The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-05-03
DECLARES DIVIDEND
50 CENTS PER SHARE
$75O,OOO.OO THIS YEAR
Drifting on Wide West Vein--
Soon Start Sinking From
1000 Level
THIS YEAR

Z YALE A MILLION dollars viii
II be distributed among Hecla
stockholders on June Is. this
being the dividend for the sec
ond quarter at the rate of so cents
per share Announcement of the div
idend was made last Tuesday by
James +. Mccarthy of this city pres
ident of the Hecla Mining company.
In the first quarter the dividend was
% cents per share, or $3.50, 600 and the
payment on June 10 will therefore
make the total for the first half of the
year S75O0O0 and the grand total for
the mine $lO955.OOO The announce
ment also includes a change of date
of dividend payments the disburse-
ments having heretofore been mad, on
the 2Sth day of the last month of the
quarter Beginning next month the
date will be the 18th of June Septem-
Der, December and March.
Silver and Lead.
The metal situation introduces an
element of uncertainty regarding the
future earnings of Hecla, as well as
that of all other lead-silver mines of
the Occur dAlene district. and it is
hardly to be expected that the rate
indicated by the current dividend can
he continued in view of the early ter
mination of silver purchases by the
government at 81 per ounce under the
Pittman act together with the recent
drop in the price of lead What is
going to happen to silver when the
government completes the Pittman
purchases is a matter upon which au-
thorities disagree some holding that
it will drop several points below the
present foreign price and then grad
ually return to the present level, while
others point out that there is actu-
ally a world shortage of silver and
that the tendency will inevitably he
for the price of the metal to advance
above the present foreign price But
in any event the end of the Pttman
purchases will result in a material
decrease in the earnings of Occur
.dAlene lead-silver mines During the
past two weeks lead has dropped from
S.25c to Use. It is possible that the
price may go lower, in view of the
threatened importation of Spanish
lead which it is said can be laid down
in New York at 75Oc: but it is not
believed that it will go much if any
below that figure, as there is a strong
demand for lead with no prospect Of
an increased domestic supply
Wide West Vein.
Drifting is now in progress on the
Wide West vein from the crosscut re-
Gently driven 600 feet below the up
per tunnel After cutting the vein
this crosscut was extended a consid-
cradle distance to prospect the ada
cent ground and did cut another par
allel vein, which, however carried no
mineral values The drift is being ex-
tended east the vein being about two
feet wide and carrying about the
same amount and grade of ore dis
closed at the point of intersection In
the upper tunnel the ore shoot was
developed for 100 feet or more, the
ore being of good grade and varying
from a few inches to three feet in
width. Should the development of the
Wide West result in showing up suf-
fcient ore to justify it, the Hecla
has announced that
mill would be provided for its treat
ment
Sink From 1000.
There has been some delay in pre-
paratiOns to sink from the 1000 level
of the Hecla mine, announcement of
which was made some time ago in
the Miner. The station is now prac-
tically completed and it is expected
that the new electric hoist will be in
stalled and everything in readiness TO
begin sinking in about six weeks. The
plans contemplate sinking 400 feet
and then prosecuting to the vein. If
the ore showing and other conditions
are found satisfactory. the shaft viii
be continued another 400 feet, from
which the vein will again be explored
If the great ore shoot is found con-
tinuous on this deep level. $500 feet.
the main shaft will be extended to the
new level and provide a permanent
outlet for the deep workings. The
carrying out of this plan means n
tremendous addition to the known ore
reserves of the Hecla. On December
81 last year. according to the annual
report of the general manager the
ore reserves were placed at 2,O51777
tons, enough 70 keep The mine opcf-
ating at present capacity for seven
years.