Producing Property. It is earning divi- 

 dends today.. It has an 80-ton mill run- 

 ning day and night turning out concen- 

 trates assaying from $120.00 to $274.96 

 per ton. The product of this mill is suffi- 

 cient to pay dividends at the rate of 

 yer cent per annum on the entire outstand- 

 ing capital stoch. Dividends at that rate 

 will begin in April, 1903. It has about 

 3,000 feet of tunnels and upraises already 

 opened up, with 7 5,000 tons of fine milling 

 ore blocked out. A new deep level tunnel 

 now being driven on the, 1,100 level (now 

 in over 700 feet and in good milling ore) 

 will, it is stated by expert mining engin- 

 eers, open up in the first 2,000 feet, over 

 700,000 tons. Xearly 100 men are now 

 emplo3^ed in the mill and in pushing fur- 

 ther development work. This force will 

 be increased to over 200 men within three 

 months. The properties of the company 

 are contiguous and extend for over four 

 miles on the main vein of the Mother Lode 

 of the Index District. 



Three expert mining engineers who re- 

 cently examined the properties imite in 

 saying that the supply of ore is practically 

 inexhaustible. One of them stated that 

 if , the vein was cnly two feet wide it would 

 contain 5,000,000 tons of ore, or enough 

 to supply a 1,000-ton mill for fifteen years. 

 The vein is over six feet wide, however, 

 and all in good milling ore. Besides that, 

 there are over 100 cross veins even richer 

 than the main vein. 



(See letter from Mr. N. W. Emmens, 

 E. M., giving estimate of awonnf of ore 

 to be opened up by the deep level tunnel.) 



WATER, POWER. 



A creek flowing through the properties, 

 rising in a lake '5,400 feet above the mill, 

 furnishes power enough for a 5,000-ton 

 mill, and everything else about the mines 

 requiring jDower and electricity. 



TIMBER. 



The properties are covered with a dense 

 growth of heavy cedar and fir timber. 

 Expert lumbermen estimate that it will 

 cut over 25,000,000 feet of merchantable 

 lumber in addition to all that the mines 

 will require for timberingf, etc. This tim- 

 ber has a market value of^fully $1,000,000. 



EaUIPMENT. 



The equipment of the mines is up-to- 

 date in every respect, and sufficient to 

 meet all the requirements of the 80-ton 

 mill now in operation. 



The assets, as the properties stand to- 

 day, are considered by competent author- 

 ities to be in excess of the entire capital 

 stock. It is a '^'going concern." A mine 

 equipped sufficiently today to earn — and 

 it is now earning — 12 per cent on its out- 

 standing capital stock. A very natural 

 question is, therefore, why not '^et well 

 enough alone This question is easily 

 answered by pointing to the immense nat- 

 ural resources of the properties and ask- 

 ing whether it is not better to develop them 

 on a larger scale now for the benefit of the 

 present stockholders than to proceed as at 

 present and leave the undeveloped re- 

 sources for succeeding generations. There 

 is but one answer to this. 



