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[[Level ch. #5
July 26. No 1445
[[line]]
To Myra B. Martin
Room 1806
15 William St NY
from [[Hin Achad.?]] 
Returned Nov. 29- note [[?]]
Nov. 30. wrote claim voucher is apply the 5. [[?]] Francis Stuart.]]

[[prferprinted]] Copete Consolidated Copper Company
15 William Street, New York

June 21, 1912.

To the Stockholders:

The copper market is in better condition than it has been for several years. The price of copper is now 17 1/2 cents a pound, and many well-informed people think it will go still higher.

It is a great pity that we are not in position to take advantage of these high prices either directly, by working the property ourselves on a larger scale, or by effecting a successful negotiation with competent and financially strong people who can easily set the enterprise on its feet. The chances of doing either are diminished by the slow progress of the present work. The delay is due to the fact that several stockholders have not completed their contributions, and many have not contributed at all. 

In spite of this, the work to which Dr. Nicholas has given such constant and careful attention under the arrangement with the contributing stockholders is so well along that we begin to see daylight ahead. Dr. Nicholas keeps a daily record of the work done which is mailed to the New York office every week or ten days, so that we have kept in close touch with his work. Those of us who have watched it feel that he has accomplished a great deal at a very low expense because he has given it to his personal attention. When he undertook the work he made his estimates as low as possible. Of the $8,800 he asked for, $7,246.43 has been contributed. He went on with the work before the full amount was subscribed because he believed that the stockholders owning such a valuable property would surely see that it was to their interest to contribute the small amount asked for. If every stockholder would contribute on as much of his stock as he can, even if not on his entire holding, the small sums would aggregate the amount needed. 

For every contribution of five cents a share the Company has issued to the contributor one share of the Copete Consolidated Stock.

It does not seem quite fair to those who contributed promptly that they should have to wait so long for results, nor does it seem just to Dr. Nicholas to have him forced to keep the matter open and hold himself at the convenience of the stockholders, therefore your Directors have decided to set August 10th as the time limit for issuing a share of Consolidated stock for every contribution of five cents a share on either stock. 

The sooner the balance of the contributions is received the sooner Dr. Nicholas can complete his work. 

No exchange of stock at the rate of two shares of Copete for one of Copete Consolidated will be made after July 15.

In his last letter, Dr. Nicholas Writes as follows: 

"It gives me some satisfaction to report to you that I have at last secured a suitable working basis for the administration of the affairs of the Copete Consolidated Copper Co. To this end I have established relations with the Pioneer Smelter, a new smelting enterprise on the railway between Nogales and Tucson. To this point your richer ores can be shipped and the poorer ones can be treated by a roasting and leaching process similar to that used at Rio Tinto in Spain. The success of this process in treating your ores has been amply demonstrated. After treatment for copper the oxidized ore remaining can then be put through the gold mill, and thus all values will be saved by process which are inexpensive, suitable to the resources of the country and well adapted to your ores. 

The recent discovery of platinum in some of your ores may be of great importance. Considerable testing must be done before a positive statement can be made as to the value of the platinum deposits, because this metal may, and frequently does, occur in small segregations. The prospects, however, may be considered promising.

Work has been continued on your gold deposits and areas have been opened up proving that while these ores are low grade, they are extensive. The gold is distributed through the [[continued on the next page]]



  

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