Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-23
SAY BANKERS
WRECKED
BIC FIRM
Melodrama 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. j. 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 sensational 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
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-
gia, brought action in the Superior
Court Of Bibb County against r. ].
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 and FELTON, Lumber Com
pany TO wreck and ruin the company,
by taking advantage, under the guise
OF friendship, of its temporary neces-
sites At the time the lumber con-
Germ fell into the hands of Taylor
and Block, FELTON, says its capital
stock was worth 100000 and that it
had prospered steadily for fourteen
years or more, and had s450,OOO in
undivided profits.
According to FELTON,, Taylor and
Block agreed to lend the lumber COM
pany s150000 at 8 per cent interest,
with a commission to be deducted
amounting to $25. O00 As security for
this. the defendants were to take over
second mortgage and income bonds
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 I
further agreement upon the part Of
the lumber company to deliver into
their hands an option upon n large
block OF the stock Of the lumber com
pany at ss5 per share and that the
company WIS forced to agree to tins
Notwithstanding the fact that il look
ed like a squeeze" so far had its
financial operations become entangled
with Taylor and Block that it 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 char ged 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 to the finan-
cial standing Of the company in or
der go beat down the value OF its
stick, and that the defendants per
sistently blocked the lumber compa-
ny's efforts to obtain relief from 9TH
er sources than themselves.
Felton's petition is very long and
very frank In it's charges against
Taylor and Block, and sets forth al
legations OF oppression that are
sensational in the extreme He brings
action to recover the full value of
illegally converted stock and TO de-
clare null and void all contracts
made between the lumber company
and the defendants, under dureSs
An imposing array Of legal talent
has been employed on both sides Of
the controversy, and the case. whether
reversed or not on the demurrer rul-
ing, is sure TO be long drwn out.