The herald., 1897-06-04
ANOTHER BOOM CASE
A LOCAL BANK SUING FOR
$4,000
From the Bondsmen Of the Late s. b.
Hunt, Secretary of the State
Loan and Trust Company

terday begun in the superior court by
the State Loan and Trust company
against w. G. Cochran, John Bryson. sr.,
H. ]. Woollacott and Sarah E. Hunt.
Considering the official position these
gentlemen have occupied, or are at pres
ert occupying, in the plaintiff corpora
ton the suit at first glance seems as if
certain persons had entered suit against
themselves. And this to measurable
extent describes the case.
The several defendants are being sued
by the bank as the bondsmen of the late
S. B. Hunt, for time secretary of the
corporation, and his widow is made a
has been filed is very lengthy one, and
recites several causes of action. In epit-
omized form it is alleged that Hunt
loaned, practically to himself, from the
funds of the bank several sums Of
money. aggregating about $4,000, and
this without the knowledge or consent of
the directions. OF this amount the bank
has been recouped about $4,000, and it
is to recover the outstanding balance
that suit has been instituted. When
Hunt was appointed secretary of the
State Loan and Trust company In
March, 1889, the three first named de-
PENDANTS went upon his bond. Those
were times that do move mems SOULS"
for by throwing out five-dollar sprat
one day any but full blown hoodoo
1tood good chance. of landing twenty
dollar whale the next. Speculation
wac in the air. and Hunt from appear
ances, never doubted but that he had
got the chance of his lifetime. With his
new blown secretarial honors fresh upon
him he cast about for investment, and
doubtless believing that charity should
begin at home. in October, 1889, made a
loan to the South Rialto Land and Water
company of s19.6SS.3O, and personally
guaranteed the payment of the note
given. AS matter of fact. that seemed
a rather generous act to do--to ass,lme
the personal responsibility of such a
heavy payment, but in reality Hunt was
treasurer of the Rialto company. and
owned third of its capital stock. Fur
thermore, he was rather heavily in it's
debt, and under these circumstances the
loan was actually made to himself. The
note given as security was for six
IIONtuS, anu III "A ipIil, locV, d fresh OIL Oh
paper had to be f1oated. This, owing
to Hunts position, was easily done, and
covered the accrued interest, ETC., the
new note being for $780, 900, and endorsed
by Hunt.
This one transaction of the enterpris-
ing secretary is illustrative of his meth
DDS. On another occasion he satisfactor-
lily negotiated loan with himself per-
sonally for $4,000, and put up as COL
lateral security certain stocks which
were wholly insufficient, and consider
ing that he was actually in solvent at the
time really belonged to his estate. In
April, 1890, he put up note of Birch &
Boal, with certain stock, as collateral
against $4,000 hard cash and again he
had the best of the bargain. Then Hunt
is alleged to have gone a step farther,
for he gave certificates of deposit when
there was actually no money to the
credit Of the parties in the bank vaults
Altogether, Hunt appears to have had
the speculative fever rather badly,
and just when it was reaching an inter-
esting stage he died. That was on De-
cember II, 1890. Between that time and
this some Of the securities have been
realized upon. and the affairs of Hunt
in his relation to the bank, to some ex-
tent Strengthened out. The foregoine
statements embodied in the complaint
on file, are the basis upon which judg-
ment is asked for $25,O00, the balance
still claimed to be due to the bank.
New Suits Filed
John M. Miller VS.. Maria Amparo Bal
lerino.-A suit to recover $250O for lega
services rendered by the law firm O.
Hatch, Miller & Brown and assigned t.
present plaintiff.
John Guest vs. Victor Ward, as ad
ministrator of the estate of Maria c
Guest, deceased-To have the title. I,
certain property within the Rancho SaI
Pasqual declared vested in plaintiff, /
having been acquired as communit,
property
State Loan and Trust company We
w. G. Cochran, John Bryson, ST., H. J
Woollacott, Sarah E. Hunt-A suit to re
cover $4,000 from the sureties of tn
late S. B. Hunt.