The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-06-02
A VENERABLE SUIT
OVER BOOM TRANSACTIONS
Hondsmen Of the Late Cashier Samuel
B. Hunt Asked to Pay Up
Nearly $4,000

@sCoAAy YCO,OSS
Tho trial of a suit was commenced before
Judge Allen and jury in Department six
yesterday afternoon which has been bat
tered about for number of years in tie
superior court. 1t is the action of the
State Loan and Trust company against
DR.. w. G. Cochran, ex-Mayor John Bry-
son and Henry j. Woollacott. who were
bondsmen for Samuel B. Hunt, now de-
ceased, in his capacity as secretary for the
above-named corporation.
Hunt assumed this position in February,
1889. and remained in the employ of the
bank until Dec. IL, 1890, when his death &C.
Cured. At the time that he entered upon
the duties as secretary and treasurer he
gave bond for $4,000, upon which his
father, Samuel B. Hunt, and the present
defendants qualified. After mis- demise the
officials of the bank claimed that Hunt had
during his lifetime taken large sums of
money belonging to the institution without
the knowledge of the directors and loaned
it to himself upon notes; that he had issued
fictitious certificates of deposit; had failed
to account for deposits made to him as bank
cashier, and had obtained advances by
means of sham mortgage.
The complaint recited, among other tram
sactions, one in which the deceased cashier
loaned himself moneys in 1889 on his per-
sonal notes, which he later took up by re-
newing them with a note made in the name
Of the South Rialto Land and Water COM
pany, of which he was treasurer, for the
sum of s19,6SS.SO. He deposited as security
for this note 300 shares Of SINH stock, 800
shares Of Pasadena Park Land and Water
company stock and 400 shares of State
Loan and Trust company stock and per-
sonally guaranteed its payment. 1t is all
legged also in the complaint that the South
Rialto Land and Water company was in
solvent at the time of the renewal Of the
note and that Hunt was in similar finan-
cial condition.
After Hunts death, DR.. Cochran, one Of
the present defendants, became administra-
tor of decedent's estate, and paid over to
the bank $19Sl74 as dividends from It. The
State Loan and Trust company sold Hunts
stocks deposited as collateral for the Ri
alto note and realized $40, 500, but it claims
that there still remains due to ID in the
neighborhood of 100000, including interest
on the money, and it is for that sum that the
action was brought at first. At that time
Mrs Hunt, the widow of the deceased CASH
Ter, was made party to the suit, but judg-
ment was given for her upon demurrer.
The plaintiff is represented by Charles
Mcfarland, formerly city attorney and the
defendants have as counsel H. 7. Gage,
Mckinley G. Graft, T. R. Gibbon, w. R.
Foley and c. T. Rowland. After the jury
had been accepted, Mr.. Mcfarland outlined
his case briefly, and the defense. which had
entered but a general denial, took the &C.
casion to show the jurors upon what lines
II would fight the demands Of the State
Loan and Trust company. Judge Mckinley
said that the defendants should meet the
allegations of the plaintiff with regard to
the liability resting upon them.
1--WE shall show" said he. that when
the State Loan and Trust company was
organized a very large sum OF money was
on hand for the purpose of making loans.
Samuel B. Hunt, under the direction OF
the officers of the bank, and George H.
Bonebrake, it's president. went into that
bank as cashier. The officers of the bank
were all exceedingly anxious that the mon
eys of the bank should be loaned out SO
they would be earning interest, and Mr..
Hunt made the commercial loans Of the
bank; he was in charge of that matter
rather particularly.
1.-THE president of the bank and the other
officers and directors of the bank were
thoroughly familiar with what was going
on in the bank. Every transaction with
which he had any connection appeared at
once upon the books of the bank as soon as
1t occurred It was with the full knowl-
edge of the officers of the bank that these