The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-22

A rather sensational suit was fled
late yesterday afternoon. in which
Wells Fargo & Co.'S bank, Katherine,
Belcher and Lloyd Tevis are made de-
PENDANTS. The action is brought by W.
S. Mccormick to recover amounts ag-
gregating in the neighborhood of $780,
coo claimed to be due plaintiff from
the ]. T. Gilmer estate.
The principal allegation charges
fraud against the Wells-Fargo people
in connection with a transaction where
by they transferred valuable mining
stock to decedent's widow without
giving notice TO other interested credit
ors Of the estate; said stock
being held by the bank as collateral
for large sums of money advanced
Gilmer prior to his death
The case will without doubt prove
interesting, in legal circles at least,
involving large amounts of money as
well as fine legal points. In brief the
history of the transactions culminat-
ing in the suit filed yesterday is as
follows:
-Four years ago last May j. T. Gilmer
died, leaving an estate consisting
chiefly of mining stock, which at the
time was not considered very valuable
By the terms of the will Katherine
Belcher was named as eXecutriX of the
estate. Mr.. Gilmer owed the Wells
Fargo bank a. large sum Of money at
the time of his death, the exact amount
of which is not given In the complaint.
To secure this he hypothecated a
large amount of mining stock, includ-
ing a half interest in the Rams Horn
mine in Idaho, several thousand shares
in the Highland Mining company of
DeadWOOd, S. D., an interest in the
Bertrand & GeddeS mine in Colorado,
and other stocks.
The Highland stock, which at the
time Of Gilmer's demise was not cEz-
sidered valuable, has since appreciated
So much so that regular dividends
have been, paid. These have been ap-
propriated toward the debts agG41s st
the estate and the widows allowance
pending a settlement Of the estate in
TIE courts.
Now comes the plaintiff and alleges
that about a year ago-the exact date
Of which is not knoWn-the defendants,
for the purpose Of defrauding the IN
secured creditors of the estate, trans
ferred, without notice, to decedent's
widow, Mrs. Gilmer, all the stock and
other property held in security by the
bank; that they had no legal right to
do this to the prejudice of other credit
ors; and therefore the court is asked
TO step in and nullify the sale.
The plaintiff further alleges that the
estate at all times was and now is SUI
ficient to satisfy all the creditors. and
that the dividends from the Highland
Mining company's stock alone would in
time satisfy all claims against the
estate, but that by reason OF said il
legal and fraudulent transfer CT the
property to Mrs. Gilmer the claimants
outside of the bank are prevented from
securing their money. 1t is further
set forth that although the plaintiff has
repeatedly presented his claim to the
executrix of the estate, it has not been
recognized; wherefore relief is now
sought through the courts.
The amount involved in the case is
for sums loaned the late Gilmer, some
of the loans dating back as far as
eleven years A part of the claim,
approximately $4,000 is Nathan
Thompson's share, he having assigned
his claim to Mr.. Mccormick for the
purposes of the suit
Attorney Frank Pierce appears as at
torney for plaintiff. while it is under
stood that Lawyer Dickson Will be
associated.