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Show WE MONEY NEEDED If IDAHO COMPANY International Smelter Is Asked for Further Loan by the Idaho-Continental. Special to The Tribune. SPOKANE, Wash., May 23. Nflsotla-llons Nflsotla-llons are pending: between officers of the Idaho-Continental Mining company and representatives of John D. Ryan, president presi-dent of the Amalgamated Copper company, com-pany, for an additional loan of $125,000 to complete the wagon road from Porthlll. Ida., to tbo mine, twenty-six miles, and the concentrator and compressor plant, aa well as "to llhanco further development of the property. A mooting of the stockholders stock-holders has been called for Saturday, .Tune 7, in the offices of President A. ICloekmann in Spokane to consummate the deal. . , Mr. Ryan, through the International Smelting & Konning company, one of his subsidiary corporations, several months sko advanced tho Tdaho-Contlnental ?125,-000 ?125,-000 to finance the Improvements mentioned, men-tioned, the engineers In chnrgo of the work having estimated It would require that amount to complete the projects. Later It was discovered the original estimate esti-mate was low and a further loan of $75,-000 $75,-000 was nogotlated, but this also proved Insufficient and It Is now proposed to borrow $125,000 more. If tho third loan Is made the Idaho-Continental Idaho-Continental company will bo Indebted to the International Smelting company for $325,000. Conditional to the further advance tho International Smelting company com-pany 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 Bhall have an option on 150,000 shares of the Idaho-Continental company at 50 cents a share, to be taken and paid for within sixty days after the $325,000 Indebtedness has been fully pnld. The call for the special stockholders' meeting statefl that the International Smelting company has shown absolute confidence In tho ability of the company to liquidate Its obligations, not only by consenting to make a further loan, but bv agreeing to extend the time of payment pay-ment of the $200,000 already advanced until June. 1917. with Interest at 6 per cent annuallv. The $125,000 Is to be repaid re-paid before June. 1913. and Is to bear Interest at tho same rate. The contract under which the different loans are made provides that tho mine Is to revert to the Idaho-Continental company com-pany so soon as the Indebtedness Is liquidated, liqui-dated, tho International Smelting company com-pany retaining nothing but the 150.000 shares, for which It pays cash, tho same as any other Investor. |