Show NORTHWEST MINING NEWS special correspondence spokane wash april 5 by a practically unanimous vote the shareholders of the republic mines corporation at a meeting in spokane march 31 instructed the board of directors to arrange for the incorporation of a new company to be known as the surprise consolidated mining and milling company c capitalized for shares at 1 to take over the assets of both the republic mines corporation and the north washington power and reduction company assuming the indebtedness of both effecting virtual consolidation the stockholders of the republic mines corporation are to receive shares of surprise consolidated stock for their holdings and the north washington power and reduction company investors are to get shares the remaining shares to be held in the treasury as a reserve fund the combined liabilities of the two companies aggregate of which is charged to the Re republic pubic mines company and to the power and reduction company the only obstacle now in the way of consolidation is the possible refusal of ane chief creditors to grant an extension of time and a committee consisting of robert mabry chester shoudy and R A koontz was appointed by president C L pennington to secure the consent of the creditors most of whom are eastern concerns to the transfer of the liabilities to the new company it is bell believed however that assent will be given as one of the heaviest stockholders in both companies stated last night that the creditors would have to grant an extension to protect them silves the holdings of the Re pubic mines corporation po consist 0 of f the lone pine pearl and surprise mines in republic and the principal indebtedness was incurred i in n developing ve the surprise gur prise the north washington power and reduction company owns the reduction works at republic and was organized primarily to provide treatment facilities for the republic ac corporations properties if the new company is launched it will dispose of the power franchises held by the power company for which it is stated an offer of has been ra za already and will expend to 52 increasing the capacity of the mill to 2 to tons daily and construct constructing a a r way line from the mines to the therill th emill baill elik i the necessity of lal the or this it is believed will reduce treat treas ment costs to a ton and enable thi th consolidated company to liquidate with a year the indebtedness that wll remain after the sale of the power fra chases f articles of incorporation of the heel hecl copper silver mining and miling mil ing company limited which will develop a group of si copper claims south of the united coppi copp and northeasterly of the blue star an aa about three and one half miles nor theas of chewelah Chew elah have been filed the holi hold ings of the company are traversed by fok foi ledges the main vein having a width i from six to fourteen feet said fred P F fo fe ter one of the original locators of the groa grou the vein has been traced by means 0 i open cuts and shallow shafts for over mi e and assay returns from the showings found gave 54 per ce cent nt in co col 1 per in gold and in silver total value of 1903 richer specimens wi assay over to the ton it is the inte I 1 tion to drive a short crosscut to the vei which will then be drifted upon prepay tory to this work boarding and bunk hous houa and a blacksmith shop will be erected once and development steadily proe set t ed among the directors of the compa k are john C argall city purchasing agai age of spokane howard a catt buyer of cheney washington ton and Vir virgil gIP hoar W G hoar john frederick charli charl W linscott and A W ane algrove of 66 sp kane doubt of the statement that electr power would be delivered in the chewed camp of washington this season was be tied this week by the filing in the offic of the county auditor of an agreement I 1 tween the united copper mining colpak and the TAT meyers eyers falls power and LIA company for the sale of electric curren upward of a year will be placed the credit of chewelah Chew elah mine operators i the result of a saving on fuel costs vh 4 the power line enters the district abo june 1 according to estimates from tl fl f fied ie d the meyers falls company has n stalled the generators necessary to furni furn the 1000 horsepower called for in the CO col tracts of the first mining companies sign t |