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24

100 tons will then cost say...$100
This will make 60 tons of Coke, or about 3000 bushels, of 40
lbs each, and cost to make it 2c per bu,...60
Now add the regular freight to Chicago, 5c per bu....150
Present value of Coke on track we estimate at 15c per bu....—$450
We deduct the cost....310 310
—
And have net profit to the company....$40
Besides selling the slack, etc., at $1 per ton...100

Now this can certainly be done in two days, and
allowing 300 working days, and $70 per day is a fair
profit, the company will realize $21,000 from Coke
alone.

Now, if these are reasonable estimates, the revenue
derived from the mines must make the stock in this
company a valuable investment, undera PROPER
MANAGEMENT.

But the value of the stock, it will be readily seen,
is not dependent entirely upon these dividends, for
when the redeption of the stock, in coal, commences,
STOCK being the only currency that the officers of
the company can receive, in sums of ten shares and
under, when selling coal at net cost, it will be readily
purchased by all coal dealers, for near its full value
in coal, at all times.

A certificate for ten shares of the stock upon which
60 per cent. has been paid, virtually becomes a cer-
tificate for one hundred and twenty tons of coal, at $5
per ton, if the holder so desires to surrender it to the
company's agent.