Suit was filed in Wake County Superior Court yesterday by W.E. Pool against E.F. Young, receiver of the Bank of Coats, at Coats. The action is for recovery and cancellation of two notes of $2,500 each alleged to be held by the defendant and alleged to have been secured by agents of the Cushing Petroleum Company under fraudulent pretenses.
The complaint sets out that the plaintiff gave two notes to two agents of the petroleum concern totaling $5,000 for stock and that the notes in due time came into the hands of the defendant. The plaintiff alleges that the notes were fraudulently secured by the agents and that they are illegal and void for the purpose for which they were given. The plaintiff asks the court to the defendant surrender the notes, have the notes cancelled and have the defendant pay the costs in the action.
Two suits involving sale of stock of the Cumberland Railway and Power Company were transferred to Wake Superior Court yesterday from Johnston County. The plaintiff in both cases is C.P. Ellis, and the defendants are the Wachovia Bank and Trust Company of Winston-Salem, and the Garner Banking and Trust Company of Garner. In both actions the plaintiff seeks the surrender and cancellation of notes of $5,000 each, alleged in the complaints to have been secured by agents of the Cumberland Railway and Power company under fraudulent pretenses and to have come into the hands of the defendants as collateral. The answers of the defendants enter denial to the majority of the allegations and ask the court to render judgment against the plaintiff for the amount of the notes and order the plaintiff to pay the costs.
It was stated in the clerk’s offices yesterday that 15 suits involving Cumberland Railway and Power Company stock are now on file.
From the News and Observer as reprinted on the front page of the Dunn Dispatch, June 21, 1921
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