The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1913-01-21
Judge Conner Declines Petition
Against Farthing
FATALLY Defective PAPER
Will Not Hurt the Interests of All
the Creditors for Few-Usury
Action Against Petitioner

Judge Conner brought easement to |
Durham people yesterday when he
dismissed the minority petition in
bankruptcy for G.. c. Farthing, and
fairs in the hands Of men not hostile
10 the creditors interests.
Judge Conner heard this matter in
December and then took it under ad
Sisement. 1t was brought out that
the estate of Mr.. Farthing, conserv
atively valued, is worth about $685.
600, and that when all his holdinge
are marketed under advantageous
conditions, he will he able to pay
every cent and have a competency for
his declining years. This is the
opinion Of Judge r. II. Sykes, one OF
the trustees, and it is the wish of 81
per cent. Of the creditors that the
whole thing be settled by a trustee.
ship.
John w. Smith. j. A. Walker,
Raschad Tiliey and A. y. Blalocl
held notes amounting to $4,000
for bankruptcy. Opposing them were
creditors having about 100000 at
stake. The petitioners held that the
bankruptcy course is the most salts
factory one. though Judge Conner
declared very plainly at the hearing
hi he failed to see the advantage.
The attorneys demurring to the Pc
tition pointed out Its weaknesses in
construction n its futility in solv-
ing the question Of settlement. It was
shown that titles ~beclouded by forced
sales, would go begging and that this
rich realty would be ~butchered by
such a sale.
Questions Motives.
Judge Conner had not the advan-
tage Of personal knowledge Of the
enmity Of Smith toward Farthing, but
read itsin the pleadings. He suggested
that ono OF the petitioners. himself a
rich man, would be willing to buy the
property, II thrown on the market
thereby recouping for loss on claim"
Mr.. smith Is a rich man. He holds
large interests in real estate. He and
MI. Farthing used to be partners. He
bought one Of the notes signed by Mr..
Farthing and de11anded settlement.
Mr.. Farthing declares that he does not
know anything about some OF the
claims and that he has the right to
examine them.
Counters With Usury.
In the claim against him by Mr.
Smith, payment is resisted and uSury
charged. Mr.. Smith now becomes the
defendant. The theory Of Mr.. Earth.
shS = = . - AAo& AN AAONSS wa
bought at great discount and that very
nsurious rates Of interest have beer
charged. Mr.. FarthiRg has expressed
his willingness to pay all claims upor
the basis of actual money received
plus six per cent.
There is a story hat has Travelled
fnr that when the banks loaned t.
che limit, the notes were hawked owe
the country and that upon the en-
dorsement Of Mr.. Farthing, as goO'
as Rockefeller's two years ago,
thousand dollar paper was often dis
counted for $3.50. He would be will
ing to. pay $3.50 but not the $1,000.
When the Smith usury case is trie'
mex Saturday, one Of the singula
things about it is hat while Judg
Eggs appeared against Mr.. Smith Il
the bankruptcy matter, declining t
petition for bankruptcy. he is Nj
Smiths regular attorney and will rep
resent him in the usury transaction
This promises to be much the mos
Interesting Of the varied features G
This very notable case.
Dismissed With Costs.
Judge Common in dismissing the pc
tition. taxes the petitioners with tn
costs. He gives these brief reason
for the course that he has taken an
they will interest everybody VIII
knows the case.
ITO grant the motion would resu'
In throwing upon the market a larg
quantity Of real estate in many PAL
cells, encountered with a burden {
uncertain extent impossible Of ascel
tainment. 1t is Of common knowledg
that at sales made under such cor
ditions spectators have an unfair &C
vantage over men who wish to bu
fair titles at fair prices.
Petition Defective.
"The petition is. fatally defective. an
leave to amend cannot he granite
IT should at least appear that a cles
preponderance of the interest Of III
secured creditors, to say nothing
the holders of mortgages. would be
Ter be conserved 10y proceedings
bankruptcy"