Bisbee daily review., 1907-09-05

this morning. if possible. The peti- l tion was signed by those present at the meeting, and the attorney left last night for the county seat about 2 o'clock, travelling overland. Louis 1 Wallace. head boOkkeper for the Calu-
 met & Arizona Mining Company, was electcd by majority vote to act as receiver in case the petition is granted Duey was called on the telephone and requested to attend the meeting,
 but stated that it was impossible for him to do anything. the entire matter
 being in the hands of his attorney. A representative of The Review called at the Duey residence late last
 night and again asked for a state
 ment in regard to the failure. In re- ply Dueys said:
 Our failure was due entirely to the fact that we had a number of bad ac-
 counts with people for whom we bought stock at high prices, and from
 whom we were unable to get our
 money when it came time to deliver | the securities. owing to the recent slumps, and stringent condition Of the | money market"
 When asked if the firm had be-
 come involved in speculation, Duey stated that it had not.
 The greatest surprise was expressed because of the firms failing for the | lack of $25, GOO, when it was the gen eral impression that this amount could l be easily secured on account of the wealth Of l.. J. Overlook. and close | friends of the firm. Overlook at the present time is crossing the ocean re turning home after a vacation of sey- eTal months. which he spent in Flu rope. Thf general impression prevails that when he arrives here he will take the matter up at once and in 6emnify everyone who has lost any thing in the crash.
 All of the local bankers. when asked concerning their dealings with the firm. stated that they had been most satisfactory, and that the failure came as a great surprise It was also stated that had the firms condition been
 known and had any reasonable amount of collateral been forthcoming to pro tect a loan of the amount stated the matter could have been arranged, in order to protect the general situation. which at the present time is not of the best, owing to the stringency of the money market throughout the country.
 It was stated on the street yester. day that the firm would not make any effort to continue business, but this , rumOr could not be verified.
 It is expected that if Wallace is appointed receiver by the district court today there will be some friction be- tween the assignees and the appOintee, but it is believed that within the next few days full statement of the firm $ affairs will be forthcoming, and the public will be given accurate informa-
 tion in regard to the extent of the
 failure.
 The firm of Duey & Overlook was | incorporated with a capital stock or l $50. 900, S45.0OO of which was issued. l L. J. Overlook was president and Harry Duey treasurer and manager. | The company commenced business in 1 the city a little less than two years ] ago. and pTOspered- almost from the | first. At the time of the Denn excite ment. the business which the firm was l transaCting was estimated at more ! than 5000 900 @ month. After this l stock fell a great, many people for whom the firm had bought shares at l advanced prices were unable to pay ! for the securities. When the panic
 of a few months ago came on the com pany had to protect great many oi ! their heavy traders in the hope that 1 the market would soon recover. When | the second big slump came a short time ago. before the market had any | where near regained its former 1 strength, conditions became worse, and culminated in the assignment
 which was made yesterday morning.