Show WILL SECURE MORE FUNDS special correspondence spokane wash may 24 negotiations are pending between officers of the idaho continental mining company and representatives of john D ryan president of the amalgamated mated copper company for an additional dit onal ional loan of to complete the wagon road from porthill Por thill idaho to the mine 26 miles and the concentrator and compressor plant as well as to finance further development of the property A meeting of the stockholders has been called caled for saturday june 7 in the offices of president A klockmann in spokane to consummate the deal mr ryan hyan through the international smelting smelling Sm elting and refining company one of his subsidiary corporations several months ago advanced the idaho continental to finance the improvements mentioned the engineers in charge of the wark having estimated it would require that amount to complete the projects later it was discovered the original origin al estimate was low and a further loan of was negotiated but this also proved insufficient and it is now proposed to borrow more if the third loan is made the idaho continental company will be indebted to the international smelting smelling Sm elting company for conditional to the further advance the international smelting smelling Sm elting company imposes first that it shall be permitted to name three members of the directorate and that a voting trust be created to carry out this agreement and further that it shall name the manager of the company until the money advanced has been repaid second that it shall have an option on shares of the idaho continental company at 50 cents a share to be taken and paid for within 60 days after the oo indebtedness has been fully paid the call for the special stockholders meeting states that the international smelt ing company has shown ab absolute confidence in the ability of the company to liquidate its obligations not only by consenting to make a further loan but by agreeing to extend the time of payment of the already advanced until june 1917 with interest at six per cent annually the is to be repaid before june 1918 and is to bear interest at the same rate the contract under which the different loans are made provides that the mine is to revert to the idaho continental company as soon as the indebtedness is liquidated the international smelting smelling Sm elting company cOni pany retain ing nothing but the shares for which it pays ays P cash the same as any other investor |