The border vidette., 1927-02-05
WOTkNS CORRECTS ERRONE-
Gus IMPRESSION GIVEN
TO PUBLIC
Failure of Stephens & Co. Does Not
Affect Local Power Company
Two Concerns Have No Connec-
ton With One Another


The following letter which is
self. explanatory, was written to
and published by the Tucson
Citizen after the publication of
an erroneous statement in the
columns of that newspaper which
wrongly connected the failure of
Stephens and Co. of California,
with the Southern Arizona Pc
wer Co. of this city. The letter,
signed by B. M. Wotkyns, is as
follows:
January 20, 1927.
Editor, Tucson Citizen,
Tucson, Arizona.
Dear Sir:
Under date of January IA, your
paper published a news item,
purporting to come from No
gales. in reference to the finan.
cial failure of Stephens & Com
pany of San Diego In this
statement you make prominent
mention of the writer's name, his
former connection with Stephens
& Company. his personal asso
ciaticn with the Southern Ari
zona Power Company of No
gales and in conclusion affirm
that the Power Company will
more than likely go into the
hands of Receivers also"
desire to enter a general de.
nial of this statement and re
quest that you correct the er
roneous impression which doubt
less has resulted from its publ
cation by printing the facts
whirch are as follows: Stephens
& Company, a California Cor
poration, with it's principal place
of business in San Diego, Cali
fornia. has been liquidating its
business voluntarily during the
past two years and since Mr.. G.
G. Stephens, its former presi
dent, withdrew from the firm in
December. 1924. In December,
1926, voluntary Receiver was
requested by the company in
order to continue the liquidation
program in an orderly manner.
An audit of the company's books,
completed in October of last
year by a prominent firm of Ger.
tilted public accountants, dis.
closed an excess of assets over
current liabilities and showed an
equity for the company's stock.
provided the assets were mar
keted at their reasonable worth.
In order to assure every posi-
BILE protection to- the stockhold
ers through continuation of the
policy of voluntary liquidation,
a Receiver was considered ad
visable.
Some years ago, at the insti.
cation of the writer, Stephens &
Company underworld an issue of
bonds of the Southern Arizona
Power Company of Nogales, all
of which bonds we're subsequent.
ly distributed to investors and
the Power Company thereby en-
abled to complete its financial
program.
Stephens & Company has no
stockownership and no financial
interest in the Southern Arizona
Power Company or it's predeces.
sors and the Power Company is
in no way involved with Steph
ems & Company.
The undersigned is not a Vice
President of Stephens & Com.
pany having resigned from bis
former connection with the firm
last year with the intention of
devoting his entire time ia per.
sonal interests as we'll as those
of the Power Company. Fur.
thermose, the writer has no
financial interest in Stepens &
Company. -
For several years the writer
has been interested in the de-.
velopment of the power com.
panies of Arisona and has been
instrumental in the re financing
of The Arizona Power Company
in Prescott and the reorganiza
ton of the power and ice com.
panies in Yuma. all of which
have proved highly successful
in their operations, and in addi.
ton thereto was instrumental in
creating the Southern Arizona
Power Company, which consoli
dated the two competing power
units operating in Nogales some
years ago.
Your statement that the Sou
thern Arizona Power Company