The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-11-15
CONTINUED PAYMENTS
WHILE CLOSED DOWN
HAD PROFIT INSURANCE
Progress Restoring Surface
PIant--Resume Production
About January l
HAD PROFIT INSURANCE

THOUGH the Hecla Mining
~ company has not produced q
~ pound of ore since July 10 and
Will remain nom productive
until on or about January 1. dividends
have been paid with accustomed regu-
larity 1t is perhaps not uncommon
for a company with an ample surplus
to disburse dividends during a period
of voluntary suspension of operations,
but for a company to continue regular
dividend payments to stockholders
after having suffered complete de-
struction of it's plant by fire, entailing
a loss of half a million dollars and
confronted with the necessity of ex-
pending more than that sum to re-
build the plant is probably without
precedent. The Hecla Mining COM
pany was enabled to do this partly be-
cause it had a substantial cash sur
plus with which to meet the emer-
gency, and in addition, through the
foresight of its management, it carried
a "use and occupancy insurance
policy for S1OOOOO0 which guaranteed
the usual profits through the enforced
idleness of the company as a result
of the fire. Doubtless the dividends
would have been somewhat higher if
the disaster had not occurred, but the
disbursement of 100000 during the
six months period of reconstruction
and production will stand as
proud record of the Hecla Mining
company.
December Dividend.
Last Monday announcement was
made at the Hecla office in this city
that dividend of rs cents per share
would be paid for the fourth quarter
on December Is to stockholders of
record December 1. This dividend
will amount to s25O,OOO. In the first
quarter the company paid so cents per
share, amounting to 100000. In the
second quarter the dividend rate was
25 cents, amounting to S25O,00O. In
the third quarter, in which the fire
occurred on July 10, the dividend
disbursement was reduced to Is cents
per share amounting to S15O,OOO.
These payments with the one just
announced for the fourth quarter will
bring the total for the year up to
S1,15O,OOO, and the grand total paid by
the company S11,1O5,OOO.
The net earnings of Hecla for the
six months ending June 80, according
to a statement issued by L. E. Han
ley, secretary, following the fire,
amounted to sS79,574. These earn
ings it is understood will form the
basis for arriving at reasonably ex-
pected earnings during the period of
enforced suspension on account of the
fire and on this estimate the use and
occupancy" insurance policy will be
adjusted.
PROGRESS at the New Plant.
James f. Mccarthy, general man
ager of the Hecla, stated yesterday
that he was still of the opinion that
the new plant would be completed to
an extent that would permit resump-
ton of mining by January 1, although
conceding that it may be little
beyond that date All efforts are
concentrated upon the completion Of
those parts of the great plant which
are essential to operation, leaving
much in the way of buildings and
equipment to be added after the mine
is again productive. In carrying
out this plan, the situation yesterday
was about as follows
The compressor and hoist building
is completely under cover and the
roof is nearing completion on the
building that will house the black
smith shop machine shop and ware
house.
The mammoth steel headframe,
which will be 1874 feet high, is about
so per cent completed.
The electric motor to drive the
hoist which was sent to Seattle to
he rewound, has been placed in po-
sition for service.
The new hoist, built by the Well
man-Seaver = Morgan company OF
Cleveland, arrived Tuesday and is
now being placed on the foundation
prepared in advance for it.
Below the dump and adjacent to
the railroad the concrete foundation
for the ore bins has been completed
and forms for the concrete super
structure are being erected.
Excavation for the conduit that VIII
confine the creek along the foot OF
the dump will be completed this week.
and the conduit itself is being con-
structed of concrete.
These are the outstanding features
of Heela's modern fire proof plant