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Show Page Twelve Hecla Reports Results of Annual Meeting Continued from Page Nine Hunter has been General Manager of the Lakeshore mine in Arizona since the development of the operations starting in late 1969. Directors reelected other officers including William H. Love, president and chief exe- Exploration, and Gordon M. Miner, vice president - opera- shareholders of record as of the close of business on May tions. 21, 1976. Stock dividends of The Board also declared a two percent (2 percent) have stock dividend of 2 percent also been paid in each year on the outstandng commencing in 1970. payable shares. This stock The Lakeshore mine in capital dividend is being paid in lieu Arizona, a 50-5- 0 partnership of a cash dividend and the with El Paso Natural Gas cutive officer; William A. Grif- Directors do not presently Company, has started operafith, vice president - Metal- intend that further dividends tions, Love told stockholders. lurgy; William J. Grismer, will be declared or paid for the Production is presently at a vice president - finance and remainder of the year. Stock little over 50 percent of capasecretary-treasureHerbert certificates will be mailed on city, he said, and the company or about August 6, 1976 to expects to reach full E. Harper, vice president produc r; tion by year end. The property was placed on an operational status as of April 1, 1976, and net operational results from that point forward will be reflected in the companys regular income accounts. At the present copper price, the Lakeshore mine operation will not realize a profit and is expected to generate only a nominal cash flow at full production. During build-u- p of production to full capacity. For further information please call James Barrett , Chairman . Area Code 208 356-4229. First Lombard Corporation Investment Bankers Salt.Lake City Idaho Falls costs per pound of copper will be higher than normal, and operating losses will occur. This situation will materially affect Heclas reported earnings beginning April 1, 1976, and we anticipate reporting a loss in the second quarter, and possibly losses for the full year of 1976, Love explained. Can New York Be Saved? Continued from Page Ten eral courts under pressure from the citys creditors. A legal battle over who, in law, has first claim on city revenue would promise to restore full employment to the. legal profession and to amuse that part of the general public which is neither long on New York City bonds nor long on pensions. But here, the legal rights acquired by individuals might simply be ended by fiat. A less drastic possibility is compensation: for example, individuals who lose the right to occupancy at the controlled price would be paid off by those who would gain by the abolition of rent control. (If this were easy to accomplish, however, it would have been done already.) The city might pay some of the compensation in the form of discounted city bonds so that the restoration of the citys financial health brings with it financial gain to those individuals who otherwise lose in the process. The people of New York City may believe, however, that they can continue to bluff the funds out 'of the other parts of the country. They may believe this, and this belief may lead them to conclude that no action is required on the fundamental flaws in the citys legal system. If the people of New York make this bet, and if they eventually lose, then a great many acquired rights may be abolished overnight in a bankruptcy court. It is clear that at least one thing has changed in the last few months. No one seriously believes anymore that New York City bond holders will actually have first claim to city revenue in the event of default. The de facto default has solved that problem. This alone may shut the city out of the municipal bond market for a considerable period of time. The days of Ponzi financing are over. The Federal assistance provided in President Fords program has given the people of New York City a period of grace in which to negotiate with each other. If the assistance is not forthcoming in the future, then default, and government by fiat, may follow. This consequence may well be grim enough to induce the people of New York City to consider future. seriously their Reprinted by permission. Reason magazine. Mav. 1976 - |