The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-03-27
HECLA MINING CO.
MAKES NEW RECORD
Tonnage Produced
in 1918 the High
est Ever
RECORD EARNINGS ALSO
Ore Reserves for Five Years.
Substantial Suaplus After
Paying War Tax
RECORD EARNINGS ALSO
T1HE REPORT of James F. Nc

Niii1 INEh oINl VI JdllleS II, NC
Carthy, manager Of the Hecla
Mining company, for the year
ending December 81, 1918, has
been mailed to stockholders in ad-
vance of the. annual meeting. which
VIII be held In Spokane on April 8.
The report includes summary Of de-
velopment work accomplished during
the year, brief review of operations
and company affairs, income and ex-
penditure for the year, balance sheet.
tonnage and cost statement of Hecla.
same of Oreornogo, combined state
ment of tonnage and cost Of the Hecla
and Oreornogo, and comparative
statement Of production, assays and
prices for six years beginning with
1918. The production of lead and sill
yer exceeded all records Of previous
years. while the production of zinc
showed a decrease as compared with
the production of 1917, the first year
that zinc became factor. The total
lead produced in 1918 was 51,635,676
pounds and silver 1,590,O62 ounces.
This compares with 44363,559 pounds
of lead and 1,366,960 ounces of silver
produced In 1917, the former high rec
ord.
New Net Profit Record.
This high production record was ac-
complished in spite of labor shortage
during the year and the curtailment
Of production to the extent of about 25
per cent after the middle of November
The company also made new high
record in earnings, the net profit for
the year being $2,O54,716.71. This was
made possible by the increased output
and the higher average price Of silver.
the average price Of silver being Is
cents above the average of 1917 The
average price of lead in 1918 was 1877
cents per pound less than in 1917 and
that of zinc was LAP cents less.
Ore in Sight.
Manager Mccarthy estimates the
ore reserves Hecla and Oreornogo
combined, at 1,5S4,115 tons. The COM
bined production from these two
veins last year was 324,7S2 tons, and
at corresponding rate of production
the estimated ore blocked out is suffi-
cent, to run practically five years.
These figures taken In connection with
deeper development now under way
give an impressive idea of the tre-
mendous possibilities of future pro-
duction by Hecla. The drift on the
1000 level, to which Mr.. Mccarthy re-
fers in his report, means that the
main Hecla ore body will soon be
opened 400 feet below the present low
est workings, with no reasonable
doubt that it will be found as rich and
large as at any point above. AS to the
Oreornogo vein, this has already
proved a valuable asset and promises
to grow in importance when explored
below water level
The balance sheet for the year
shows surplus of $2,943,962.49. The
actual cash or equivalent surplus Is
probably represented by the items ac-
counts receivable, Liberty bonds, U.
s. certificates Of Indebtedness, ore in
transit and cash, aggregating $2,27S,-
1901. 1t is believed that after the
income and excess profits taxes are
paid, Hecla will still have cash sur
plus Of approximately $1.000,000.
Managers Report.
The report Of Manager Mccarthy
here follows in part:
II submit herewith a report Of the
operations and financial transactions
for the fiscal year ending December
81, 1918:
(Here follows table giving in de-
tail the amount of development work
accomplished, aggregating 1856 feet,
FOR 247 miles.)
Deep Development.
SHAFT sinking to the 20O0-foot level
was finished during the year. A sta
tion, sump and skip pocket were cut
and drift towards the ore started,
which has not advanced to the point
at which we expect to find ore.
East Ore-On this ore body some
development work was done on all
levels between No. 3 adit level and
the 900 level. The amount done on
each level is indicated in the preced-
ing table.
Zinc Vein.
"Oreornogo-By reference to the
table listing. development work 1t will
be seen that work was done on every
level from the highest, No 2, to the