Arizona republican., 1917-02-11
CONSTRUCTION CONP ANY NOW
 |S bANkRUP

With the filing of the voluntary peti- tion in bankruptcy of the California; Arizona Construction company in Los Angeles yesterday, the largest com mercial failure in the last four years went on record. The liabilities of the construction company. which has been doing business in Arizona and Califor- mia, amount to S650,000 while the as- sets, according to book value, is given as $630, ,000 The actual value is said not to exceed $350, 900.
 There are fully 600 creditors the largest being the Standard Oil com pany to whom the construction com pany is indebted in the sum of $l8,G00. The lien creditors will be paid in full but it Is impossible to estimate now much the unsecured creditors will re- ceive. It is not expected that the af fairs of the corporation will be settled for year and 1t is quite probable that a longer period will be required. William H. Moore, Jr., of Los An geles has been appointed receiver with full authority to take possession of the property of the corporation. He has appointed A. Henderson Stockton as ths local agent.
 The cheap class of work put out by | the company is said to have been re- sponsible for the failure. In this city alone there is $l00,000 due the com
 pany from the city which refused to accept the work until it was repaired. The immediate repairs here and else
 where were held up by attachments which were filed simultaneously in eV cry city where the company operated | Bonds to City Saved
 i On January 20 the city awarded the 1 construction company three contracts 1 fS hnn6S in Rh n 1 been forfeited Monday had not the ] bankruptcy proceedings been institut 1 ed yesterday. The contracts were for paving Portland street from Central ! avenue to Third street for S9. 9.703.50. the 1 bond being l,500: Monroe street be- ! tween First avenue and Second ave 1 nue, $3,4O4.l4, the bond being $500, ana i Third avenue between Roosevelt street and Portland street for S3,5SS.S0, the ! bond being $500
 ! The ArizoEa holdings are the plant | at Eleventh and Lincoln streets Phoe- { nix Rock Crushing plant at Tempe, | paving and equipment plant at Ajo and 1 grading equipment and concrete mix CTS now at the local plant.
 1 The Standard Oil company is the ! largest creditor and among the several
 hundred others are the Southwestern
 Portland Cement company, S6,000;' Ari- zona Eastern Railroad company. s, ,36D. |. l Cement Workers Concrete company, ! f6,000: Western Metal Manufacturing company. s1200; Valley Lumber com 1 pany. S2.000; Barrett and company. s2.500, and many others. 4 few
 claims are secured by bonds put up by | contractors with the city
 MT. Stockton stated yesterday that he did not believe the corporation | would be able To resume business. lie 1 said that it would be fully q year be- 1 fore its affairs would be adjusted
 The California Arizona Construction 1 company was incorporated under the
 laws of California, May 29. 1914 ana
 the articles of incorporation were sub
 sequently filed in the incorporating de-
 partment of the Arizona corporation
 commission. The capitol stock of the
 corporation was $l50.000 and the num-
 Der of shares. i5,000. with a par value
 at $l0. The five directors, all Of Los
 Angeles, are C. s. Kent, l.. L. Chandler
 C. w. Sparks F. II. Locher and C. D
 Tomkins. John L. Gust was appointed
 the resident agent when the company ! incorporated under the Arizona laws
 The annual report of the corporation
 was submitted to the corporation con-
 mission July r giving the assets or
 May 31. 1916 as $49s. .252.32. The lia-
 bilities were given as s337, ,30l.7i, tht
 accumulation as SfS,l40.5S ard the
 amount of capital stock paid up anf
 issued as SIP. .Sl0.00.