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[[handwritten]] [[???]] April 1922 [[/handwritten]] Copete Consolidated Copper Co,. William T. Read - - - President Myra B. Martin, Secretary and Treasurer --- 15 William Street New York, March 28, 1922 TO THE STOCKHOLDERS OF THE COPETE COMPANIES: It is two years since you were asked to subscribe to the Tax Fund because we hoped that before 1921 was out the Company would be on such a basis as to make it unnecessary, but several factors have delayed the hoped-for consummation. For logical reasons the price of copper has continued low, and moreover, conditions in Mexico are not yet satisfactory , but things are beginning to look better, and the big copper companies that have been shut down so many months are beginning to start up again on a small scale. As all those conditions improve, our outlook also improves. Whatever else happens, mine taxes have to be paid or the property lost. There are certain people that know our property well that have watched us hanging on through thick and thin, and hoped that sometime we should fail to pay our taxes, so that they could gather it in. After we have held on so long it would be a pity to lose out now, in which case you would lose your original investment, the five shares of stock that is coming to you as a bonus for every dollar loaned, and the loans themselves. It would seem as if anyone that had made an investment in a property of acknowledged value ought to be willing to back up his judgment by loaning $2 to protect it. The money thus far loaned has been used as follows: Expense of sending circulars and paying taxes for the years 1916-1921 inclusive, aggregates --- $2964.37 Loans from stockholders in response to circulars --- 2645.00 Deficit--- 319.37 To cover this deficit, to pay certain annual taxes for right of way, the monthly stipend to the Company's representative in Mexico, incidentals relating to tax matters, legal protests against looting, license taxes, part payment and interest on Company's note, besides many incidentals that have not been charged at all, such as telegrams, postage, stationery, etc., the Secretary has, during this same period, from February 7, 1916, to date advanced the Company sums aggregating $2192.55. An itemized statement of all the foregoing will be given to any stockholder requesting it. Nothing has been paid for salary, office rent and expenses, nor for the worry and strain of responsibility that no money can ever pay for, so your Secretary, who, prior to 1916 had advanced many times the amount noted above, before asking help from the stockholders, feels that she need not hesitate to ask your co-operation in saving your own property which we believe to be worth saving for the better time sure to come. On this circular is written the total amount you have loaned to date, beginning with the first loan in 1916. If no amount is written in no money has been received from you. Please fill out the enclosed blank and send with your remittance of $2 (or more) to the First National Bank, Nogales, Arizona, as promptly as possible. We do not ask the bank to send receipts or acknowledge letters, as that would entail expense to be paid for out of the Fund. The Secretary is always glad to give desired information, and she hoped that the next circular she sends to you will be one enclosing checks to repay the loans, and the bonus certificates of stock of the Copete Consolidated Copper Company. Myra B. Martin, Secretary. Loans to date: $[[handwritten]]7.00[[/handwritten]]
