Bisbee daily review., 1908-05-21
REOPEN SUIT
 ID SEI ASIDE BIG JUDGMENT
Directors of 4. M. & I. Com pany at Douglas Refuse to Stand By the Action of the President.

As result of meeting of the di- rectors, followed by meeting of the stockholders of the A. Nj. and T. com pany, held last evening, Attorney J. F. Ross left for Tombstone this morn ing authorized and financed to bring an action to reopen the suit of J. J.. Benton against the company, to set aside the judgment which it is al legged that President Charles A. Over lock of the company confessed on the company's behalf. unauthorizedly it is alleged, and to save to the stockhold- CTS the properties of the company.
 It was stated at last nights meet ing that the circumstances which led up to the present existing eondi- tions are as follows:
 On the formation of the Arizona and Mexico company that concern took uFer 1896 shares of the 5000 of the capital stoci. of the Overlook Cop per company. which is practically the sole asset of the corporation since I gives them the ownership of the Los Angeles mine with only four shareE outstanding Later. to carry on de velopment, $IS.000 was borrowed from Frank Watts on the company's note endorsed by Benton, Overlook and another, which note is not due until in July.
 To secure themselves the endorsers took notes of the company, without other consideration it is alleged. than their endorsement of the note to Mir. Waits. The latter notes were due on May l and at that time were all held by Beaton, who went to Tombstne with his attorney and there, it is claimei, met Overlook. I
 On May 12 suit was entered On the notes for the full amount, interest and costs, and judgment was confessed in the sum of $21 00o by Mir. Overlook, as president of the company, the oth- CT directors claiming that this was done without consulting them or with out a meeting being called to author ize such action <
 Judgment was thereupon entered and execution issued to the sheriff, who attached the stock of the A. M. and T. company in the Overlook Cop per company, which, unless the case can be reopened and the execution stayed and sale prevented. will wipe out all the assets of the company and leave the stockholders with nothing to show for their investment but. worthless paper.
 When Directors Lewis and Rudolph went to the office of the company to see the minutes yesterday they found that the books were not in the office but were in the hands of the attor- neys for the other side. In conse- Quence, when the directors met later there was something doing. The books were still not forthcoming and the secretary was absent, so that the first move the directors made was to remove the secretary and elect .. H. Foss in his place. both measures pass ing by vote of two to one, Lewis and Rudolph in favor and Overlook against. By the same vote it was de cided to fight the case and to issue 25,O0O shares of the company's stock at 10 cents for the purpose of raising the funds, which stock will be deliy- cred to subscribers to the fund If de sired, or, if not desired, the company will treat such subscriptions as loans giving their notes and taking same up if the action is woH.
 At last nights meeting all of these facts were stated and plan of cam paign authorized. It was shown that although formerly in the minority. these stockholders are now in the majority, and suits can be brought by and in the name of the company in the stockholders' interests. At this meeting there was some warm ora tory and the various speakers did not hesitate to crticise and express indi. yidual opinions of both persons and conditions
 Then the subscription list was handed around and before the meet ing adjourned S400 in cash was raised and turned over to Mir. Ross for the immediate expenses of legal proceed ings, and nearly $500 more pledged by the stockholders who seemed to have seen their hard earned savings slipping away from them into scrap heap of worthless paper.
 Before leaving for Tombstone MT Ross stated that he had retained At torney George A. Neale as counsel to assist him in the defense of his case and that he felt certain of getting the judgment opened.
 After last nights meeting the stock holders expressed themselves as feel ing better satisfied with conditions than they had been for long time and as willing to go to almst any end to preserve their holdings and re-es tablish the company