The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-05-08
Hecla Wins Profit
Honors for Year
1918
A SHORTAGE OF LABOR
Accounts for Reduced Out.
put and Profits.-Better
Conditions Expected
= EFT PROFITS from mines of
NJ the Coeur d'Alene district for
W the wear 1412 amnuntad To

the year 1918 amounted to
more than $S,OOO,O0O, which in
round figures is about s4,650,OOO less
than the record of 1917. The table
giving the production, operating cost
and net profits will be found on the
fifth page. The reports of the Hecla
and Tamarack & Custer We're not in
cluded in the figures as published last
week. These are included in the
table as published today and totals
under the various headings are given,
although the returns from the Gold
Hunter and Richmond have not been
received. In 1917 the net earnings of
the Hunter We're $130,S12 and it is as
sumed that the figures will not be
less in 1918. The Richmond will no
doubt show small profit for the
year. Placing the two at $150,000
and adding to the total shown in the
table, the net earnings Of Coeur
dAlene mines will be $8120,355. In
fact, the actual profits are more, for
there are a number of leasing COM
panies that have operated profitably
during the year which are not in
cluded in the report. The greatly re-
duced earnings in 1918-as compared
with those of 1917 and 1916 is explain
ed chiefly in the shortage Of labor for
the mines on account of the war. Mil
itary service made heavy drafts on
the mines for men, while the high
wages in the shipyards attracted men
who would otherwise have found en-
ployment in the mines. Naturally the
shortage made it necessary to employ
many inexperienced and inefficient
men, all Of which combined to make
i. impossible to maintain the maxi
mum production. Wages were also
higher in 1918, as was also the cost of
all material and supplies that enter
into mining operations. These condi-
tions were offset to some extent by
curtailment of development and also
in reduced expenditures under the
heading of betterments and repairs.
For betterments the Bunker Hill &
Sullivan reports $S21,504, which was
probably in connection with the smell
ter Hecla reports $163,6S5, and with
these exceptions no other company
reports as much as 100000 under this
heading, the total being over a mil
lion less than 1917.
HecIa Leads in Profits.
w.t. mil
to net profits was changed during the
past year Hecla takes the first place
with net profits of $1,sS4,s20. jumping
from third place in 1917. when its
earnings were $1,Ss5,O65. Hercules
drops from first place to second with
profits of $1,915,766 as compared with
$3,69O, 400 in 1917. Bunker Hill & Sui
livan passes from second to third,
having to it's credit in 1918 $1,379,31S'
as compared with $2447,2S5 in 1917.
What the record will be for the pres
ent year is impossible to predict with
any certainty All companies are
handicapped by shortage Of men and
a weak metal market that offers lit
tie inducement to speed up produc-
tion even If men were avilable. The
first place will probably be won by
Hecla or Bunker Hill. as both have
been in continuous operation and are
in position to hold up their high pro-
duction record when the market war
rants and labor conditions are i'm
proved. Hercules was closed down
tight during the first four months OF
the year and is making slow progress
now toward resumption OF normal
production. It Is believed that this
famous mine has passed her zenith
and that even the most favorable
market and labor conditions would
fail to make the Hercules forrnid-
able competitor for first honors in net
profits, but the mine no doubt has
many years Of profitable production
ahead
The Future.
1T Is evident now that no new pro-
duction records will be established
by the mines of the Coeur d'Alene dis
trict this year. for while a revival OF
the mining industry may be con1d-
entity expected before the year is out,
it will not be manifest in time to
overcome the depression that Is now
generally prevalent. After peace Is
finally an accomplished fact and the
nations of the world, and particularly
the United States, know where they
are at" the demand for metals VIII
follow the restoration Of normal busi-