Document bNa271Q21QqzbwQ8pkvXe5j0

Attaomirn (Hopper Mtmttg CHontpang 25 Srnaiunag Sfftn ?ork September 2&, isso International Smelting and Refining Com;any, 5 Broadway, ilw York, H. Y. Gentlemen: The undersigned, Anaconda Coppsr^Kinlng Company, 1* the owner of ell the outstanding took of Anaconda Lead Products Oc-pany, consisting of 15,650 shares of the par value of ;60 per share. Attached hereto la a balance sheet of.said Anaocnda Load Products Ccnpanj as of August 51. 1656, which correctly sets forth all of the aaaota and llabilltlea of aald Company aa of said date. Slnoe the date of said balance sheet there have been no changes in said assets and llabilltlea except In the norrVl end ordinary course of bualneaa, and the net worth of aald Com pany as shown on said balance sheet Is substantially the sene as the date hereof. The undersigned hereby offers to sell end transfer to you the ssld 15,65 shares of the stock of aald Anaconda Lead Products Company In exchange for 15,500 shares of your fullypaid and nen-asaeatable cap!tel stock of the par value of $75 per share. Delivery cf said aharea of stock of Anaconda Lead Products Company shall be made by the undersigned against the delivery to the undersigned of duly and validly Issued'certifi cates representing the aforesaid 15,500 fully-paid and non assessable shares of capital stock of your Company of the per value of $75 cash. If this offer la acceptable to you,kindly indicate ycur acceptance hereof by affixing your signature in the specs provi ded on the duplicate copy of this letter enolosed herewith and return the same to the undersigned. Very truly yours, ANACCHLA CCPFEfl HIKISO CCkPASY, j , C V-j _. , ` AHRCVIX A-I* ACCLFTnX : XSTKKKATItVAL SSELTIXQ ANC RSFIHIHG CCSFAHY, Vies President. ** d -v '--A, C7*\>A.v *.-'J' Vice President. PNtC0000662-8 N11099