Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-23
SAY BANKERS
WRECKED
Bic FIRM
MeIodrama in High Finance Al
legged in Suit Involving Massee
and FELTON, Concern.

The Supreme Court Friday heard
arguments in the case of A. c. FELTON,,
Jr, against r. ]. Taylor ct al. from
the Macon Circuit.
This case came to the court for re-
view after having been thrown out on
demurrer in the lower court, and the
record in the case sets forth an amaz
ing and nsational cause of action.
The parties involved have figured
extensively in the financial affairs OF
Middle and South Georgia for years
and the petition in the case reads like
a genuine melodrama of high finance.
A. C. FELTON,. Jr.. standing for the
Massee & FELTON, Lumber Company.
for years one of the strongest and
most successful corporations in Geor-
gis, brought action in the Superior
Cot of Bibb County against R. J.
Taylor and n. NJ. Block, charging the
defendants with deliberately and de-
signedly, through fraudulent and
questionable means, of wrecking and
running the Massee & FELTON, Lumber
Company, to the defendants direct
and intended but illegal benefit.
Taylor is president of the American
National Bank, of Macon, and Block
is director of that bank.
Charges Plot to Wreck" Firm.
FELTON, charges Taylor and Block
with using inside information, ac-
quired by reason of membership in
the Massee & FELTON, Lumber Com
pany, to wreck and ruin the company,
by taking advantage, under the guise
of friendship, of its temporary neces-
stiles At the time the lumber con-
Germ fell into the hands of Taylor
and Block. FELTON, says it's capital
stock was worth 100000 and that ii
had prospered steadily for fourteen
years or more, and had $3.50, 900 in
undivided profits
According to FELTON,, Taylor and
Block agreed to lend the lumber com
pany $1500G0 at per cent interest,
with a commission to be deducted
amounting to $4,000 AS security for
this. the defendants were to take over
and a second mortgage. Taylor and
Block are alleged to have agreed to
permit the lumber company to obtain
additional sums if needed upon Its
hardwoods in the yards of the COM
pany in Macon.
Before executing the contract
agreed upon, however it is charged
that Massee and Taylor eXacted a
further agreement upon the part of
the lumber company to deliver into
their hands an option upon a large
block of the stock of the lumber COM
pany at $65 per share, and that the
company was forced to agree to this.
Notwithstanding the fact that it look
ed like squeeze" so far had It's
financial operations become entangled
with Taylor and Block that 1t was
then impossible to turn elsewhere for
help.
Says They Dominated Concern.
Finally. having managed to get the
lumber company where they could
handle it as they pleased FELTON,
charges that Taylor and Block pro-
ceeded 10 manipulate its affairs to
their benefit. They are charged with
refusing to carry out their contracts
to furnish the temporarily needed
money and with determining to en-
barrass. cripple, and obtain control Of
the company"
They are charged with deliberately
circulating false reports as to the A.
nancial standing Of the company in or
der to beat down the value of its
stock. and that the defendants per-
sistently blocked the lumber compa-
ny's efforts to obtain relief from 9TH
er sources than themselves.