The daily morning journal and courier., 1907-05-29
CONNECTICUT FAMILY
 APPEAR IN COURT The Estate of Walter S. Logan Defendant in
 Court Suit. ISITMISAPPROPRIATION The Deceased Defender a We'll Known Yale
 Alumnus.
ISITMISAPPROPRIATION

The New York dispatches state that the estate of Walter s. Logan, who was a native of Washington Connecticut, is defendant in an action brought in the supreme court by John J. Gibbons, Who constitutes the firm of Collamore, Gilman 6 Co, of 2S4 Fifth avenue, and who is acting as director of the san Llus Mining company, copper concern at Durango, Mexico. The suit is to secure an accounting of the man. agement of the company's funds and property by Walter s. Logan, it's pro- moter, and by Miss Myra B. Martin, the secretary or treasurer of the com pany, and also MT Logan's private secretary and to recover for the com pany S5O5,000 from the estate which it is alleged was diverted from the com pany and applied to MT. Logans own personal use
 Hollister Logan, the son, as executor of the estate, and Miss Martin, as the executrix, are defendants, both indi- Tidually and in their official capacity, together with five others, including State Senator George B. Agnew. In- functions are asked for to restrain them from disposing of stock they may hold, The appointment of a receiver for the company while the case is pend- ing is also asked.
 MT, Gibbons declares in the complaint that Logan organized the San Luis company, with capital stock of $1,- pOO,O0O in the early part of 1901, be- came the first president and caused himself to be appointed it's counsel Subsequently the stock was increased to $S,O000O0, the complaint continues, and upward of ono million and a quar- ter dollars was realized by public sale from 300 stockholders by means of ad- vertisements, printed matter and brok- CTS. Logan, having assumed financial control andsmanagement from the first issue of stock until July, 1906, it is al- legged. appropriated 10 per cent. of this amount, or $125,O0O, for his own use, without authorization from the direc- tors or stockholders. The money it is said, was placed in his own personal bank account.
 The price of the stock, through wide advertisement, rose above the par value $l0 to as high as $50. The complaint atates that Logan sold his own pel sonal stock to the applicants, who offered these high prices, although there was company stock for sale and kept the proceeds Logan, also, it is declared acting as president, sold himself stock from the company at prices greatly be- low the market value, some at half the value, and then sold the stock at the regular market price, realizing in x all sS00,O0O
 --It is further declared that $50,000 was made by Logan as an officer of the company by purchasing mining proper ties and then reselling to the company at an advanced price, and that $SO,UOO was made by Logans charging inter- est on alleged loans made by him and refusing interest on money received by him. Other large sums are alleged to have been diverted by Logan, Miss Martin, it is charged, acted as confed- crate of Logan in the alleged unlawful acts by which Logan bought large amounts of stock at prices greatly be- low the market value and thus obtain cd control of the company.
 Senator Agnew's connection with the case, according to the complaint, is that he loaned $15OOOO to Miss Martin through Major Britton Davis, for nler army officer and now president of the company. He received a large part of the stock of the company formerly held by Logan and then divided among his legatees as collateral, and he and Davis also received 15,000 shares as bonus for the loan. As Davis knew that all this stock was subject to the lien of the company, because of Lo- gan's operaS.ons in obtaining it, it is alleged, before the senator made the loan, injunctions are asked for agains Davis and the senator to restrain then from disposing of the stock.
 Mir Gibbons charges that these mat. ters were brought to the knowledge oi the directors by the report of an exper accountant upon the treasurers book. at meeting in February, 1907, and the board refused to take action against Logan's estate. Gibbons is a recent president and has about, $50, 900 invest, ed William B. Raymond of Watson 6 Raymond, counsel for Mr Gibbons, sait yesterday that the company's stocl was good, but that the company need cd the matter cleared up.
 MT. Logan, who died last June. grad uated from Yale in the class of 1870 and has been a frequent visitor 10 Nev Haven as an officer of the National So ciety Sons of the American Revolution He was once president general of tn society and had many personal friend here. Two years ago he delivered tn oration at the Grove Street cemeter. upon the occasion of the annual fiel day of the David Humphries branch S. A. R.