The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-04-07
SETTLEMENT BY MARSH
EXPLAINED BY POHLMAN
WHAT TO DO WITH FUNDS
is UP TO STOCKHOLDERS
AT ANNUAL MEETING.

dated will have approximately $50,
600 left in the treasury out of thu
Sll25OO received from the Heel,
Mining company in settlement O.
the apex litigation, according to tn,
statement issued to the stockholderi
by President Edward Pohlman. Th'
annual meeting of the Marsh stock
holders will be held in Spokane or
April Is, when it is expected that q
decision will be reached regarding
the disposition of this fund. Will
that end in view. President Pohl
man requests all stockholders to
make known their wishes in the mat
ter 1t has been suggested by some
of the stockholders that a dividend
of three cents per share be declared,
which would leave $4,000 in the
/ treasury for development purposes.
while others favor retaining the en-
tire sum which would enable the
company to carry out development
plans on a scale that would defn-
itely prove the value or the com
panys property President Pohl-
mans letter gives the following rea-
sons which prompted the company
to make the settlement:
Lost Russell VEN.
First. the controlling reason for
the action was the unfavorable phv
steal developments on the Russell
tunnel level within the last few
weeks. At point approximately 400
feet west of the Russell east end line
a serious disturbance was encoun-
tered Efforts so far made to locate
the Russell vein past that point have
been unsuccessful. Our engineers
advise that the probabilities are that
the vein will be found to be faulted
at right angles northerly and that
the vein will therefore be picked up
by prosecuting in that direction.
However. the present north crOsscut
driven with that objective in mind
has been extended approximately 60
feet, measuring at right angles from
the average course of the vein, and
has not yet encountered it,
"The importance of this unlocked
for development may be better I'M
derstood when it is remembered that
in presenting our petition for the
right to raise from the No. level of
the Hecla to a connection with the
Russell Wine Judge DIETRICH of the
Idaho district court intimated his in
cination to grant the request if we
could prove that the vein passed in
an easterly direction through the
east end line of the Russell claim. If
the disIocation of the vein should
prove to be as much as 100 feet, it is
quite probable that it crosses the north
side line of the Russell claim and
would hav seriously ieopardized our
chances of proving extralateral /
rights.
Settlement by Federal.
Second: The detection of the
Federal Mining and Smelling com
pany last November. when it aban-
doned its position of common cause /
with our company and sold out it's
interest to the Hecla company This
unexpected withdrawal of heavy fin
lncial support left our company to
carry on an expensive apex litiga-
ion alone against an opponent
loudly strengthened 1t must be re-
nembered in this connection that the
most influential geological experts in
he United States had already been
urayed against us by retainers from
me or the other of the companies
which we were compelled to face
llone.
The Laws Delay
Third: The limited time available
o US in which to carry on develop
nent work necessary to successfully
our rights before the court.
t can be safely assumed that even
II the event of a victory in the low
n courts the case would have been
inally carried to the supreme court
# the United States, at a tremend
nus expense and consumption of
ime that may be reasonably placed
t three years before final adjudi-
alton could be expected.
Short of Funds.
Fourth: Lack of funds with
which to carry on development and
litigation. It is obvious that the on
y source of such financial support G
rould have been through heavy as
essments upon our stockholders,
curse which we could not conscien-
iously pursue in view of the fact
hat the present financial situation is
o extremely unfavorable and that ,
here were several weak points in {
he case to be presented to the court I
Low Price Of Lead.
Fifth: The unfavorable condition q
f the lead market At present the
fetal is selling around 4 cents per q
ound. against an average Of TX J
ents per pound for 1920. and it IS oh v
ious that this condition has made I
a drastic revision Of the a
cures upon which our first claims Q
continued OF page s. ,C