Jumbo Mining Development Company Records, 1890-1956

The Jumbo Mining Company, of White Sulphur Springs, Montana, was incorporated in 1890 by Cyrus R. Chapin, Charles E. Severance, John R. Lewis, Len Lewis and Jacob T. Gove. The company was capitalized at $5,000,000. In 1895, the company was reorganized as the Jumbo Mining and Development Company and the capitalization was reduced to $428,000 in $1 shares. Over 20 years later the company held its first meeting. During the interim, a majority of the stock had been acquired by West Virginia and Red Lodge, Montana, coal mine owner James F. Brophy and his son Rosser Brophy, for 1 1/2 cents per share. The Brophys and one minority stockholder, Earle F. Argell, then became directors and officers of the company. In 1935, faced with National Industrial Recovery Administration taxation, the company held another meeting. Reports were filed proving that the company was not doing business within the meaning of the law and was therefore exempt from taxation. The meeting extended the life of the company for another 40 years. For the years 1935-1956, the Jumbo Mining and Development Company filed regular annual reports with the Montana Secretary of State, indicating a very small but gradually increasing indebtedness. In 1956, the remaining assets of the company were sold to the Brophys' Smokeless and Sootless Coal Company of Red Lodge, and the Jumbo Mining and Development Company was formally dissolved.