p. 27

25

If the stock could now be redeemed in this way, say ten shares,
costing ... $600
and coal was $5 per ton, net, the stock would be worth just
three times 120, which is ... 360

Present value of stock ... $960
The quantity of coal in these lands is estimated to be (in
the two veins) ... 12,800,000 tons
We will deduct half this estimate, a very large allowance,
all will acknowledge, for supports for the roof of the mine 6,400,000 "
And there is left ... 6,400,000 tons

Now, if 350 tons per day is taken out, it will take
sixty years to exhaust the mines, allowing 300 work-
ing days to the year; and the profits, at one dollar
per ton, would realize for the stockholders the sum
of $105,000 per annum—about 35 per cent. on the
investment.

RECAPITULATION OF PROFITS.

Net profits of mining 350 tons per day, at the lowest estimate
made, 75c per ton, for a year, is ... $78,750
Sales of Coke, $70 per day ... 21,000
$99,750

And this on a capital paid in of $300,000—about 33 per cent.
profit; and, unlike other perpetual leases, this company has no RENTAL
to pay on any portion of the leased property.

All of which is respectfully submitted.

JOHN C. HILTON.

CHICAGO, Nov. 29th, 1865.