Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1912-01-17
At Least That is the Allega
tion Made by Men Who
Filed Bill in District
Court.
JUDGE ISSUED
AN INJUNCTION
Hearing Will Be Held at
Later Date on Question
of Making Injunction
Permanent.

Weird indeed is the history of the
Dabncy oil company. as set forth in
petition filed with the district court
Yesterday. which resulted in an in
junction preventing the voting OF
certain stock at the annual meeting
of the corporation which was to
have been held in this city yester-
day
Thomas w. Lawson in his FrenZicd
Finance told of some high jinks put
over by the big ones in Wall street.
but the charges made by him Were
no more astounding than those made
by the complaintants in this bill
Charles H Earle Thomas f. Gilbane
and James Spears. holders OF Dabney
stock who live in Los Angeles, are
the complaintants. and they took re-
course to legal procedure because.
they aver. they, as well as hun
dreds OF others. have been victimized
by the promoters of the corporation.
They want To- save what they can
out Of the wreck of dreams of sud
den wealth.
The corporation. cites the bill, was
organized January 20. 1901 one mil
lion shares of stock were To be sold
at one dollar each. Now, say the
three men who believe they have
grown wise, this was pure capitali-
zation of hopes-hopes that the pro-
moters could shear few lambs,
judging from the language of the
oil
tangible property that tie company
could show were some leaseholds and
personal property in Kern county.
California. valued at not more than
$4,000. with S1S.0Oo worth OF obliga-
tions attached. This, with 100 acres
of land ON which no sign of oil has
been discovered ard which was worth
800 an acre, completed the stock in
trade of the corporation-this mill
lion dollar corporation.
The frcnzied chase after the dollar
began when the organization was
young and when Joseph t. Dcbney
and f. J Miley dominated the board
of directors. They swapped this
thirty-odd thousand dollars worth Of
property for $685. shares of stock
Then. after Albert H. Butler grew
To be the president and big figure in
the corporation. the cOmplaintants
say that more financial pyrotechnies
commenced to be exploded. To Al
bert H. Butler were issued 3g.i15
shares Of stock. To Albert II. Butler
trustee. went 3SS39 more. To the
Albert II Butler Co. were given
1 Ttfsr
went = block 80 5000. Mr. Briggs
being Mr.. Buffers legal advisor T."
c. j. RitterhouSe went 3S.070 certi-
ficates. par value one dollar Mr.
Ritterhouse. il IL mentioned. is But
Ier's son-in-ldw. To Brown q Eit-
terhouse were handed 2@.S40 shares,
AIR. Rittcrhouse bciHg the big figur,
IT, that business organization. This.
then. made total of 26S,9li shares,
and what made the three men who
believe they have grown wise. mad.
is according To- their story. the fact
that not one cent. not one bit of
property. not one legitimate hour Of
service was turned over to the cor
Tordtion in exchange. and it was To
prevent the voting of this stock that
the injunction was asked
But that wasn't all
Messrs. Earle. GilD2nc and pears
say that the stockholders were not
allowed To see the books for Il long
time and. when finally given access
to the records saw only fake books
Also. the bill cites. false reports
were issued from tiT1e to time
1t is charged that the defendants
own 100000 or thereabouts To the
corporation: that they declared JTe
per cent dividend when there "ere
no funds with which to pay it. aud
many other such trfling details.
The bill asks that all stock ISSUED
without bringing a rc.urn to the
treasury be cancelled. that there be
an accounting all around, and tha.
the injunction be made permanent