The copper era., 1905-06-22
SENSATIONAL CHARGES
 FLIED IN DISTRICT COURT.
Officials of Arizona Investment and SaV' ines Company are Charged With
 IndictabIe Offences.
From the Tucson Citizen

From the Tucson Citizen.
 | Application was made in the dis trict court last week for the appoint ment of a receiver for the Arizona Saving and Investment company and for the dissolution of. the company.
 Encouragement of the affairs of the company, negligent and incom- petent officials, failure to pay ma tured stock, misappropriation and theft of funds of the company by dishonest officials are among the charges in the petition.
 This is one of the big investment companies of the territory. Its stockholders live in all sections of Arizona, Bisbee, Douglas, Clifton, Morenci, Benson and Tucson are heavily interested in the company and considerable stock is held in Phoenix, Prescott and the northern section of the territory.
 The company was incorporated with a capital stock of S2,OOO,OOO. It is asserted that about S25O,O00 was paid into the company by stockhold- CTS and that the present assets are only S175,OOO.
 The application for a receiver was filed by Attorneys s. W. Purcell, Jas. D. Van Dyke and A. A. Worsley, who represent, according to the little of the petition, "Felipa Schramm, Lo- retto E. Carillo, Mrs. Nat Crocomb 1 and all other stockholders who care to participate herein"
 The petition alleges that about S25O, ,O0O has been paid into the treas ury of the company by the stock holders. Of this sum it is alleged that $l5,000 is now on deposit in a Los Angeles bank and that about S150,O00 has been loaned upon real estate in the territory of Arizona md the state of California and oth- CT states, and that about $l5, ,000 has been invested in real estate and of flee furniture, of which the actual value is less than 5000.
 The petition further states that by reason of careless and negligent management a large amount of money was loaned by the company on inadequate security and that as a re- owner of a large amount of unpro- ductive real estate worth considera- ply less than the amounts loaned up- on the same by the company.
 In another paragra ph the petition alleges that by reason of incom- potent, careless and negligent over sight of the affairs and officers of the corporation, dishonest officials were put in trust position in the cor poration and as a result, large amounts of money have been mis- appropriated and stolen by officers entrusted with the funds of the cor poratien.
 It is alleged that the business at- fairs have been conducted in care less, negligent and extravagant manner.
 It is also charged that directors of the company have borrowed money of the corporation for their own | special benefit in violation of the charter of the defendant and in violation of the statutes and that by reason of incompetent and careless management, the company has be- | come insolvent.
 The petition further states that it | is believed that the total assets of the company do not excee $175, 900, while the liabilities exceed S25O,OO0.
 It is charged that a large amount of ''class A" stock has matured and that so far the company has refused to pay this stock so matured. Pur- chasers of class A stock were, ac- cording to the petition, to pay sixty five cents per month for sixty-fve months, after which time a S100 share would mature. It is claimed that the stock now matured and which will mature in the near future, will exhaust the entire assets of the company and that the holders of later maturing ''class A" stock and other stocks, which will not mature until considerably later, Will be de- prived of all participation in the as- sets of the defendant.
 Attention is called that the ap- pointment of the agent for the ter ritory for the company was recently revoked and that another agent has not been appointed.
 The offices of the Arizona Invest ment and Savings company were re- moved to Los Angeles from Tucson several years ago. w. J. Davis, for merly of Morenci, is president and R. L. Blackman, formerly of this city, is secretary. Both these off cials live in Los Angeles.
 | The answer of the company to the