The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-10-24
SHERMAN LEAD CO,
TOBE|NCORPORATED
Take Over Holdings
of Sherman Dev-
elopment Co.
CONTROL GOES TO DAY
Will Pay Balance of Bond
and Finance Its Future
Development
CONTROL GOES TO DAY

IN ORDER to enable the Sherman
Development company to comply
with the terms of a contract en-
tered into with Eugene R. Day
by the provisions of which it is agreed
to deliver to him 81 per cent of the
capital stock of the company, the
board of directors have adopted a
resolution to be considered and con-
firmed by the stockholders authoriz-
ing the organization of a new corpor-
alton with capital stock of 100000
shares of the par value of 25 cents
sets, real and personal, of the Sher-
man Development company be trans
ferred to the new corporation, which
will be called the Sherman Lead
company. and which will also
assume all liabilities of the old COM
pany. The details of the proposed
transfer are embodied in a resolution
adopted by the directors of the Sher-
man Development company, held on
October IS. the following directors be-
ing present: James F. Callahan,
Charles McKinnis, E. P. Ryan, Axel
Swan, Eugene r. Day and H. R. AL
len. The seventh director L. W. Hut
ton, was absent, but has since approv-
ed the action of the board. The min
utes of the meeting, including the
resolution adopted, have been mailed
to the stockholders together with
notice of meeting of stockholders to
be held on November 22 for the pur-
pose of ratifying the same. The res
olution is here given in part:
Day to Advance $153,000.
Whereas, the Sherman Develop
ment company has now in it's treas
ury 31S,000 shares of capital stock;
and is indebted on the purchase price
of it's property in the sum of $780,
600; and for development work on it's
property, approximately in the sum of
$15,21767; and in order to make
producing mine Of the property of the
company and equipping the same, it
is estimated by the board of directors,
that it will be necessary to expend
approximately $4,000; and
Whereas, in order to secure the
money with which to make the pay
ment of $4,000 due on July 1, 1913,
on the purchase price of the company,
the directors entered into an agree
ment on the 2Sth day Of June, 1918,
with Eugene r. Day, under which
agreement the board Of directors
agreed to deliver to Eugene r. Day
81 per cent Of the capital stock Of the
corporation, for the sum of $153,00
to be paid by him at various times as
set forth in said agreement, and
stock to be delivered when such pay
ments were made; and
Whereas, in pursuance OF the
terms of said agreement, Eugene r.
Day has advanced $4,000 toward the
purchase price of said property;
which said sum was due on the 1st
day of July, 1918; and has since ad-
vanced for development work on said
property the sum of $15,21767; and
Whereas, in order to carry out the
terms of said agreement on the part
OF the Sherman Development COM
pany it will be necessary to deliver to
the said Eugene r. Day stock in said
corporation from time to time until
81 per cent of the capital stock of the
company should be delivered, which
aggregate 100000 shares; and
the company has now in the treasury
orly 31S,000 shares; it will be neces-
sary either to increase the capita!
stock Of the present corporation or IN
some way reorganize by the organiza-
ton Of new corporation having
larger number of shares; and
Whereas, in the judgment Of the
board of directors it Is more feasible
TO organize a new corporation under
the laws Of the state Of Idaho, which
new corporation is to acquire all pro-
perty, real and personal now belong
ing to the Sherman Development
company; and to receive and accept
assignments Of all options or bonds
now running of the Sherman Devel-
opment company, and to assume all
liabilities and obligations of every
Kind and character Of said Sherman
development company; and
Whereas, the reason for organiz-
ing corporation under the laws OF
foreign state has chiefly been remov-
ed by the enactment of the workmen's
compensation law in the state of Ida
no, the directors of the Sherman De-