The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-12-29

" company pdlu the regular quar-
terly dividend of II cents per
share. amounting to $40, OOO
The company paid Is cents share in
the first quarter, 10 cents in the sec
ond and 8 cents in the third These
payments with II cents just paid make
a total of so cents per share paid by
Hecla this year. aggregating $500, 000
and making the grand total paid by
the company s9,0O5,OOO. In view of
the unfavorable conditions that pre-
vailed during most of the year, which
included low price for lead excess
sive freight rates and high mining
costs in general conditions that caus-
ed several large companies to suspend
production, the record made by the
Hecla cannot fail to be highly crafty
ing to stockholders. More gratifying
still is the condition of the mine. In
the last annual report the ore reserves
at the close of the year 1920 were esti-
mated at 2,095,745 tons, sufficient to
insure production at the present rate
for more than eight years. 1t may be
reasonably assumed that development
ton during the past year and that
the ore reserves are now fully equal
to the estimate given at the end of
1920 This taken in connection with
the favorable position of lead and the
assured price of silver at 81 per ounce
for a period of years present a cheer
ing outlook for Hecla stockholders.
Long Dividend Record
While other Occur d'Alene mining
companies have paid in the aggregate |
larger sums than Hecla, no other COM
pany, with the exception of the Bun
ker Hill & Sullivan, has equalled it's
record of continuous dividend pay
ments Prior to 1904 the Hecla COM
pany had paid irregular dividends |
amounting to 100000. Beginning in |
March. 1904. the company began pay
ing monthly dividends and continued /
without break until January, 1918.
At that time owing to the uncertainty
regarding the Interpretation of the ex-
cess profits tax law and the amount
the company would be required to pay,
the directors suspended dividends
pending construction of the law. Sub
sequently a resolution was passed
changing the dividend period from
monthly to quarterly, and in Septem-
Der of the same year the first quar-
terly dividend was paid and disburs-
ments have continued every three
months down to date, the last divi-
dend being No. 100 1t is worthy of
note that during this long record of
regular dividend payments 10 years
next March, the management of the
company has been in the hands of the
present manager, James F. Mccarthy
He took the position through promo
ton in October. 1903, and in the fol-
lowing March the company entered
upon this remarkable dividend record.
About ten years ago, upon the death of
the president, James r. Smith, Mr.. ,
Mccarthy was elected president of
Hecla, a position he still holds as well
as being manager
Acquisition of the Star
In spite of pending litigation osten-
sibly designed to prevent Hecla from
joining the Bunker Hill & Sullivan in
the purchase of the Star, but in reality
for the purpose of discrediting the
Hecla management with the view to
gaining control of the Hecla company,
available information regarding the
star indicates that its purchase and
operation by Hecla and Bunker Hill &
Sullivan will be of great advantage to {
the Hecla company. These advantages
have been pointed out in recent issues
Of the Miner. The plans are practical '
beyond doubt, and are being carried 2
out without imposing a burden upon i
the Hecla stockholders or depriving c
them of regular dividends; on the con- t
trary the operation of the Star gives C
every promise of increasing their div C
idends and adding materially to the v
value of the Hecla holdings. The Star
enterprise, in which Hecla is an equal
participant with the Bunker Hill, TAX
en- with the assured future of Hecla as O
steady producer for many years, I