The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-11-23
GALENA 8 CALLAHAN
REACH AGREEMENT
TERMS NOT GIVEN OUT
Committee Will Submit Re-
port to Galena Stockholders
atMeeting This Afternoon

A COMMITTEE representing the
~ stockholders of the Galena
Mining company conferred
with the directors of the
Callahan zinc-Lead company until a
late hour last night on the proposition
to consolidate through the exchange
of stock, and it is officially stated this
morning that an agreement had been
reached which will be submitted to
the stockholders at the adjourned
meeting to be held this afternoon at
200 o'clock The minority stockhold-
ers of Galena authorized the commit
tee to propose an exchange of stock
on the basis of 10 shares of Galena to
one of Callahan. This was not ac-
ceptable to the Callahan directors. The
conference was marked by the most
friendly attitude on both sides there
being an evident desire to reach an
agreement satisfactory to all concern
ed. What the agreement was will rot
be known until officially reported by
the committee to the Galena stock
holders, but the impression prevails
that it will be approved.
The conferees.
The committee representing the Ga
lena company was composed of the
largest minority stockholders. They
are DR.. L. e. Hanson, Herman j. Ros-
81, Jack c. White, Henry Lieb and
John L. Fitzgerald. All Of the Gala
han directors with the exception of
John Borg president Of the company
and J. b. Cotton, of New York, par
ticipated in the conference They
were NJ. G. ROdearmel, vice president
of Minneapolis; Dr. John S Macnie
of Minneapolis; S. s. Titus, of Grand
Forks, N. D.. Charles II. Borg, of New
York; c. w. Newton, of Interstate
and Donald A. Callahan, of Wallace
President Borg had to go to the hos
pital soon after his arrival in Wallace
on account of a severe cold, but is ex-
pected to be out today or tomorrow
In addition to these, DR. Walter Har-
ivey Weed of New York, nationally
known mining engineer and geologist
was present. He is here to make an
examination of the Callahan and ont
line development plans. Since coming
here Dr. Weed has also examined the
Galena. He attended the conference
for the purpose of answering que tions
regarding the condition of both mines.
Meeting of Galena Stockholders.
The importance of the proposition
to consolidate with the Callahan from
the standpoint of Calena was indicat-
ed by the fact that out Of the total is
sued stock of almost $500 600 shares.
100000 shares were represented.
Contrary to expectation the directors
of the Callahan company who met at
the mine the day before had no prop
osition TO present TO the Galena stock
holders. They took the position that
any basis Of consolidation must be en-
tirely acceptable to the minority; that
while the Callahan company owns 81
per cent of Galena stock, the directors
had no desire to force an agreement
through that was not at least salts
factory to a majority of the minority
The position of the Callahan directors
was clearly set forth in the following
statement to Galena stockholders bv
Donald A. Callahan. president of the
Galena company and also a Callahan
director.
President calahan's Statement.
you have been called in special
meeting to consider the question OF
future financing of this company.
Your directors have given some
thought to this subject and I will now
ton as it exists in order that you may
consider it and act upon it.
"On the first of November 1922.
there was a balance of cash on hand
If $14,29O.4S, with bills for October de-
relopment work unpaid These bills
will probably amount to $2SOO leaving
4 net balance of a little better than
I'll 600 At the present cost of devel-
)pment this will be sufficient to carry
he company through until March l.
~ which time additional funds must
De provided. either by assessment or
n some other manner.
"As you are aware the Callahan
linc-Lead company holds approxim-
ltely 81 per cent of the stock of this
Recently it has been sug-
rested that a consolidation of the two
properties be effected on a basis agree-
lhle to the stockholders of both When
his suggestion was offered, your d.
ectors decided to call the stocShold-
rs in special meeting to consider anv
propositions which should be offered
" the Callahan companv and to take
UGH action as in their Judgment woule
est serve the interests of the com
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