Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-24
T |RM WRECKED
BY BANKERS,
IS CHARGE

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 IN
demurrer in the lower court, and the
record iE 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,
anC the petition in the case reads like
genuine melodrama of high finance
A. c. FELTON,, Jr., standing for the
Massee e. FELTON, Lumber Company
for years one of the strongest and
most successful corporations in Geor-
gia. brought action in the Superior
Coi'gt 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 benent.
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-
quireG by reason OF membership in
the Massee g. 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 its capital
stock was worth 100000 and that it
had prospered steadily for fourteen
years or more and had S450.000 in
undivided profits.
According to FELTON,, Taylor and
Block agreed to lend the lumber com
pany $4,000 at per cent interest,
with a commission to be deducted
amounting to $25, 900. AS security for
this, the defendants we're to take over
second mortgage and income bonds
and 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 tine yards of the com
! pany in Macon.
Before executing the contract
agreed upon, however. It is charged
that Massee and Taylor exacted n
furtner 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 sos per share, and that the
company was forced to agree to this,
Notwithstanding the fact that 1t look
ed like a Squeeze" so far had its
financial operations become entahgled
with Taylor and Block that It was
then impossible to turn elsewhere for
help.
Finally, having managed to get the
lumber company where they could
handle 1t as they pleased, FELTON,
charges that Taylor and Block pro-
ceeded TO 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 f.
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