The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-12-28
PRESIDENT OF CALLAHAN
ON AFFAIRS OF COMPANY
BORG TELLS NOVEMBER OPERA
TIoNS-METAL PRICES GOOD
NEW ORE CONTRACT

John Borg, of New York, president
of the Callahan Zinc-Lead company,
has issued a letter to the stockholders
in which he discusses the metal stu
alton, which he finds decidedly favor
able and with a strong tendency to-
ward higher prices. Ore shipments
for November are given, which are eX-
pected to show a substantial increase
in December President Borg also
announces the closing of a new con-
tract for the entire lead output of the
company with the American Smelling
& Refining company, running for five
years from November Is. 1922 the
terms of which will result in a large
saving to the company as compared
with the old contract Formal an
nouncement is also made of the con-
summation of the deal by which Cal
lahan has acquired all property of the
Galena Mining company on a basis of
exchange of stock President Borgs
letter follows:
Metal Prices.
"Since our letter to you under date
of September 80, there has been
further 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
are at the lowest point in years, and
it is the consensus of well informed
opinion in the metal trades that pres
ent price levels will be maintained for
several years to come The improve
ment in the technical condition of the
metal market has resulted in a fur
Their increase in the price of zinc from
the then prevailing price of So cents
per pound to present price of 7SI
cents. with a corresponding advance
in lead during the same period from
GA to 7.2 cents per pound.
November Production.
after a month of preparatory work
mining operations were resumed at
our properties in Idaho on November
I, Following a smut down OF exactly
two years. No difficulties were en-
countered in securing a full compile
ment of men to operate the mine and
mill, as a result of which production
has been resumed without the expen-
sive delays usually attendant to a re-
of large scale operations af-
ter a long period of idleness. Ship !
ments during November were 2O63
524 pounds zinc concentrates, 1929 |
pounds lead concentrates. and $500 !
ounces silver. It is anticipated that |
in December will be con-
in excess of our November /
figures.
New Ore Contract.
Negotiations which have been in /
progress for several months between |
your management and the American !
Smelling & Refining company have re-
suited in closing a new contract I'M
der the terms of which that company |
will purchase our entire output of |
lead concentrates for a period of five |
years from November IS. 1922 Based |
on our normal yearly lead output, a
saving of approximately $4,000 per
lnnum will be established over our
former smelling contract
Takes Over Galena.
"As a result of an agreement enter
ID into between your management
md the Galena Mining company. for
nerly controlled by the Callahan Zinc
Lead company through ownership of
p per cent of its capitalization. your
has acquired the entire prop
srties of the Galena Mining company.
Plans are now being prepared to Wig !