The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-03-25
HECLA MINING CO.
ANNUAL REPORT, 1919
Work on 1000 Lev
ell Has Proved
Satisfactory
LARGE ORE RESERVES
Company Has Accumulated
Large Surplus--Taxes
and Litigation

7 AMOS f. Mccarthy. president
and manager of the Hecla Min
ing company, has issued his re-
port to stockholders covering
operations Of the company for the
year ending December 81, 1919. The
report follows the usual lines. EN-
bracing a summary of development,
brief review of company affairs, and
tabular statements giving income and
expenditures for the year, balance
sheet on December 81, and tonnage
and cost statement for the year. No
reference is made to the Oreornogo.
which occupied quite an important
place in the report last year Work
was suspended on that vein about the
first of the year, on account of the
pronounced decrease in the zinc con-
tent of the ore which made separate
milling treatment improbable. The
total development on the Oreornogo
vein during the year was only 23S feet,
this small amount probably being ex-
planned in the shortage of labor and
generally disturbed condition of the
mining industry in this district The
summary of development work shows
4449 feet accomplished during the
year distributed as follows: Drifts In
waste, 1920 feet in ore. 1922 feet;
crosscuts 602lb feet; raises in ore, 1874
feet. The estimated ore reserves are
practically the same given in the re-
port for 1918.
The 1000 Level.
Referring to the DEVELOPMENT work
on the 1000 level. Mr. Mccarthy says:
"The principal piece of development
for the year was done on the 2OOO-foot
level In December the ore on this
level was encountered at approxim-
ately the same point at which it was
found on the level above N6OO-foot
leveD. The quantity and quality of
the ore is good and the development
SO far is in every way satisfactory"
Ore reserves, Taxes and Dividends.
The balance of the report is given in
full with the exception of the tabular
comparative statement of production
for the past seven years, which will
appear in the next issue of the Miner:
production for the year was much
less than for the two years preceding.
output was purposely low part Of the
year. because of surplus lead stocks
and a strike of workmen for higher
wages cut production entirely for
period Of over go days.
"Our ore reserves are estimated at
l549,S33 tons without including any
tonnage between the 1000 and 1900
foot levels. There is not sufficient de-
velopment on the 2OOO-foot level on
which to base an estimate We ex-
oect, however, from present appear
ances that this level will add about
100000 tons to our reserves.
Dividends for the year were $780,
300 and total dividends to the end Of
The period are s7S55,OOO.
"Our total taxes for income and ex-
cess profits for 1917 and 1918 are not
yet fixed We have made payments
'or each Of these years but await the
decision of the internal revenue de-
oartment before the total sum to be
paid can be known.
Apex Litigation.
shareholders have been advised
through a circular letter that suit has
been brought by the Federal Mining
E Smelling company for possession of
)ur east ore body.
mo progress has been made in this
'uit beyond the fling Of the com
'laint and the filing of our answer.
Dur interests are in competent hands
md are having every attention neees-
iary to defend them You viii be
urther advised of any important de-
Since our last annual meeting the
company has suffered a great loss in
he death Of Vice President Frank
Jpman, who has been connected with
he company since its organization"