The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-07-28
.HECLA WILL HOLD
A SPECIAL MEETING
Stockholders VIII
Act Upon ImpOr-
tant Matters
CONDITION OF THE MINE
Settlement of Litigation, the
Star Deal and Status of
Federal Taxes
CONDITION OF THE MINE
1OHE SPECIAL meeting Of stock

TIME SPECIAL meeting of stock
holders of the Hecla Mining
company, which will be held in
Spokane on August is, viii be
a gathering of unusual interest and
Importance. The stockholders will be
asked to ratify the action of the trus-
tees of the company in settling the
apex litigation with the Federal ana
Marsh companies, involving the pay
ment of S75O0OO, which included the
purchase of the Tiger Poorman pro-
perty, and they will also be asked to
ratify the action of the trustees in
joining the Bunker Hill 81 Sullivan
company in the purchase, develop
ment and operation of the Star mine
Possibly there will be opposition to
the ratification of these by the Day
Smith faction, which at the annual
meeting a few months ago attempted
to gain control of the company and
which is understood to be still active
with that end in view. This opposi-
ton, however, will probably represent
little more than the Individual hold
ings of the two stockholders who are
responsible for it. Stockholders gem
orally understand that the settlement
of the litigation was one of advantage
to the Hecla company, and they will
also understand, after seeing the
terms of the Star deal, that in join
ing the Bunker Hill & Sullivan in the
operation of that property the Hecla
company has acquired an interest of
tremendous value, and in doing so
has adopted a policy Of expansion
which should meet the approval of
all thoughtful stockholders, for 1t
means the perpetuation of their in
vestments.
Other Important Matters.
Perhaps the most interesting feat
ure Of the meeting will be the report
Of Fred Searls, Jr., one of the most
noted biologists of the country, on
the physical condition Of the Hecla
mine. Mr. Searls has been engaged
for several weeks in examining the
mine. and it is predicted that his re-
port viii disclose ore reserves so ex-
tensve that it will prove a revelation
even to those who keep fairly well
informed on the progress of develop
ment. OF especial interest will be his
report on the famous east ore body"
which was the bone of contention in
the Federal Marsh litigation and of
which little authoritative information
has been given to the public.
Another highly interesting matter
that will be presented at the meeting
Will be the financial report of the
company and the status of the fed
eral tax question. which is still I'M
settled. The letter to the stockhold-
ars issued on July 20 by L. E. Hanley
calling the special meeting,
refers to all these subjects which will
be presented for action. The letter
follows:
August 10 the Date.
Notice is hereby given that a spe-
'ial meeting of the stockholders of
he Hecla Mining company will be
held at the company's Office, room 5O7
empire State building, city of Spo-
zane, county of Spokane. state of
on Thursday, the 18th
lay of August 1921, at the hour of
600 o'clock a. m. of said day. Said
Meeting is called pursuant to a res
,lutiOn adopted at the last quarterly
Meeting of the board of trustees. At
aid stockholders meeting the fol-
owing matters will be considered:
Settlement of Litigation.
a. The litigation with reference to
What is known as the east ore body
las been compromised and settled.
This company as a part of said set
cement acquired by purchase from
he Federal Mining & Smelling COM
amy title to all of the group of min
ng claims known as the Tiger-Poor-
nan property, together with what is
,nown as its lower water right Said
ettlement also included the cancella-
ion of the outstanding lease on what
S known as the Russell mining claim.
The amount paid in completing said
ettlement and said purchases was
100000, as shown by the managers
asst annual report of date December
/, 1920. The stockholders will be
slSed to ratify the action of the
oard of trustees and officers in maxi
ng said settlement and in making
aid purchases. and they shall take
nv ofba,. opd f,4rfIav action IN oon