The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-08-16
ASKS AN ACCOUNTING
Lee A. Stubbleield Says His
Brother Defrauded Him.
IS ALSO SOUGHT
w. StubblefieId, G. A. Street,
StubbIefieId Banking and Trust
Company, and Fourteenth Street
Savings Bank Named Defendants.
Claims Reports Are Inaccurate.

Lee A. Stubblefield yesterday filed suit
for an accounting and for an injunction
again the Stubblefeld Banking and Trust
Company. Thomas W. Stubbleheld. Gar
field A. Street. and the Fourteenth Street
Savings Bank
In his petition, Lee 4. StuhbIeheld al
leges that his brother has defrauded him
out Of considerable money, and has taken
other irregular steps in connection with
the affairs OF the Stubblefeld Banking
and Trust Company
The petition recites that the Stubble-
field Banking and Trust Company is q
corporation witch was organized under
the laws Of West Virginia in June, 1902,
with a capital stock OF $1O0.OO0 divided
into 1000 shares, all OF which were sub
scribed for and issued.
Division of the Bank Stock.
At the time Of the organization. Lee
4. Stubblefleld. the complainant. alleges.
he subscribed and paid for 100 shares OF
the capital stock. par value $4,000 and at
his instance John A. Payne and Edward
Bryson subscribed for and paid for S95
shares at the par value of $39.5OO. The
complainant states that his brother.
Thomas W. Stubblefeld, subscribed and
paid for 100 shares of the par value OF
$4,000, and also caused to be issued TO
himself 800 shares OF the capital stock OF
the par value Of $4,000 in payment for
the good will OF a real estate concern and
insurance business which he had been
conducting. The complainant further
sets forth that Thomas ". Stubblefield
was made secretary treasurer and gen.
eral manager OF the company. He was
given a salary OF Sl25 per month which
was subsequently increased to 500, and
was intTusted with the management Of
the affairs of the company. The COM
plainant alleges that from the time OF
organization until the summer of 1907 a
large and lucrative business was carried
on, the gross income being 81 600, show
ing net profit OF $4,000.
Alleges Trust Was Abused.
The complainant alleges that as secre-
tary and general manager, Thomas W
Stubblefeld grossly abused the trust and
confidence placed in him, and operated
the company exclusively for his own ben
eft. He alleges that the statements made
by the secretary and general manager are
false and inaccurate. and he states he
believes that II the statements made were
correct they would show much greater
net profit than $4,000. The complainant
states that, according 20 the secretary
and general managers statement the
profits for the year ended June Is, 1903
h4gf ha hal lev x4Far
81, 1880; for the year ended June Is,
1905, 800, 1853, which the complainant
states should be $25.O0sO7. For these two
years, Lee A Stubbleheld, the complain
ant, alleges a shortage of S5,3S4,39.
He also alleges that the secretary and
general manager has appropriated a div
idend which should have been declared
June Is 1907.
Removal of Assets Charged.
In May. 1907. the complainant alleges,
without the consent Of the
removed the Offices OF the
and all its assets. and has ap-
them and all the business Of
the company. including the good will.
This the complainant alleges is part Of
the plan TO defraud the minority stock
holders out OF their rights. and that the
secretary and general manager has used
the funds for the purchase OF real estate.
a list Of which is contained in the petit
ton. which is alleged to be IN Stubble-
fields name.
One piece OF real estate, It Is alleged.
was conveyed 70 the Fourteenth Street
Bank, for which there was no considera-
ton This was done, IL IS alleged. for the
purpose Of making an increase in its as
sets, but the property is really owned by
II is alleged that other
property was conveyed to Garfield A.
Street. which IS held subject to the or
ders Of Stubblefeld.
The complainant states tinat he is en-
titled to one-tenth Of the assets of the
company, and alleges that his brother
has offered him s. 900 for his stock, de-
claring that If he did not take this he
would get nothing. He asks for an ac-
counting, a decree that the property
standing in the name Of Stubbleheld be
declared for the use and benefit OF the
stockholders OF the Stubblefield Banking
and Trust Company. and for an injunc-
ton restraining the parties named as de-
PENDANTS from conveying the property re-
ferred 10 pending the settlement OF the
suit.
Thomas ". Stubblefeld is president OF
the Fourteenth Street Bank, and Garfield
A. Street, cashier.