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Idaho State Historical Society

Idaho Governor H. C. Baldridge( center) visiting the Hecla mine in 1927. Hecla President James F. McCarthy is at far left.

Tough times returned when the recession hit in 2008 – 2009. In that period, Hecla acquired the remaining interest in Greens Creek, straining its finances at a time when bank lending was tight. However, with 100 % ownership of Greens Creek, the company saw its highest annual revenue and operating cash flow in 2010. In addition, it reported the highest level of silver reserves and resources in the company’ s history. Hecla then turned to acquisition mode once again, completing its purchase of Aurizon Mines Ltd. in 2013 and acquiring the Revett Mining Company in 2015.

With Baker at the helm, Lucky Friday underwent a massive upgrade in 2016, expanding the mine two-fold.“ We actually knew the ore body continued, but we didn’ t know how rich it was, so we drilled and determined this is a very, very high grade ore body and it can support the costs [$ 250 million ],” Baker said.

That same year, Hecla received the mining industry’ s top safety certification from the National Mining Association. After 125 years in business, Baker said Hecla is,“ the last of those original, gutsy Silver Valley mining companies still standing.”

Bart Ward is CEO of the Investment Advisory firm of Ward & Company, Ltd. Since 1993 he has written the weekly Wall Street history and market-oriented column,“ The Corner.” He has his degree in history from UCLA.

Sources

2015 Hecla Annual Report. Hecla Mining Company. 2016.

Bruner, Robert F. and Sean D. Carr. The Panic of 1907: Lessons Learned from the Market’ s Perfect Storm. John Wiley & Sons, Inc. 2009.

Celebrating 125 Years. Hecla Mining Company. 2016.

Fahey, John. Hecla: A Century of Western Mining. University of Washington Press. 1990.

“ The Floor Department Memorandum.” December 9, 1964. NYSE Archives.

Humphrey, Jeff.“ Hecla Mining Digs Massive Expansion of Lucky Friday Mine.” kxly. com. May 23, 2016.

“ Minutes from the Special Meeting of the Listing Committee.” American Stock Exchange. September 23, 1915. NYSE Archives.

1. Who will be the first Black person and first woman to appear on the front of US paper money, beginning in 2020?

2. What occasion did financial“ tombstones,” or“ deal toys,” mark?

3. What was the median household income for the United States in 2015?

4. Which bank is the world’ s oldest in continuous operation from its founding through today?

5. When did Facebook hold its initial public offering?

6. Which financier helped the United States avoid a more severe financial crisis in 1907?

7. Who authorizes commemorative coins in the United States, and who produces them?

8. Which important monument did Victor Lustig pretend he was able to sell for scrap metal, on behalf of its city, in one of the most famous financial frauds in history?

9. When Nasdaq was founded, in 1971, what did the acronym stand for?

10. Which allegorical feminine shape will be featured as a Black woman on a commemorative coin in April 2017?

1. Harriet Tubman 2. Initial public offerings( IPOs) 3. $ 55,775 4. Banca Monte dei Paschi di Siena in Italy 5. May 18, 2012 6. J. P. Morgan, who pledged his own money and persuaded other New York bankers to do the same 7. Commemorative coins are authorized by the US Congress through legislation that is signed by the US President. They are produced by the US Mint. 8. The Eiffel Tower, in 1925 9. National Association of Securities Dealers Automated Quotations 10. Lady Liberty www. MoAF. org | Winter 2017 | FINANCIAL HISTORY 39