The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-07-07

n the CAL Callahan = zia @l-.asr' COM
pany to the stockholders has
just been received, giving the result
of the recent meeting of the directors
and covering other matters of inter
est to shareholders The meeting was
attended by Donald A. Callahan, of
this city. and c. w. Newton, mine
manager Both Mr. Callahan and Mr..
Newton were accompanied by their
families and will spend some time Wis
iting friends and relatives in the east
before returning home. Mr. Newton
will probably arrive within the next
few days, but Mr. Callahan is not ex-
pected until about July 20. The let
ter from President Borg follows
To the Stockholders.
AT an adjourned quarterly meeting
of the board of directors of the Gala
han Zinc-Lead company held in New
York city on June 81, the following
officers were elected for the ensuing
year:
John Borg president; NJ c. Ro-
dearmel. first vice president; Mile
Bunnell. second vice president; II. T.
McMeekin. secretary and treasurer.
Directors John Borg, NJ G. Rodear-
mel, Joseph r. Cotton, Donald A.
Callahan and Gust Carlson were elect
ed as the executive committee for the
ensuing year.
Development Continues.
"Snce the issuance Of our report
covering the first quarter of the cur
rent years operations, development
work at the mine has been vigorously
prosecuted. The main three com
partment shaft has been sunk anoth-
err 200 feet. from the No 10 to the No.
II level. and drifting on this lower
level has now been started. The
work now in progress at this point
will open up our ore bodies at a point
1850 feet below the No. 4, or main
tunnel level
Reduction in Mining Costs.
"Since the first of the present year
been reduced approximately 30 per
cent in the Occur d'Alene district.
When our property resumes capacity
shipments, the scale now in effect will
result in an approximate saving OF
s24O, 900 per annim in this item alone. /
The low wage scale now in force, with /
the splendid efficiency of our mill /
should therefore make possible a |
lower per-pound cost of production
than at any time in the history of this |
company.
Death of J. F. Callahan.
1--WE regret to announce the pass
ing of Mr.. James F. Callahan on June !
70, at Wallace, Idaho. Mr. Callahan |
was one of those hardy pioneers who
were instrumental in opening up the
mineral resources of our great west
ern states, and was the discoverer of
the Callahan mine. AS a result Of
thirty-five years of personal effort
with all its vicissitudes and disap
pointments. during which time he
never lost faith in the future of his
mine, he finally in 1912. succeeded in
opening up what has since proven to
be one of the largest zinc-lead depos-
it's in the country, and which has
since that time disbursed approxim-
ately 100000 to it's stockholders. We
feel that in the passing of this hardy
old prospector the country has lost
another man who contributed much
toward increasing the store of the ma
TONS natural resources.
Many Stockholders.
During the past two years, in
which stock market conditions have
been such as to discourage invest
ments in mining and metal issues,
the Increase in the number Of our
has been a remarkable
one. Your company now has 24S4
which compares with
532 in June, 1919-an increase Of $50
per cent during the 'two-year period.
OF the $4,000 shares outstanding
your directors own 21 per cent, brok-
erage houses own 21 per cent, and
investors own 5S per cent. There are
IL directors in the first group, with p
average holdings of $500 shares each;
in the second group there are ia
brokerage firms with average hold
ings of $50 shares each, and in the
third group there. are 2299 investors
with average holdings of 100 shares
each
by reason of this diversification
of ownership in our shares, the mar
ket for the same IS in a strong tech y