The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-05-05
PRESIDENT JOHN BORG
TELLS ABOUT CALLAHAN
SEES SOME ENCOURAGEMENT IN
ZINC slTUATIoN-HAs
NO DEBTS.

NO DEBTS.
John Borg. president of the Gala
han Zinc-Lead company, has issued a
report to the stockholders covering
the quarter ending March 81 The op-
erations of the company during the
period were confined to development,
first to exploring the ore body on No.
fl0 level raising to No. and then
to sinking the shaft 200 feet further,
making the total depth from the
working tunnel 1850 feet, where No. II
level viii be opened< The recent an
nouncement by Herbert Hoover, Sec
letary of Commerce that he would
make survey of the zinc markets of
the world with the view to finding
markets for American zinc, and also
the purpose of congress to protect the
American producers from the impor-
tation of the product of cheap foreign
labor are regarded by Mr. Borg as
hopeful indications of early resump-
ton of shipments by the Callahan.
The report from Mr.. Borg follows
Add to Ore Reserves.
I'VE submit herewith report of op-
erations of the Callahan Zinc-Lead |
company for the first quarter of the .
year 1921:
Miscellaneous income, rents,
interest etc. ..........................S 2.sS494
Property maintenance and
development general ex-
penses ----. -...-.......-.......-... 42525I9 T.
Deficit for the period $40, 1925
our operations for the period COW
cred by this report have been condn-
ed to conserving our mine, mill and
equipment and to developing addi-
tionai ore reserves.
Drifting operations have been com ,
pleted on the No. 10 level. and the r
raise to connect the ore on this level +
with the No level above is up about ,
l20 feet The results obtained from G
this work have been gratifying and f
our ore reserves have been materially o
increased as a consequence. The work =
Of sinking the main S-compartment =
shaft an additional 200 feet, to the G
No. IL level has just been started and
all other development work will be
suspended until this has been com
'leted u
Company Has No Debts. =
Development work at the Chica- al
TO- Boston property has been prose- n
uted with vgor. and a raise is now
eing made to develop the ore body
etween the 400 and the 200 levels.
Since the preparation of the fnan-
ial report for the year ended Deem r.
er 81, 1920, your company has sue
essfully financed its requirements for
ne current year. through sales of the st
'easury stock. Current liabilities or
to s164S1S have all been le'
aid; sufficient cash is on hand for I'M
he current years operations. and DO
our company is now entirely free tor
ON Indebtedness. SCI
There has been no material chance OPP
the condition of the metal markets va
ring the past quarter and zinc and
ad continue to sell at prices which ira
% considerably below the average as
SIS of American producers. TIL
Must Protect Zinc. the
Hope for an early resumption of par
ipments has been revived by the see
cent statement Of Secretary of Com for
'ree Hoover that owing to the i'm viii
rtance of the zinc industry. and the be
aessity Of protecting it as a nation T
asset help should be extended it fou
government agencies to offset the hill,
zap foreign shipments. now made pro-
'sible primarily because exchange fror
es will probably be held by the for cut
n shipper for a long time because mot
$ nation is now such a large cred cree
nation and will undoubtedly con- inch
ne so for a decade. An increase in ore.
existing tariff on zinc is there feet
imperative before the industry sam
be revived abol
Many stockholders have made in cut
les as to the dividend policy of later
r management for the current feet
r. Shipments having been sus- same
led since November l. 1920 as a
1T Of which earnings ceased. it
I'D be obvious to the stockholders Ste
until shipments and earnings are spect
med your directors will take no his
IN relative to dividend disburse- mine
is" He fl
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