Fourth. The copper shall be delivered by the sellers in New York city free on board ship or at warehouse for storage, as the buyers may direct.

Fifth. Under the sole direction and control of the buyers, the sellers, when so requested, will act for them without charge or commission in selling, invoicing and collecting payments for any of this copper which the buyers desire to be resold in the United States, and such copper may be forwarded directly from the smelting works to any required point, the delivery of the same at New York, as provided in article fourth, being waived by the buyers.

Sixth. Payments to the sellers by the buyers hereunder, shall be made cash on delivery or on tender of the shipping or storage documents, namely: Bill of lading or warehouse receipt, and Detroit and Lake Superior Copper Mining Company's certificate of weight.

Seventh. The copper shall be produced and delivered as nearly as possible in equal monthly quantities.

Eighth. The sellers are not to be held responsible for failure to deliver at any time, caused by strikes of workmen in their own employ or in the employ of others, accidents at the mines or works, lack or interruption of transportation, or any other causes beyond their control.

Ninth. It is also understood that the estimate of production herein stated is greater than the average annual production of the sellers' mines, and on this account the sellers are not to be held liable for failure to deliver the full quantity herein mentioned, provided there shall be any failure of production of the mines.

Tenth. Any deficiency of production in any one year is not to be added to the production of the following year; but this applies only to deficiency of production and not to delay in transportation.

Eleventh. Upon the execution and delivery of this contract, the buyers agree to deliver to the sellers a letter of credit of satisfactory bankers for amount of all purchases under this contract, down to the first of May, eighteen hundred and eighty-nine, (May 1, 1889), which letter of credit shall provide for payment by the bankers, on tender or delivery to the bankers of the documents above specified; such letter of credit to be availed of by the sellers for such portion of the copper as is not resold through them in the United States; and at least thirty (30) days before the first day of May, eighteen hundred and eighty-nine (May 1, 1889); the buyers shall furnish to the sellers an additional letter of credit which shall be similar in form and substance and cover all purchases made and delivered hereunder until the first day

of May, eighteen hundred and ninety (May 1, 1890) and at least thirty (30) days before the first day of May, eighteen hundred and ninety (May 1, 1890), the buyers shall furnish to the sellers an additional and similar letter of credit covering the balance of all purchases and deliveries made under the said contract; it being understood and agreed that the sellers will not draw on or against any of the credits so given except after demand of payment on the buyers or their agents and default therein. It is further understood that in no one month shall the said credit be drawn against for an amount greater than the contract price of the proportionate delivery of copper for such month under this contract.

Twelfth. The sellers agree to guarantee all the sales that shall be made by them hereunder for the buyers such guarantee to extend only to a guarantee of the cost price to the buyers of said copper under this contract, but no further; it being the intention hereof that to the extent which the sellers resell the said copper for the buyers, they shall release the said buyers from any further obligation to account to them therefor, but the said sellers in case of loss by any such sales, shall not be bound to compensate the said buyers for any loss of profit arising to them thereby.

Thirteenth. The sellers, in addition to the price of thirteen (13) cents per pound, herein agreed to be paid by the buyers for copper delivered hereunder, shall be entitled to receive from the buyer onehalf () of the net profits that shall accrue by reason of resales of the said copper, either by the sellers, as agent for the buyers, or by the buyers, either in the United States or elsewhere, after deducting storage, ocean freight, insurance, charge for interest at the rate of six per cent (6), and all other charges, including brokerage, but no commission shall be charged by either party for effecting such resales.

Fourteenth. The said seller shall render monthly accounts of all productions of their mines, and of all resales made by them hereunder, as the agents of the buyers, and the buyers shall also account for all resales made by them; and settlements of profits arising from resales by either party shall be made quarterly.

Fifteenth. Messrs. Jere Abbott & Company, of New York city, are hereby nominated, as agents for the buyers, to receive for them notice of shipment and demand of payment, and to give direction as to the delivery, and to receive tenders, and to direct as to resales, and to receive shares of profits arising by said resales, and generally to act for the said buyer in all matters in connection with this agreement; and on the failure of the said Jere Abbott & Company to act as such agents, the bankers named in said letters of credit shall be considered

and hereby are acknowledged as agents of the buyer for those purposes.

Sixteenth. It is further mutually agreed between the buyers and the sellers that all matters of differences arising with reference to the obligations of this contract, or the interpretation thereof, shall be submitted to three arbitrators resident within the United States, one of whom shall be appointed by the buyers, another of whom shall be appointed by the sellers, and a third of whom shall be selected by the two arbitrators thus appointed; and that the said arbitrators shall promptly hear, and a majority of them determine all such questions of difference, and make their award in writing, which award shall be binding upon the parties hereto.

In witness whereof, the said Atlantic Mining Company has caused these presents to be sealed with its corporate seal, and the [SEAL.] same to be subscribed in duplicate by its treasurer, and the Société Industrielle et Commerciale des Méteaux de Paris has likewise subscribed these presents.

ATLANTIC MINING CO.,

By JOHN STANTON, Treasurer.

SOCIÉTÉ INDUSTRIELLE ET COMMERCIALE DES MÉTEAUX,

L'Administrateur Directeur, E. Secretair.

C.

List of Copper Mining Companies in the

United States.

ATLANTIC MINING COMPANY,

76 WALL STREET, NEW YORK,

December 13, 1888.

Colonel GEO. BLISS:

DEAR SIR.

As requested by chairman of the Senate General Laws Committee, I now hand you a list of the companies now producing copper in the United States, viz.: