Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-03-17
The Republic in Washington
Reported Sold
TO TORONTO CAPITALISTS
Price Said to be $3.50 Per Share--
Copper Stocks Inactive In
Boston Market.

News was received in Butte today from
Spokane that the Republic mine in the
ColVille reservation has passed into the
hands of a Canadian syndicate. The
Spokane Review of yesterday says:
The Republic mine has been trans
ferred to Canadian control. Spokane
stockholders do not relinquish all their
holdings in the property, but the main
office of the company will be removed to
Montreal in the near future, and Cana
dian capital will operate the property.
The price which stockholders will re-
ceive for their holdings is not known
here. It was understood When Patrick
Clark went east With 925. 900 shares of
the Republic in his own name, as pool
trustee, that he would sell the control
of the mine, for $3.50 per share, and that
the stock disposed of Would come from
the members Of the pool pro rata, every
body thereby retaining a portion of his
interest in the property. While this price
was lower than the market figure on the
stock, it was Mr.. Clark's idea, and his
associates in the agreed with
him, that the sale of the control to
strong men in eastern Canada would so
enhance the valu of the stock that the
IeIldllllHS IOluilSS u liz pohdl pSo7
pie would be worth more than what they
originally held.
The contamination of this deal is the
thing that Spokane mining men have
most devoutly wished for, hoped for,
prayed for. 1t means great things for
! Republic camp, for it is the Introduction
of the famous reservation mines to the
eastern financial world, and the begin
| ming of the development of the camp
! upon broad lines. which will speedily
make it the first mining camp in all the
west.
The following dispatch from Toronto
+; gives the first news of the contamination
of the deal that has reached Spokane:
Toronto. Ont. March ia deal was
consummated at Montreal a few days
ago by which the Republic mine passed
! into Canadian hands. The Canadians in
terested are Robert Jaffery, president
and largest stakeholder of the GLOBE
Printing and Publishing company, To-
ronto, the organ of the liberal party in
Canada; Clarence j. McCuaig. A. A. Aver
and c. Kingman of Montreal. The deal
was put through by Patrick Clark, the
former owner Of the War Eagle mine,
and the chief owner of the Republic, in
company with Volney w. Williamson of
| Spokane, who with Mr.. McCuaig, con-
! summated the well known War Eagle
deal some time ago.
1.-The correspondent was shown the
official returns from 4 1000 tons of ore sent
from the Republic mine to the Tacoma
smelter. They average over 500 per ton
or $500, 900 in all. Out of that sum $4,000
was paid in the dividends and the balance
includes the expenses of equipment and
other necessaries. The par value of the
shares of the original company was 81
! each. the capital being $1,000, 900. 1t is
| said that the new organization will have
a capital Of 50, 500, 900 and will at once
| take steps to transfer the head office from
Spokane to Montreal, Quebec. 1t is the
| intention of the new company to retain
half a million dollars of stock IN the
treasury and the full balance will go to
the present shareholders, thus giving two
shares for each one now held. Already
a large block of the new stock has been
| sold to private parties. The new COM
pany will make application for listing on
! the mining stock exchanges of Montreal
| and Toronto when the organization is
completely formed. 1t is expected that
the issue price will be 50, but the price
! already offered really exceeds that
mOun
canadians are congratulating them
selves upon closing such a promising
1oa1S