Arizona republican., 1904-01-09

 manage the property. MT. Chase was present at the Globe election. held some time after the Philadelphia elec- uCn, and assented to the reelection of GIr. Flsming.
 Both Mir. Fleming and Mir. Chase came to Phoenix together soon after the election and the latter was the guest Of the former during his stay in Jlle territory. At the time of their wis it The Republican mentioned the un- heard thing of two presidents cf cor poratiOn traveiing about together. But this is the story cf the affairs of the Black Warrior company as told by the Bulletin:
 All eastern capitalists having money invested in Arizona are deeply inter ested in ths fght among the stockhold- CTS Of the Black Warrior Copper Co. They feel that no eastern capital is safe under Arizona charters if the pre- cedent established by James A. Elem ing, the daposed presidsn of the Black Warrior company. is sustained.
 Mr. Fleming ignored the majority stockholders meeting here. and by holding what hs called a stockholders' meeting in the west, reelected himself end has taken possession of the rninee The directors here have elected Chas. A. Chase. president; Henry A. Fry. treasurer, and Ernest [. Tustfl. secre- tary. The fight between the rival cf- fCsrs is now on to a finish.
 The legal point that is alleged to be involved is whether or net the meet ings Of stockholders and of directors of corporations under charters granted i'm A ri n al. its of that territory to be legal and binding. Should this be held to be the law it is said to be possible that any combination of minority stockholders. resident in Arizona Of any corporation acting under an Arizona charter could bring about exactly the same condition of affairs as has developed in the Black Warrior Co. should such a corpor- ation have ever transacted any Of it's business outside the territorial limits
 Arizona fer the past few years has vied with Delaware. New Jersey. West Virginia and ether states in th= busi- ness Of selling charters and has offered most liberal Inducements Tha returns have been SO ricb that the, fees alone received by the territorial secretary gave. him an income larger than that received by the president Of the Unit ed States. Hundreds of charters have been granted. upon which millions oC dollars Of capital stock have been is sued, and. of this. stock perhaps more than ninety per cent has been taken il the eastern financial centeTs. Nearly all Of the chartzrs are similar tc that of- the 8lack Warrior company in that they p.cvide for a principal place for the transaction Of business in the east for the peter convenience of the st-ck- holders.
 The secretary of the Black Warrior company is Ernest L. Tusti1. a well known attorney of this city. Speaking Cf thz coatenticn today. he said:
 There has been friction in the board Of directors flor some time. There are thirteen members Cf the board and twelve cf these are SolidIy arrayed against the president, James A. Elem inS. a resident Of Phoenix. Arizona.
 During the discussion of these things, MT. Fleming angrily threatened to dispossess us. but it was never con sidered seriously. We did, however, by a v-te of every member os the board with the exception of our president. de-