The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-04-27
.HECLA HAS ORE RESERVES IN SIGHT LAST
OVER SIX YEARS MANAGEMENT ESTIMATE
CONDITION DETAILS OPERATION TOLD BY THE
MANAeER-coMPANY WILL CONTINUE PAYING
DIVIDENDS 100000 MONTH

The report of James f. Mccarthy
president and general manager of thu
Hecla Mining company, for the yea
ending December 81, 1915, accompan
led the dividend checks mailed to al
stockholders last week, contains muci
interesting details regarding the con
dition and operation of the property
The profit and loss and tonnage cos
sections of the report were published
in this paper two weeks ago in the
issue following the annual meeting o.
the stockholders, and the balance o.
the report is here reproduced;
Managers Report.
Herewith is submitted report ol
the company's operations and financia
transactions for the fiscal year ending
December 81, 1915.
1.-THE development work for the veal
amounted to 3411 feet.
''The lowest level in the mine is the
1600-foot level We reported last yeal
that this level had been drifted the
full length of the ore body with mosi
satisfactory results.
"The 14O0-foot level, on which 53s
feet of development was done during
the year, is an intermediate level be-
tween the 1900 and 1600-foot levels
All of this has been in ore Of satisfact-
ory grade.
1.-The development on the 1200-foot
level was practically all in ore, which
ore body. The work on the 60O-foot
level also discloses this same extern
sion.
1.-The development on the upper go
foot level is all in ore and is on the
east ore body.
Milling Operations.
"The mill was operated 324 days
during the year. For the first six
months of the year 1t was operated
days per week. At this time metal
prices were low and no effort was
made to crowd production. For the
last six months of the year operations
have been carried on at the mill seven
days per week. During the time OF
low prices, changes were made in the
mill which permitted an increase in
production of between rs and 30 pei
cent. This increased output has been
In aPfaot Cinoa Ia ct Tuly
1--WE have, in the past, used mules
for underground haulage, but have now
ordered a storage battery locomotive
for this service on the 1600-foot level
If this is found satisfactory, we expect
to extend the same method to other
levels.
1--WE spent during the year at mine
and mill $46,97O.64 for equipment and
Improvements.
Ore for Over Six Years.
"At a special meeting of the direct
ors, held in July, the raising of capital
stock paid in from $175,00O to $3.50,
600 was authorized, making the stock
fully paid. This was effected by the
levying of an assessment of 7h cents
per share At the same time a special
dividend of IN cents per share was
declared.
Including the IN cent per share
dividend just mentioned, dividend dis
bursements for the year amounted tc
$565, 900, and total dividends from com
mencement of operations to the end OF
the fiscal year were $3755,eO0.
"Ore reserves show total of L.
10000 tons, which is sufficient at the
present rate of production, to last ovel
. six years"
HeoIa a Great Mine.
Persons familiar with the Hecla
mine are of the opinion that the ore
reserves stated by Mr.. Mccarthy Is
very conservative estimate. The fac
ia that the amount of ore available ir
the original Hecla vein and in the east
vein, the latter of which the public
hears very little, combine to make the
Hecla mine one of the biggest in the
district, and it's productive capacity Il
far greater than is indicated by the
output of the mill. The mine is work
ed only six days a week which supplies
an abundance of ore for seven days a
the mill. The company has paid IL
dividends 100000 per month during
the first four months of this year, ant
at the recent meeting of the directors
this monthly disbursement will con
tinue indefinitely. The earnings fo
March are estimated by the manage
ment at $4,000, which indicates
substantial surplus accommodating IL
excess of the monthly disbursements