The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-11-20
THE SAPPHIRE COMPANY.
The Subscription to the Stock Closed
in London Two Weeks
Ago.
Howard Oviatt and Two Directors
on the Way to Mon
tana.
How the Company Was Floated-SAlo of y
Ceur d'Alene Minc-In JefYcr-
son County.

The subscriptions to the Sapphire and
Ruby Company Of Montana, limited. closed
November 5, in London. The capital il
fixed at case, 400. in AGO, 900 ordinary shares,
and 400 founders shares. at 81 q share. The
land to be acquired by the company is
known as the Spratt gem fields, about 1000
acres, on Eldorado and other bars. on the
Missouri river, about twelve miles from
Helena. In their prospectus the promoters
give the following figures as to the produc-
ton and the profits: 81, 104 carats at EOS per
carat, would yield !e27, 1O4; deducting the
cost of production, G1,5OO and the cost of
cutting, Is rer carat, 46,776, . total OF
IS, ZIG, leaves a profit Of SIS, s2S per acre.
.'On the above basis" says the prospectus.
'assuring an annual sala of the product OF
but ten acres, the result would be a net re-
turn Of over 91ss,o00 per snnum, equal to
more than 40 per cent upon the capital of
the company"
According to the prospectus no part of
the purchase money will be paid the ven-
doris until two or more directors of the
company shall visit snd approve the prop
eyty. While no definite information has
been received here AS to the success of the
subscription. it ID undoubtedly all taken, as
y oablegram from London, under date of
Nov. IL. announces that Messrs. Howard
Oviatt, f. w. and Duley Shutter are on their
way to Montana to inspect the sapphire
fields. The same cablegram says the SUBJ
soriptions are held in bank awaiting the re-
suit of their report. The terms on which
the property is sold are 600, 600 in the stock
IF the company and 900, 900 in cash. A
- llE 0nn :, nIS0 ,Nr0vf1n1
for, and another e25, 600 is also reserved for
the same purpose. The principle Helena
people interested in the matter, whose
Spratt, J. g. Spratt and F. d. Spratt.
No company was ever f1oated in London
that had such IN array of great names
rs the Montana sapphire company. Men
in every walk in life are represented,
among them Lord Chelmsford, who is the
land. Duke of Leinster. Sir Francis Knolleys,
Sir Robert Monsr, Marquis of Tweeddale,
Lord Churchill, Marquis of Breadalbone,
Earl Of Chesterfield, Earl Of Mayo, and
more than others prominent in social and
business circles. Those opposed to the
not a fashionable stone. II seems. though,
that the founders of the English company
should be able to make them popular. In a
recent issue the London Financial News
has this to say about the company: 1.-The
Sapphire and Ruby company of Montana is
an undertaking vouohed for by gentlemen
of high standing in the world which deals
in precious stones. Mr.. Edwin w. Streeter
and Mr.. Horatio Stewart ought to know all
about gems, and the other directors asso-
ciated with them. whose names command
respect, must personally have satisfied
themselves az to the richness of the district
in which they propose to work. There have
been companies formed with similar objects
that have not met with phenomenal success;
but the sapphire and ruby company bears
evidence of beng q serious industrial IN
dertskine, launched under auspices of high
respectability."
One of the largest miners of sapphire
ground and a leading promoter of this in
terest is Mr.. w. B. Reed, of this city. He
owns some of the best grounds, and already
has a fine collection Of uncut gems. He
will soon make q trip to Amsterdam to
have them cut.