The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-10-12
BORG IS OPTIMISTIC
ON METAL OUTLOOK
GALENA TO HAVE MILL
Callahan Soon be Produc-
tive--Better Freight Rates
to Zinc SHELTERS

WOHN BORG, OF New York, presi-
uent Oh tho Odlanan Lnc-Leud
company, takes a OecIuedly opu-
unsuc view Oh the metal sltua-
ton and is preparing TO tame luu I'D
vantage Oh IL IA me operation OIL ths
mines controlled Dy ms company, ac-
corning 10 a letter ISSUED 10 1ue slOch-
nOlucIs under uAte VI SEPTEMBER 81.
lie confirms the announcement neletO-
lore mace that tne Cauanan mine VIII
be placed III operation Us QuIcAly 40
possible. and Instructions 10 tnat Ell
tect are now bong carried out by
Manager &. ". Newton. Even more
Interesting Is his reference TO the Ca
lena, where he says "sumcient ore re-
serves have now been Developed to
Warrant the management considering
the ACCESSIBILITY Of erecting a reduction
plant at the Galena property, IN order
to place that company ON a producing
and earning basis IN the not distant
future" This ID highly gratifying in
formation for the people OF this dis
trict, and the carrying OF these plans
VIII help swell the rising tide oil pros
perity that Is now in evidence. Mr..
Borgs letter follows:
Advance IN Metal Prices.
Since our letter to you under date
of June u, there has been a material
improvement in the condition OF the
metal markets as anticipated by US at
that time. Surplus stocks OF zinc and
lead in the hands Of smelters have
10
the consensus OF opinion in the metal
trades that higher prices for lead and
zinc will therefore prevail for several
years to come. The Improvement in
the technical condition of the metal
market has been followed by an ad-
vance in the price of zinc from the
then prevailing price of "a cents per
pound to a present price of 60 cents,
with a corresponding advance in lead
during the same period from 5.S to ga
cents per pound. In view of these
changed conditions, your management
now deems it advisable to order re-
sumption of shipments from your pro-
perty, and we have therefore instruct
ed the general manager to prepare the
mill and mine for a resumption Of op-
eratiOns as soon as possible.
Mill for Galena.
Developments at the Galena prop
erty continue to justify your manage
ments optimism in the future of that
mine. Drifting operations on the No
6 tunnel level have now progressed
400 feet from the point where the vein
was first encountered, and the ore
continues of high grade milling char
acter. Sufficient ore reserves have
now been developed to warrant the
considering the advisa-
oility of erecting a reduction plant at
The Galena property in order TO place
hat company on a producing and
earning basis in the not distant future.
rhe value of your company's invest
nent in the Galena company has been
enhanced by the results of
development operations during the
,ast three months.
Better Freight Rates.
"A factor of considerable importance
r future operations of your company
s the recent reduction in freight rates
rom far western points Freight
osts on our zinc output have been
educed from $3.50 to $3.50 per ton,
With a corresponding reduction from
10 to SO on lead. On a basis of av-
rage monthly shipments of 2400 tons
f zinc concentrates, and 1900 tons of
cad concentrates, the yearly saving
yill approximate $4,000, which is
quivalent to S8 cents per share on our
capitalization. The out
ook for your company is. therefore,
etter now than at any time during
he past two years"