HOME AND FLOWERS 



47 



Personal References : 



Clevelfpnd Trust Co., Cleveland, 0. 

 / Park Xational Bank, Cleveland, 0. 



EXPERT'S OPINION. 



Copy of a letter giving figures regarding 

 the earning power of the Ethel Consoli- 

 dated Mines, written February 10, 1903, 

 by Xewton ^\. Emmens, E. M., to a Penn- 

 S3dvania gentleman. "Mr. Emmens is the 

 expert who reported on the Ethel proper- 

 ties last Fall. (Experts' Reports, Illus- 

 trated Book, Maps, etc., sent, free on 

 request.) 



Mij Dear Sir: — 



You have asked me to point out in what 

 manner the preferred stock of the Ethel 

 Consolidated Mines is a better investment 

 than a savings bank. This question can 

 best be answered by giving you some fig- 

 ures as to what earnings the company can 

 make. 



Refer to the cross section map accom- 

 panying the prospectus and you will find 

 that ore has been proved to exist in the 

 "upper tunnel." "lower tunnel/' "Cut A," 

 "Cut B," "Cut C," "John D.," Tunnel 

 Xo. 3, and in the deep level tunnel ; prov- 

 ing that the vein is continuous for a dis- 

 tance of over 2,500 feet. It has also been 

 proved to a depth of 600 feet below the 

 lower tunnel, and by the work already 

 done on the vein has an average width of 

 over 7 feet. Above the lower tunnel the 

 ore has been proved to exist within 10 feet 

 of the surface and to have the same average 

 width. That this width of 7 feet is well 

 within the mark you can judge for your- 

 self when I tell you that I personally meas- 

 ured the ore body in many places during 

 my visit to the mines last Sep ember, and 

 found it to run from three to over sixteen 

 feet in width. In the following calcula- 

 tions we will take for our basis an average 

 width of only 5 feet. 



By referring to the map spoken of, you 

 will find that there is the following amount 

 of ore available for the mill between the 

 commencement of the deep level tunnel 

 and the present stoppincf ground. A length 

 of 1,500 feet by a depth of 600 feet by a 

 width of 5 feet and a length of 1,000 feet 

 by a depth of 300 feet by a width of 5 

 feet for the ore below the lower tunnel; 

 and a length of 1,800 feet by a depth of 

 300 feet by a width of 5 feet for the ore 

 above the lower tunnel. Allowing 10 cubic 

 feet of ore in place to equal one ton of ore 

 we have 870,000 tons. Let us deduct from 



this 15 per cent, for barren places in the 

 vein, waste, etc., and we have a net ton- 

 nage of 739,500 tons. 



The average metallic contents of the 

 crude ore as shown by actual mill runs is 

 about 31/^ per cent copper, 5 ounces silver 

 and 1-50 ounce gold per ton. For the sake 

 of our calculation we will only take 3 per 

 cent copper, 4 ounces silver and 1-60 ounce 

 gold per ton. 



Estimating 3 per cent of copper per ton 

 on 739,500 tons of ore give?, us 22,185 



GRAVITY TRAMWAY 



tons or 44,370,000 pounds of metallic cop- 

 per, which at 12 cents per pound equals 

 $5,324,400. 



Taking 4 ounces of silver per ton on 

 739,500 tons of ore we have 2,958,000 

 ounces which, at 47 cents per ounce, is 

 worth $1,400,260. 



Estimating 1-60 ounce gold per ton on 

 739,500 tons of ore we get 12,325 ounces, 

 which at $20 per ounce gives us $246,500. 



The total gross value of the metal in the 

 ore is, therefore, as follows: 



Copper $5,324,400 



Silver 1,400,260 



Gold 246,500 



$6,971,160 



