The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-13
To First National Stockholders

-Four days ago sen the following request o stockholders
Attached hereto you will find a option blank for your present
holdings of First National Copper Company stock. If YOU will fill in
the amounts, sign and have signature witnessed, and return the option
to me by the earliest mail, will appreciate your prompness.
My request meal this:
Owing to the present peculiar times it may he possible for your
mines or part of them, and your smelter and other property to be used.
I'm conjunction with other properties, for other purposes than the produc-
ton of copper.
Because Of this it may be possible for me to tuno Owe your company
to other parties upon terms most advantageous to all stockholders.
ITO attempt this it will be necessary for ne to have at nee IN
option on the bulk of the companys capital stock.
"rhe present market price Of First National stock is s2.'o a share
1t has not been above $500 per share for som time. The option ask
for, if exercised in whole will give to stockholders $3.50 per share, or
nearly three times the present price. The giving of the option will be
beneficial. in my opinion. to all stockholders.
IN considering my request l ask you to weigh carefully the following:
list, l a making this request personally and OF as president of
your company.
end. At all stages of the transaction will be personally interested
that is if the proposition is successfully contaminated may personally
profit. II, because Of N insufficient return of options or other reasons.
the proposition falls through. l will personally lose.
"srd. l will have the right to exercise an part of the option a, n
time during the life of the option, but will not be obligated in any way
to exercise all or any part of the option.
"4th. Time is of vital moment that is if Il do OF receive a sufficient
number of options at once it may be impossible for me to conclude the
arrangement.
18th. If any o during the past year had asked mi for a similar
option upon my large holdings which have cost e about $500 per
share, or as much as any other stockholders, l would have given it.
9Th. The recent contract entered into between your company
and the Mammoth Copper Company United States Smelling for the
smelling OF your company's copper ores for the period of ten years, under
which your company is mining and shipping at the present time, is not
affected by the proposition under consideration
My request as a frankly open one. did not attempt to disguise
that had plans under wa which, upon consummadon, would give Ito mi
personally large profits. believed then, as do now, that il carry through
my plans, an entitled to all profits may secure.
To inquiries ofst stockholders, stated that while their stock under present
conditions, and independent Of my plans, might be- and probably was. worth
much more than the price at which l asked for their option, considered
that was well within my square-deal rights in making my request. Still,
as have received options 70. but a fraction Of the amount of stock | require,
ask those stockholders who have no sent m e their option to give it O me
upon a basis of $1,000 per share instead of 81 so and at thirty days instead
of three months.
In asking this, repeat that, while my contemplated arrangement ma
bring ne "A larger price than the one pay to those who give m e options,
stockholders could not do what may be able to, for. to carry my plans to
SuCC S, IL u necessary Tor me- in addition 10 toe to turn in other rOner
which NJ IN else could possibly secure.
ne ict that there have been large transactions in the stock, ana that
IN pnce la nebed since the making of my request, does not, in my opinion,
after N situation and should not influence stockholders: for thy should
car hhnd nat am treating all stockholders alike and that might easily
ave ADOPTED the usual curse of acquiring the necessary amount of stock
W secret market campaign methods instead of the oesI adopted.