The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-10-11
THE BIG GRANITE DEAF.
Further Particulars Of the Sale to an
English Syndicate.

Further Particulars Of the Sale to an
English Syndicate.
The prevailing topic in mining circles and
ON Third street yesterday, says last Sum
days st. Louis Republic. was the contem-
plated sale of the great Granite Mountain
mine to an English syndicate. This prop
erty is recognized by mining mon as the
richest silver mine in this country, and il
notable for having paid it's stockholders
over 100000 in dividends aimee April,
1885, and for the wonderful extent and
rermanence of its ore bodies. II is, there
fore. not to be wondered at that deal in
which this property figures should create
discussion in st. Louis where the CONTROL
interst is held. The facts as given in the
Republic yesterday, and which the officials
refuse to either affirm or deny, are in the
main true. 1t can be relied upon that an
option upon controlling interest in the
stock of this company has been given, and
the only steps now to be taken are to draw
up the necessary papers and to obtain the
consent of the smaller stockholders
to the sale. It was learned
yesterday that the English syndicate
who are negotiating for this mine is the
American Investment company of London.
and the parties representing them are the
big brewery deal of last year and of which
Mr.. j. H. Underwood is the chief. This
gentleman desired to obtain an option on
the whole 100000 shares Of the capital
stock, but at the meeting held Friday after
noon, where, it was said. 3l5, 600 of the
100000 was represented, it was dsoided that
this could not be done, as the big holders
could not control stock held on the outside.
Mr.. Underwood was offered an option upon
80 per cent. of the capital stock good
until January l, 1891, and to be paid for on
a sliding scale. As was stated in The Re-
dictate agree to pay So per share for the
first installment of S55,OGO and the balance
of the stock necessary to give them control
at prices based on sliding scale up to as
high as $s1 per share. On this basis it is
said the average price would be
s Sas per Of t shsre SO as shares p Of
the capital stock is $4,000. It will require
the investment of $27, 900, 600 to consum-
mate the deal, which is at the rate of $780,
O00,0O for the entire capital stock. The
weak point in the whole deal is the fact
that no money has been paid down for this
option. At least this is the report on the
street. Although Secretary Field, who was
asked point blank if such was the case, re-
fused to answer. At the same time he init
mated that President Ramsey was too
shrewd business man and had too much
experience with parties who desired to OBJ
tain an option on the stock to make any
such grave mistake. The market for Gran
tie stock yesterday failed to respond to the
contemplated deal. Not single share
changed hands, and although bids were
stronger. $45.75 being offered for 1OO-share
lots, and SAG for 5O-share lots, no trades
were reported. On Third street they are
very sceptical of the deal going through,
and there is a pretty general opinion that it
will fall to the ground like previous at
tempts to obtain control of the property.