The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1915-09-04
JUMBO EXTENSION Mining CO.,
ISSUES ITS annual REPORT

The annual report of the JumoO
Extension Mining company for the
year ended June 80, last. was made
public Tuesday. Copies of it, togeth-
er with checks for the dividend of
~ cents per share declared by the
directors at the annual meeting in
Phoenix. Ariz., on July 19, have hecn
mailed to stockholders
Figures contained in the report
show that the production of the mine
during the year amounted to 1888
wet tons of ore, of which $3.50 tons
were milled at the plant of the
Goldfield Consolidated Milling and
Transportation company, Hat tons
were shipped to the smelters and l.
497 tons of mill grade ore averaging
$S.67 per ton were placed on the
mill dump for future treatment. The
ore shipped had gross value OF
$3.50, SCOOP. Tailings and smelter
losses amounted to $51 ,161,01 leaving
net value of $61S,399.01. Operat-
ing costs. including construction,
freight and treatment charges on
shipping ore, totaled 1911, ,574.5S,
leaving a net realization of $685.
373.22.
The report includes individual re-
ports by President Charles S.
Sprague, General Superintendent J.
K. Turner and Secretary Ben Gill.
President Sprague states in his lC-
port that the directors at their last
meeting decided upon the policy CT
maintaining a surplus of 100000 in
the treasury and to distribute the eX-
cess in dividends in quarterly periods
in such amounts as the condition Of
the treasury shall warrant. He adds
that quarterly dividends of at least
7h per cent and probably more can
be depended upon for some time to
come. The report of President
Sprague, in part follows:
Presidents Report
During the year the property pro-
duced 1888 wet tons of ore, of
which $3.50 tons were milled 1T
local plant and HAT tons were
shipped to the smelter, from which
the net returns were $339,373.22.
In addition 1,497 tons of mill ore
averaging $S.67 were placed on the
mill dump for future treatment.
During this period 5,S74 feet of de-
velopment work was performed
Practically no production was made
during February, March, April and
May, owing to litigation then pend
ing. but the time of substantially the
full force was profitably employed
in development work
At the beginning of the year the
/ company had cash in bank amount
ing to S29,O99S5. At the close OF
the year after paving operating eX-
penses. the cash balance amounted to
s12O,533.13, with ore in transit and
unsettled for on June 80, of net
value of $69,042.01, or total OF
S1S6.575.14, while ore reserves sub
stantially above $2,00O,00O were
/ added to the assets of the company.
The capitalization has been in
creased from 1,250.00O shares to
1.55O,OOO shares, the increase beng
devoted to the settlement OF apex
litigation with the Reorganized Booth
company. Your company is now
free from all litigation, actual or
threatened 1t has sideline agree
ments with the Booth, GOldfield Con
solidated and Merger Mines compan-
les. and there is no danger of at
tacks from any side or upon any
pretext. In addition to the money
and stock paid the Booth, the Legal
and administrative expenses were
increased for the year, but in view of
the ends attained. your company
Jared we'll in the settlement.
Two dividends were paid during
the year of cents per share each,
amounting to $125.OO0. At the di-
rectors' meeting July 10, a dividend
was declared, payable Sept. l, OF
71b cents share. The policy was
adopted at this meeting of main
tanning a surplus of 100000 in the
treasury and to distribute the eX-
cess in dividends in quarterly peri
DDS in such amount as the condition
of the treasury should warrant. The