The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-03-10

/ Al OaIh NJ q ~ NAAh~ A M
The apparent limit of tbs ge,n~bcaring ter
ritory and the practical monopoly acquired
by your compunv. both of the gem fields
and water courses available for hydrAullc
mining.a MIR. Mallahy .Deeley vent witt
the engineer very closely into the wate'
question--ana that. OF course, I'LL in this
room will understand is very important
point with regard to minlnp--ant
he has satisfied himself fully as &c
the three important water ooufaeE.
those Of Beaver creek, Sour creek and
FFontcreek. In the case of the ~last-named,
which will be the first to DO brought on to
the mines, he says, II measured the water
at 3 point hundreds ef feet higher than Eli
dorado bar; and near to the place where
tho ditch will tap tho creek, l found, not
withstandinH = dry trainlessl summer and
autumn and the absence of snow IN the
surrounding water sheds, the stream was on
that day twenty feet in width, fifteen inches
in depth IN the deepest part, and flowing at
the rate OF four and 4 half feet q second. !
cstimats its contents to equal at loast 1,4oO
even greater during the regular hydraulic
season." That, Of course, gives the assur-
anos that when the necessary arrangements
have been made for bringing that water on
to the property in = scientific manner. we
shall be able to work the property i'll a
thoroughly satisfactory and inaxpenslve
manner.
Tho next and last report is that Of Mr.. j.
D. Yerrington. He il an American min
esaloglst, who has for Il long time been
dealing in gems, and whose ability and
integrity is youohed for by a number of
American dealers in precious stones. We'll.
Mr.. Warrington. who had never previously
seen the property, oorrobogates in every
respect the reports of your two directors.
[Applsuss. He says there exists In your
property an immense quantity of sapphire
crystals, and he also remarks that he could
.nt lint aaa that the M1lnaa ware ~rHCnllnrlV
adapted to rapid and economical working
by the hydraulic system Of mining. After
stating that the properties proposed to be
acquired by the COMPANY are, in his opin-
ion, worth several times the price to be
paid for them, he concludes his re-
that, although this was my first
visit to these mines, I have been for
several years a purchaser of such specimens
of the Montana gems az found their way to
New York, and after cutting these to bril-
liants / had little difficulty in selling them.
I am confident that a large marketfor these
Montana gems can be established IN New
York for the United States, and | spea k
from an experience of fully thirty years in
the gem trade ofAmerica.' [Applausel From
what l 1 have said, I hope, gentlemen, you
will be able to conclude that we who rep
resent you on the board have in every way
been abs to satisfy You that the prospectus
is absolutely correct, and that we have gone
carefully into it in every particular, and we
also trust that you will feel that there is
every prospect of the company being a
great md may say, tremendous success.
loud applause.
MIR. Ososki asked if it were a fact that q
number of shareholders had applied for the
return of their money and had taken active
steps for this recovery of the same on the
ground of misrepresentation.
The Chaisman-Only one. and he is an
up1ar,yrftor-M Wail-arI IL ia on1v for
l. small amount.
Mr.. Ososki asked if the money had been
returned.
Tho Chairman-Certainly not. 1t has
nos been paid. daughter.
Mr. Ososki inquired il the purchase had
been completed.
The Chairman-Not yet. The titles are
in the hands of the lawyers on both sides.
A Shareholder-When are the certificates
likely to be sent out?
The chairman replied that they would be
sent out as soon az the property was taken
over. lie hoped it might be within the next
week or ten days.
Mr.. Streeter, i'll response to the, wish of
the meeting, made a few remarks. He said
he could say no more than was contained in
his report and in his booh-the fifth edition
OF Precious Stones and Gems" He be-
lieved their property was the richest of its
kind in the world. 1t might be abused for
some little time like the Burmah rubies,
the shares of which now stood at 25 per
cont premium. He fully believed every
word in his report. Applause.
"A shareholder asked if there was any
doubt about their finding a market for
their sapphlres and rubies.
MIR. Streeter said he thought not. Dur
ing his journey in America he got out at
several large and saw several dealers,
all of whom said they were beautiful stones,
and that they would sell largely. Jap
plause.
The shareholder asked if they would be
likely to find a market for them in England
or Europe.
MI. ssrester-l will take them at a price,
and will make q market for them. Jap
plause. | cannot say what other dealers
will do.
The shareholder-Will you lake them at
such a price as will pay a dividend?
Mr.. Streeter said he thought so. He
thought he could take them at Il price that
would pay a large dividend. He might
say that when he Wen to Montana he did
not expect to find any gold, but he came
across part of the property where from half
an acre of ground over 81, 900 worth Of gold
had just been taken. In washing the gems
he found himself a piece of gold which he
was told was the richest piece Of gold
ever seen. In another mine Go, 500. of gold
was taken from two and q half acres dur
ing last summers work. The company
palu ioO an acre tor the whole of the prop
ertv. All he could say was that he believed
IN 1t; OF course, he might be wrong. Jap
; pleuse.
Ihe chairman said that as there was no
resolution to be submitted, that closed the
business.
A yots of thanks to the chairman and the
board terminated the proceedings.
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