THE FINDLEY AND VALLEY CITY CONSOLIDATION.
——————
Cripple Creek District.
The special commission of three engineers appointed by Judge Cunningham to investigate the Findley-Valley City consolidation in the Cripple Creek district, has reported.
The commissioners find that the terms of consolidation are equitable in spite of the opposition of minority stockholders in the Findley.
The commissioners were Messrs. Max Boehmer, E. Le Neve Foster, E. E. Chase. The report was as follows:

"We have the honor to submit our report as referees in the above cause, and beg leave to state that we have followed the instructions of the court as expressed in the stipulation between the parties in interest, and that we have reached a final conclusion in the matter referred to us.

"It is our unanimous opinion that the proposed consolidation on equal terms of the Findley Gold Mining Company and the Valley City Gold Mining Company is fair and profitable to the Findley Gold Mining Company.

"It soon became plainly evident during the first days of our examination that we would be able to arrive at a conclusion without the need of further exploration work.
We, therefore, endeavored to finish our task within the time set, and, as nearly as possible, within the amount appropriated in the stipuation.

"To accomplish this we assumed as correct the maps of the surface boundaries and the underground workings as furnished to us by the engineer who makes the surveys and maps for both companies.
We further assumed that the paper title of record had been examined by attorneys, and that such was not within our province. In addition we took it for granted that the balance on the books of the First National Bank of Cripple Creek, as shown to us, represented the cash assets above all debts for the companies, excepting only amounts due for current expenses, and that the latter would be balanced by the ore in transit.

"The conclusion reached by us was based upon a full consideration of the following points and each of these was given the weight it deserved in the matter to be determined:

"I. Examination of the workings of both mines and other developments in their vicinity.
"II. Extent of development and value of plants and surface improvements in both.
"III. The ore still standing and broken ore still remaining in the stopes.
"IV. Prospective value of both mines on further and deeper development, including the question of pumping.
"V. The large amount of ore that has been extracted from the Valley City property and shipped as Findley ore, the profit from which has largely increased the Findley bank account.
"VI. The grade of the ore in different parts of both properties.
"VII. The amount of money to the credit of both parties in the First National Bank of Cripple Creek on the 26th day of November, 1904. These amounts show $152,000 to the credit of the Findley Gold Mining Company and $39,000 to the credit of the Valley City Gold Mining Company.
"VIII. The title, by patent and by deed, of the Findley Gold Mining Company to the Findley Lode claim, as surveyed for patent exclusive of its conflict with the Shurtloff No. 2, Orpha May No. 2, Lucky Gus and Christmas Belle Lode claims and the Hull City Placer claim.
"IX. The title by patent and deed of the Valley City Gold Mining Company to the Shurtloff No. 2 Lode claim, as surveyed for patent, exclusive of its conflict with the Grouse, Pike's Peak, Orpha May No. 1, Orpha May No. 2 and Bison No. 2 Lode claims, but including the Pauper conflict; also its title to Happy Thought Lode claim as surveyed for patent; exclusive of its conflict with the Bison No. 2, Pauper, Shurtloff No. 2 and Findley Lode claims.
"X. The apex rights on all veins disclosed in both properties, against each other and against all other claims adjoining, according to the patent title of each mining claim or fraction thereof included in the territory owned by the respective companies. In this connection the matter of discovery veins received due consideration.
"XI. The apex rights of other mining claims in the vicinity not belonging to either company.

"The fifteenth level of the Findley mine could not be inspected because it was under water, hence the development of the mine below the fourteenth level could not be taken into consideration."