Mohave County miner., 1916-08-26
JUMBO EXTENSION
 MONEY COMING HERE
dFrom oatman Section Daily Miner.l

AEEom OdJInan SecllOn Dally m1ner.D
 News from San Francisco that the Jumbo Extension has passed it's quar- terly dividend of five cents share is of interest to Oatman in a not indirect way. The statement of Charles S. Sprague, president of the company, contains a sentence or two to the ef- feet that the company has adopted a policy of perpetuating the corporation by setting aside big sum of money to acquire paying mine elsewhere, which will be operated by the Jumbo Extension company.
 Adjoining without declaring the usual dividend, the directors explained the reason for the sudden drop in the stock last week and the subsequent activity, based on uncertainty. Fol lowing is Mir. Sprague's statement:
 "The cash in bank and ore reserves, in the opinion of the directors, do not warrant the payment of a dividend at this time. No new commercial ore has been opened in the mine for the past six months and the production has come entirely from the one ore shoot first opened IS months ago. The drain on reserves has been very great and the end of the productive life of the mine is not remote unless further development discloses new ore bodies. Engineer Turner's plan of develop men will require at least S1OO,0O0. It is also the purpose of the company, in order to perpetuate the corpora ton to acquire a new producing prop erty. One year ago, having the pres ent contingencies in view, the direc- tors adopted a policy of keeping on hand reserve of S2OO,OOO and dis tributing only surplus cash and ore in transit in dividends when the nec- essary amount accrued. The cash in hand and ore in transit do not permit of the distribution of a dividend for this quarter without seriously i'm pairing the reserve and jeopardizing the future of the company"
 Jumbo Extension, with an outstand- ing capital of 1,55O,OOO shares, has paid in dividends S6O9,67S.
 These facts bring the situation di- rectly up to Oatman. Messrs. Sprague and J. K. Turner are heavily interested in several properties nere and near here. The meaning between the lines of the above statement can be no other than that the first one of such properties that makes good will have the enormous treasury of the Jumbo Extension as a development fund, and that company will take over the property. This is a surmise, but a reasonable one.
 The most prominent of such proper ties is the Oatman- United, which is up the mountain side to the east of the Tom Reed. There are mining men in camp who frequently have made the statement to the writer that there is no property in Oatman with chance of making a big mine comparable to the Oatman-United. Another Sprague and Turner property is the United Southern and a third is the Secret Pass-Gold Top.
 While it is always regretted that a mining company finds it necessary to pass a dividend, the present in- stance must be regarded as a case where there is never a great loss with out some small gain.
 These are days when developed mines are not for sale at any small price. There are none for S100,O00 or S2OO,OOO. Mines, as a rule, are made by stocking them and after they pass the organization stages the stock gen erally is scattered and a sale of the property outright not convenient. 1 There are thousands of mining prop critics for sale, but not mines. The mine is secured nowadays by develop | ing it and that seems to be what the Jumbo Extension syndicate is doing. That means Oatman.