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Show I Cumberland Ely Minority Is Asking Some Very Point- ed Questions. ORE TONNAGE HAS SHRUNK GREATLY Statement of Assets Gives Rise to Some Comparisons of Interest. I It is doubtful If the minority stockholder stock-holder interests of the Cumberland Ely company, how opposing tho sale of their properties to the Nevada Consolidated tompany,. will succeed in maintaining vheir contentions, the programme of con-jolidation con-jolidation as outlined doubtless being slated to go through, but the minority certainly has reason to expect a few answers to some of tho questions fired at tho interests behind the movement. I There are several Items involved in tho merger plan which arc providing abundant abun-dant food for speculation. Not so long ago that the recollection thereof is entirely faded from the minds of Cumberland Ely stockholders, reports had the blocked resources in this mine measuring 3,000,000 tons, tho average value of which was above 3 per cent. Tho Copper Handbook for iOOD gives the tonnago In the above figures, and each company mentioned in this book is given the chance to give such facts bc-iore bc-iore publication. From Boston now comes the information informa-tion that Engineer Yeatman has reported the Cumberland Ely ores as measuring only 70G.S27 tons, the average copper value being 3.5 per cent. This leaves 2.L'33.173 tons of ore unaccounted for, and the minority wants to know about It. Taking this amount of tonnage after the abovo shrinkage, allowing for a recovery of -101 pounds of copper to the ton, and on a 13-cont copper market, it is figured tho mine is now worth ?1.0S7,720. The company is capitalized for 1,300,000 shares of stockand it once sold for ?12 per share, or on a market valuation of $15.1)00.000! Taking this ore valuation, and adding to It the estimated value of its Interest in the Nevada Northern railroad and the Stentoe reduction works, tho Cumberland Cumber-land Ely assets are given as totaling 56,159.913. This valuation gives rise to one more interesting thought In connection connec-tion with the value of the Nevada Consolidated Con-solidated assets. It will be recalled that the Cumberland Ely stockholders are invited in-vited to exchange their stock on the basis of 3 shares for one share of Nevada Ne-vada Consolidated If this stock exchange ex-change represents the comparative merits ,of the two propositions, and the Cumberland Cum-berland Ely is worth 56.159.913, then Nevada Ne-vada Consolidated assets arc to be meas-xtred meas-xtred within the ?20,000.000 limitation, although al-though Its stock, now selling for 21 cents, gives It a valuation of approximately approxi-mately 40,000,000. The fellow who can invent an organization organi-zation without a troublesome minority to ask troublesome questions certainly would have little difficulty in securing a patent on his discovery. |