Arizona republican., 1905-10-08

notes were forthcoming. though there ] seems to have been a misunderstand- ing on the part of a number or those giving the notes They claim that they understood that it was mere formal ity as a guaranty and that they would never be called upon to pay them. It was explained yesterday that it was not believed at the time that they would be called upon to pay them though there was a denial by some. that it had been so represented, for note is note and if it is good as euarantv it is colIectible. However. it was the belief of the company at tne
 time the notes were secured that it
 would have a sufficient revenue from
 the safe of stock and of water to meet
 it's obligations In this the company was disappointed and part of the
 note makers paid up. In order to
 meet the rest of the cOmpany's obliga- | tfons Messrs. P. T. Hurley, Lincoln ! Fowler and Charles Goldman, directors ! gave their note to the National Bank
 of Arizona for $1O000, depositing the
 individual $500 notes as collateral 1 These $500 notes were due Oct. 1 and ! the makers were notified that they were expected to call and pay This 1 was promptly done by some and others 1 say they will at once meet the obli- SaJlOn, WIlle Sl4ll plll0l = NCLC NeNANoAi ''.
 surprise and wanted more light, which provoked yesterdays comprehensive discussion of the subject.
 pr. Hughes, among others, set good
 example by rendering payment of his
 note in the open meeting. Some others
 said they did not believe they should be called upon to pay and at any rate
 would decline for the present. But
 the matter was brought to an issue by
 Dwight B. Heard, who, in short
 speech said it was not worth while to
 talk about whether anybody had made
 a mistake or not. The main question
 was to settle the tangIe which he be- Iieved could be easily done. There is enough stock sold to pay the com pany's indebtedness in full as soon as
 the stock is settled for in full. What is wanted now is not acrimonious de bate. but the completion of the ditch Action was then taken instructing . the board of directors shortly to be elected, to take steps at once for the immediate collection of the amount due for stock, pay the bills and hand back |. the guaranty notes.
 { During the meeting a motion was s made by J. P. Ivy that the ApprOpria- tors refuse to deliver water to any wa ter user who is at the same time get 2 ting water through any other cana system. This was not deemed practi- e cable and was promptly defeated. . It was then getting late and modoI 7: was made to reelect the old board o- ! directors by exclamation, the board r consisting of P. T. Hurley, Lincoln i Fowler. John Orme, Charles Goldman D and Fred Tait. The motion was de . feated and later nomination was mad e of a large number and an election pro
 Icaadad wifi, n dUa form The CanVa SS.
 ing board did not fully complete it
 work last night but progressed ia > enough to announce that every membe ' on the old board had been reelected eX
 cept Fred Tait and he had declare' himself for sometime past as not . l candidate and not wishing to serve a T a director next year. In his stead tn a choice of the stockholders fell upOl T Henry WellbOrn.