The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-03-24
CALLAHAN Co. ADVANCED
100000 TO CHICAGO-B
RAISE FUNDS BY ASSESSMENT
REPORTS OF PRESIDENT
AND MANAGER.

stockholders of the Chicago Boston
Mining company this week received
notice of an assessment of two cents
per share accompanied by a letter
from Donald A. Callahan, president OF
the company. explaining how the
company had been financed up to this
time and why the assessment is ne
cessary. Along with the letter is also
a report from c. w. Newton, mana
ger of the mine. in which is described
the condition of the mine. equipment
and plans for the further development
of the property. The Chicago Boston
is in some respects the most import
ant development enterprise now being
carried out in the district and is
/ therefore being watched with excep-
tional interest. Although the work on
the 400 level has up to date not reach
ed expectations, the conditions are all
favorable to the development of
large body of commercial ore In
places the vein is described as having
two feet of good milling ore, and
throughout its entire width of from 10
to IS feet lead-silver ore is scattered
through it, Mr.. Callahan is both the
president and treasurer of the com
pany and his reports follow:
Presidents Report.
Enclosed herewith you will please
find notice of assessment No. IA. to-
gether with the treasurer's report of
the company to March 1, 1921 This
assessment is levied for the purpose
of raising sufficient funds with which
to prosecute further development
work on the company's property near
the city of Wallace Idaho
active development work has been
going on on this property since July |
1920. Previous to that time the ma
jority of the capital stock of the com
pany was purchased by the Consop- /
dated Interstate Callahan Mining /
now the Callahan Zinc-Lead /
company Following the annual cleo
ton of directors in July, 1920, the /
borrowed from the ConsoI- |
dated Interstate Callahan Mining /
company the sum of 100000. with /
which to prosecute this development /
work. AS is shown by the treasurer's /
statement these funds are now prac-
tically exhausted and the report of .
the mine manager c. w. Newton.
which is also enclosed herewith. shows .
the extent of the development work
which has been done since the re-
of operations.
ut was the expressed hope of the
officials of the Callahan Zinc-Lead
company when the loan was made
hat a sufficient amount of work
night be done with the funds thus
made available to disclose sufficient
IRE bodies so that future financing
night be arranged very easily It
vas found necessary however. to ex- {
'end a considerable sum of money, ]
iamely, $4,000. for the purchase of 4
wo adjacent claims from the Blake {
interests. The company had an op- 7
ion upon these claims which was due ?
o expire in December of last year s
1t that time it was found that the q
re bodies which were disclosed on g
he 20O-foOt level, were raking to- v
ard these claims and it was deemed
Imperative to exercise the option and =
xpend the sum above mentioned for G.
he claims. The Callahan Zinc-Lead r
ompany is not in a position at the y
resent time to loan any more money -
)r the reason that its own property o.
shut down owing to the low price ~
f metals and the high cost of pro a.
uction .,
Accordingly in order to pursue f,
he development work to a point al
here the resources of the property a
IN be fully demonstrated, it is ne
sssary to raise a considerable sum
money by assessment. This
oney is to be used in further devel-
oment work and at the present cost =
development, should carry the
)mpany through at least a six
onths' period. It
TT is to be hoped that every stock
older OF. this company will see At to
ny his assessment promptly. The :,
DIRK at the property is going on as ~
gorOusly as it has hitherto and the ~
Jmpany now has in hand sufficient d
inds to carry the work to the close "
the present month"
TreasureTs Report.
Receipts
ash on hand July 1, 192OS 5.29
eceived. Con. Interstate j."
Callahan NJ Co. loan 100, 10000 ''
ct receipts car ore sold p
to Bunker Hill smelter 5S1.72 ~
ransfer fees ...-...--..-.........-.... $50