The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1922-11-03
|1ARE LUMBER CO. WINS
IN $4,000 ACTION
n,roissal of Henrico Lumber Co. Suit Re-
garded With Satisfaction By Eliz-
abeth City Folk

TIE ..,nrico Lumber Co., OF
c..myn., Va. has lost its suit
',7;r,. ;hc Dare Lumber Go.
hi, city, the Metropolitan
fac Insurance Co. and the
4 srr,r.,9,itan Trust Co, the
.s;yn haying been dismissed
~ rri-r Kerr in the Superior
a~. in Dare County.
Ii, III. vas for 1870 and odd
a.r..a dollars, the plaintiffs al
,.-; grvach Of contract. 1t was
|, .-, .,asb, legal battle in which
.-a, %: the younger attorneys Of the
hsI bar were pittcd against two Of
r, districts oldest law firms: W. y.
Wo-,a !. {. Is. EbringhauS and L.
r. Mcllullau represented the defen-
.7.s. Aydlctt & Simpson, and Small.
WLcln. Bragaw x Rodm2H repre-
s.ra,. The plaintiffs
The case rc-Opcncd the history Of
as Dare Lumber Go. from the time
.a- Montgomery * BirdScyc got
,u 90; the property in 1918 ard
r-s,a.d il. Montgomery & Birdscyc
E.lsl the property Of the Dare
I-.2a,r Co. for $G,O0O,OOO, or about
HnpUOU more than il was worth
. .ae time. Thcy thcu got hold Of
d. Pittsburgh Life Insurance Co"
H.! themselves and their confedcr-
..s, made directors Of the life msur-
.... company, put the bonds Of the
Dare Lumber CO. into the vaults Of
O., Pittsburgh Life and took out ot
=. vaults 50 many perfectly good
..lIs in place Of their bogus boudS,
Tle Pittsburgh Lie was wrecked IN
s, process. And that's how the
lIstropolitan Life Insurance Co.
me 10 be interested in the Dare
.amber Co. in Elizabeth City.
The Metropolitan stepped in and
saved the Pittsburgh Life, taking its
policy holders and rcinsWing them in
tic Metropolitan, and taking over
,h, assets Of the Pittsburgh Life.
which assets included the boGds Of
80 Dare Lumber Co
In meantime, Montgomery was
.-y.rc 20 make a splurgc and keep
gu. Of Jail. lie spent something like
Slrrro on q pulp wood mill in the
na-r weeds in Dare County aud
mad, contract with the Hcnric"
T.vh.- Co. 10 sell that company all
,na pulp wood the mill would pro-
tgcr. Montgomery used this contract
70 make !: appear that the bonding
q rio Dare Lumber Co. for siN
Millions was sound. But Moutgom'
,-r ,aldy.I in the pcnitcntiary in New
York State. the pulp wood mill never
,.a,I wheel. pulp wood SCARED in
pr.ro aud the Ucnrico Lumber Co.
as.ucd ;s lost more than $4,000
BE- .aa breach Of contract.
To. Metropolitan Life lnS. To-
g..- of the bonds and the Metro
r....a Trust Co., trustee Of the
Ig-a Lumber Co. and the Dare Lum-
r.. Co. nsrlf coutended that the con-
-.., between Montgomery and the
lla.-..o Lumber Co. was not bind
g Aud the State Court has 50
t..I,
T.n >lt was Of particular interest
% E.ta,e,h City folks because Eilz-
aoaa City wants to see the Metro
H.w Lie pull out with its Eliza
bal Cry interests. The Dare Lum-
bop o.. property, row in the hands
e ,-r Metropolitan includes the I'M
'. tg~."ry property at Elizabeth
r,g, .aa. ro>t a quarter million to
aH. The bare Lumber Go. miII
as l..u idle for several years and
vs." rnr rrslmc operations until
1. Metropolitan finds u purchaser
.' ,">..n for it.
Tue Dare Lumber CO. holdings al
NJ @rul, 10000 acres Of timber
Ind .a bare County. Recently the
Metropolitan made q deal with Sehg'
~. Williams & Ball for the deYel-
o2ugl. 90. this timber property and
>'-sug,. Williams X Ball arc now
a'v.1: 90 one Of the greatest tim
be, grra."r,s in this part Of the
Es.n. rm'..ng and marketing mill
"s, m.ua props aud pulp wood from
"a ba-. vgod>.