Bisbee daily review., 1904-01-10
A MINE FIGHT STIRS UP
 EAST
FIGHT BETWEEN RIVAL OPEL
 GERS NOW ON TO A FINISH.
LEGAL P0IN TS INVOLVED
Are Whether or Not the Meetings of
 Stockholders and Of Directors op- erating Under Charters Granted in Arizona, Must Be Held Within the
 Limits of the Territory.

erating Under Charters Granted in
 Arizona, Must Be Held Within the
 Limits of the Territory.
 All eastern capi alists having money invested in Arizona are deeply inter ested in the developments of the fight among the stockhol iers of the Black Warrior Copper company. They feel that no eastern capital is safe under Arizona charters if the precedent established by James A. Fleming. the depcsed president of the Back Warrior company IS sus, lined.
 MT. Fleming ignored the majority stockholders meeting here. add by holding what he called a stockl olders' meeting ;n the west, reelected himself and has taken possession of the mines. The directors Eere have elected Charles A. Chase. president; Henry A. Fry, treasurer, and Errest L. Tustin. secr-tary The fight be- tween the rival officers is now or 10 a finish.
 The legal point that IS -ileged to be involved is whether or not the meet ings of stockholders and Of directors Of corporations operating under chart CTS granted in Arizona mus. be helc within .he limits of that territory to be legal and binding. Sh )uld this be held to be the law it is sail to be pos sible that any combination of minority | stockholders. resident in Arizona, of i any corporation acting under an Ari- zona charter could bring about ex- actly the same condition of affairs as has developed in the Black Warrior | company should such a corporation have ever transacted any of it's busi- ness outside the territoriil limits. Arizona for the past few years has vied with Delaware. New Jersey, West | Virginia ard other states in the bus
 mess of selling charters and has of fered most liberal inducements. The returns have been so rich that the fees alone received by the territorial secretary gave him an income larger 1 than that received by the president of l the United States. Hundie ds Of i charters have been gra1.ed. upon | which millions of dollars of capital stock have been issued, and of this stock perhaps more than ninety per | cent has been taken in the eastern l financial centers. Nearly all of the | charters are similar to hat of he l Black Warrior company IL that they 1 provide for a principal place for the AI, fn
 the better convenience of the stock holders.
 The secretary of the Black Warrior
 company is Ernest l.. Tustin. a well
 known attorney of this city. Speaking
 of the contention today he said:
 There has been friction in the
 board of directors for some time.
 There are thirteen members of the
 board and twelve of these are solidly
 arrayed against the president, James
 A Fleming, a resident of Phoenix. l Arizona
 During the discussion oi these 1 things Mir. Fleming angrily threatened to dispossess us, but it was never cor
 sidered seriously. We die however,
 by a vote of every member of the | board, with the exception cf our pres ident. decide to send representatives l to the mines to carry out our or ders and when they arrived, there they were elected by Mr. Fleming.
 "The first intimation we had of a meeting being held in Globe was con
 tained 'n a newspaper published in that town. The regular meeting of l the company was called in September | last by the board of directors, and fixed for December g, at the Manufact- | urer's Club. MT. Fleming wa. pres l ent at the meeting and recognized the {, had proxies printed in his interest l giving the time and place of the meet ing as fixed by the board. He came here and we served him with an in-
 junction compelling him to comply with the orders of the beard. He was unsuccessful in obtaining proxies and went to Arizona On November 27, is- sued a call for meeting to be held in Globe at the same hour and on the same day as the meeting arranged for in Philadelphia. Our representatives there who are stockholders got preliminary injunc- tion. When it was called for hear | ing, on the 9th, the attorneys for MT. Fleming announced that the meeting had already been held and directors elected. At our meeting here we vot- ed 155,000 shares of stock out of a possible 225,000, and the board nomi- mated at the meeting vas unanimous ly elected.
 As to the legality of the two meet ings, that is question of future dis cussion. One of MT. Fleming's attor- neys in his present contention was the attorney employed by us when the charter was granted. The local newspaper of Globe quoted the Judge who sat in the injunction case aa say