an interest in the Radon and Hot Rock uranium deposits in Utah. In nine years, the two mines yielded a net income of $ 9.3 million.

Then, on December 12, 1954, Hecla made one of the smartest moves in its history by buying 184,000 shares in the Lucky Friday Silver-Lead Mines Company. Shortly thereafter, the company took on another 644,000 shares to control the largest interest in Lucky Friday. This was a major turning point for Hecla.

The Lucky Friday— a deep underground silver, lead and zinc mine— began in 1942 and is still producing today. With recent improvements, it is expected to have another 33 years of mine life. To date, it has produced over 160 million ounces of silver.

By 1964, Hecla’ s board included Marcus Banghart, vice president of Newmont; John Grunow, president of Newmont’ s cement company; and others who were experienced in both mining and finance. After some battles with investors, Randall and the board moved to have Hecla listed on the New York Stock Exchange( NYSE),

Three miners with hand tools underground at the original Hecla mine in Burke, Idaho, which yielded more than nine million tons of ore before closing in 1944.

after nearly 50 years on the American Stock Exchange. On December 21, 1964, NYSE specialist firm H. L. Goldberg & Company opened Hecla’ s stock under the ticker symbol“ HL.”

For the next decade, Hecla worked Lucky Friday, purchased the Morning mine and entered into a costly agreement to develop the Lake Shore copper mine in Arizona. By 1977, that mine was closed, at a cost of $ 96 million.

Eastern Washington State Historical Society

In 1979, Nelson and Herbert Hunt tried to corner the silver market, and Hecla’ s stock ran from $ 5.25 to a high of $ 53.50 within 12 months. In 1981, the company merged with Day Mines, opening gold mining to Hecla, and the following year the company shut down the Star mine, the deepest mine in North America at a depth of 8,100 feet.

By 1984, Lucky Friday silver shaft was 6,200 feet deep, concrete lined and hoisting ore at 2,250 feet per minute. Also that year, then president of Hecla, Bill Griffith, moved the company’ s headquarters from Wallace to Coeur d’ Alene, Idaho. Then, in 1987, the company made another strategic decision that would have lasting benefits. It purchased a large interest in the Greens Creek mine, a large silver, gold, zinc and lead mine near Juneau, Alaska.

Business was good for Hecla around the turn of the 21st century, and in 2002 it was the top performer on the NYSE. The following year, Phillips“ Phil” Baker was named president and CEO, and in 2006 the company reported its highest earnings and lowest cost structure.

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Wall Street Walks takes visitors through the historic capital of world finance— the onesquare-mile of downtown Manhattan known as“ Wall Street.” Our visitors learn about people, places and events comprising over 200 years of history, as they walk among locations where it all happened.

• Regular public tours daily, except Sunday.

• Group and private tours available.

Proud walking tour partner of the Museum of American Finance.

CONTACT: www. WallSreetWalks. com tours @ wallstreetwalks. com 212-666-0175( office) 212-209-3370( ticket hotline)

www. MoAF. org | Winter 2017 | FINANCIAL HISTORY 35