The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-03-10
ITS SPLENDID FUTURE.
First Regular Meeting Of the sapph-
ire and Ruby Company, of
Montana
Beautiful Sapphires and Precious
Rubies From Eldorado Bar
Shown.
ON His Visit and the Prospects OF
tho Company.

The London Financial Times Of Feb. q
prints the proceedings at the fret meeting
OF the Sapphire and Ruby company of
Montana. The Times says that Lord
Chelmsford presided, and that there was
q crowded attendance Of shareholders
and the proceedings throughout wore
marked by the greatest harmony, the state
ments from tha chairman and from Mr..
Streetsr being OF \ distinctly encouraging
character. Additional interest attached to
the meeting. owing to the directors having
made arrangements for = display OF spsel-
men sapphires and rubies from the Mon
tana property. and these were objects OF
great attention. One elass alone con-
tanned a thousand carats of cut gems.
Among these were some beautiful sapphlres
of blue and green OF every shade. Inc
largest specimen sapphire was one weigh
inc twenty carats. Among the collection OF
rubies were several OF the most desirable
color, known as pigeons blood" The
largest specimen ruby weighed eight or
nine carats. There were also several
Thousand carats Of uncut stonss IN the
case. The sapphires, which psrhaps havs a
greater range Of color than any other
precious stone, prepondsratinR. In add
ton to the sapphires and rubies. there was
also displayed cut and uncat jaclnths OF a
very attractive color, and which are said to
have already excited the praise OF numer-
Gus dealers in precious stones. In another
case was a box Of earth dug by Mr.. streater
from the Eldorado bar on thu property.
with both stones and gold visible. Besides
nuggets Of gold found on various parts of
tba nrone;ty was one discovered by Mr..
Streatsr himself when washing for stones.
Il should be stated that all the sapphlres
and rubies, with the exception OF one small
box. were brought hons BY MIR. StreeteF
ana Mr.. aIallaby-Deeley, who guarantee
TINT they came from tho company's prop
erty. =. 49,
donbt most OF YOU will undel stand, this
statutory meeting is called according to
the provisions Of the act which regulates
nuh]ic companies. I trust that on the next
pccasion I shall have the pleasure of ad-
dressing you I shall have more Information
to give than I can to-day. The company
has only been registered about tnrse
months. and. of course, it is Impossible
that all the different arrangements could
~ made in that time which would enable
"a to report progress in regard TO the com
pany itself. But ! think l may congratu-
late the company upon the very able and
very satisfactory reports which have been
received from our two directors WHO Went
Of the statement made in the pros
pectus. Hesr, hear. b state
ment was that the contract with the
vendors was not to be considered az valid
until the accuracy Of the statements made
by the vendors with regard to the property
had been verified by the personal inspec-
tion Of that property by two members OF
that report, and I am quite sure you Will
agree with me in saying that it not only
absolutely v~eriIes everything that was
stated in the prospectus which yoa first OF
all received. but that it goes beyond 1T, ana
gives a far better description OF the prop
erty than the prospectus intlmated when 1t
was first issued. Applause. Now, al
thonoh tho reports Of the two directors
have been in YOUR hands, still / think it
would be advisable on this occasion to inn
press their contents more FULLY on your
minds BY reading out the main fea-
lures of them. Ihe first report is by Mr..
Edwin W. Streeter. who is we'll now by
reputation as being thoroughly conversant
with thu nature of gems, and | am suro his
statements will be received with that value
which would naturally pertain to state
ments coming from a gentleman who has
made the subjects of gems his study tor a
good number of years. Tho first statement
made by Mr.. Stfeetsr is that he has no
hesitation in saying that his examination
as to the quantity of the gems and the
simple and inexpensive methods OF mining
them more than confirms the statements In
the several expert reports with which
shareholders are familiar; and Immediately
after wards he says that he found the prop,
erty in every respect to Dc better than
represented.
In the next paragraph he says that the
total area of sapphire-bearlng Qtounc
probably covers ten square miles, all OF
which property will be- owned and CON
trolled by your company. Then with re-
gard to the gem-bearing lands and the
water rights of the region he states that we
have secured a practical monopoly of both,
No other property has been discovered il
the ne ghDorhood, as far as can he asoer,
tanned, which has been shown to be gem.
bearing in any respect. The next state.
ment-which is very satlsfactorY--ls thai
the samples taken by Mr.. Maliaby-D eefey
and Mr.. Streeter wsro from virgin GROUND
of their own choosing. Now, of course
there are suspicious persons who, perhaps
have had their fingers burnt by mining
speculatlons, who may be inclined to say
that the ground has bean what is vulRarly
called ''aalted,' but i would like all snare
holders to bear in rnind that if the grounc
was sailed for sapphlres 1t would be Will
chat color of sapphire hitherto commonly
or always obtained which is blue. whereal
the peculiarly attaching to our property il
that every shade of green sapphire Is fount
upon it. With regard to the proportion o
cutnble gems. Mr.. Streeter saya there vii
be at least 20 per cent of them cutahis 70
jeWeily, after throwing aside the iI.psr
fectly crystallised corundrums. Anothe
feature III the Montana ground. which
is most favorable, is that beside
being gem be}ring, it also produce
gold. Applause. Inc ground ha
been worked for IL long time by individual
miners, and | believe, it has AWAY
yielded a very fair profit to them; but un
fortunately Tor these miners, water, which
was essential for their working, had to b
brought from a considerable distance. Til
money at their disposal not being - larp
amount, these men We're unable, except in
very imperfect way, TO bringt the water iron
the creek. In $50 the miners conpl4te,
their squednct, which WAS an extrcrpcl
long and high one, having to cross a valley
and III 1871 1T waS blown down. and 30 iii
miners were deprived Of their water. Sine
then very little mining for gold has tnte
place. MIR. Stteeter says that apart fror
my question of the value Of your propert
as a geln producer, You have secured Tia
most valuable ~alluvial gold rrou
ettv in Montana, and one of sue
area rs to be practically lnoxhaustible
The entire ~aliuyial deposit appear
to carry gold in paying quantities. if worke
by the hydraulic system" iApp.ause.
That is the way in which the gems aud 60!
will be extracted. in conclusion III
Streeter expresses the following opinion
1. chat SO clear and unrnistakabge are ii
elements of value in this property, no IL