The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1907-03-07
.HEC[A NINE IS 4 WONDER
How the Stock Rose from Two Cents
to Four Dollars


OOO. paid during the same period $780, 600 in
dividends and added $780, 900 to it's reserve fund The
value OF its ducton to the 31st December 1906 was
ooo out ef which $1,000 900 were paid in dvi-
oends and about quarter Of million dollars more set
aside as reserve funds.
Since the first Of the year it has paid its regular
monthly dividends Of twenty thousand dollars month
and this month will pay in addition its usual quarterly bo
nus which may run anywhere from ten to fifty thousand
dollars It's capital of million shares sells in the
market around 4 putting cash valuation on the prop
deal more
These figures make it evident that the mine is both
big and highly productive but it not regarded only
few years ago. 1t is matter of notoriety that though
the district at that time they had little faith in it and in
TACT only located the ground because of it's prospective
value for townsite and railroad terminal facilities Shortly
after its location raj road right Of way sold and with
this money the first development work was financed
Meanwhile, in 1885, the company had been incorpora-
ted with capital of five hundred thousand shares Of the
par value OF one dollar EACH The principal owners were
Patsy Clark, then operating the Poornan; Finch and
Campbell who were then operating the Gem mine George
Hardisty storekeeper and Simon Haley foreman of the
POOrnan mine.
The first tunnel was run we'll up on the hill It had
shown little but not enough to much enthusi
as In 1897 the present No. tunnel started and
it proved ore but it also developed the fact that
the vein was passing out of the Heca ground The
panys stock sold as low cent two share It was
then decided to purchase the adjoining Van Dorm property
and option secured it for forty thousand dollars
Raise IlS money Ine cdpal was increased
to million shares Of the par value Of Is cents the
panys present capitalization Each shareholder at that
time was given share for share in the new company and
the right to buy an equal number Of shares of the new
treasury stock at 10 cents share. The increased capital
all subscribed Van Dorn's holdings purchased
and development Of the property resumed. i
In 1899 work was resumed in the lower tunnel until
the shoot found in the upper one was reached An
intermediate tunnel was run and the three levels con-
nected by upraises. The result of this work showed
enough to justify the sinking of shaft and the equip
ment Of the mine with machinery This was done in 1901
and 1902.
Previously to this however, Dan Gardener at that time
merchant in Burke and others took leases the prop
erty but they developed enough to make its op
work done by the company that put it productive
basis.
The early shipments all made from the No. tun
to the No. level The first dividend Was paid july %
1900 and Of twenty thousand dollars The first mill
ing done in the Standard mill at Wallace. Later
the production increased the mill at Gen. since purchased
remodeled and enlarged by the company was leased for
Finch Campbell controlled the property until 1903
p H. Mofhtt was manager during their regime and d.
Smith, Of Chicago and his associates then secured CONTROL
Finch Campbell retaining tenth interest in the COM
pany and have since conducted the affairs of the
company with James F. Mccarthy as manager.
As late as 1898 the Heca was still regarded as very
doubtful prospect Its stock was more Of laughing stock
than anything else and those who bought it, many for
tunatey for themselves did, at cent and half to two
cents share considered to have money than
brains. That their judgment right is best evidenced
by the fact that each share of stock has since earned
in dividends and is now in demand at 81 or more.
Prsssn Condition Of Mine level Of Canyon creek. The upper
State Mine Inspector Bell horizons Of the mine were not
in his annual report just is % % as I was dyeolea %
sued says Of the Heca mne spes the vein before any import
The property Of this company ant bodies Of pay found
Burke enjoyed very only made profitable showing
prosperous and paid its fort of mineral at the creek level
stockholders in div From this horizon down. the de-
idends euang nearly the veopmen through vertical shaft
total value of its shares from 800 feet Deep sunk from the
the years production and face from which levels have
with been driven each succeeding level
sve and better pros showing much richer and stronger
poets profit than the close Of than the previous
any previous years operation and the 800 foot level which
This mine developed through already been driven into the