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SUITS BROUGHT TO LIQUIDATE BANK'S LOANS Receiver for State National Brings Action Against Cattle Interests Totaling Quarter Million Santa Fe, N. M., June 17.—The first step toward liquidation of cattle loans involving a quarter of a million dollars was taken in the United States district court here today, when Francis A. Chapman, receiver for the State National bank of Albuquerque, filed three bills in equity seeking foreclosure of the Nunn and Latham interests in Sierra county, New Mexico. In addition to judgment of foreclosure, the bills ask for the appointment of a receiver to take charge of the various herds of cattle and ranches and a demand is made for an accounting of all the assets pledged as security at the time the loans were made. The pleadings in the bills are long and technical and disclose that the loans are what are known as "split loans," and for that reason many defendants are named. It is understood that the notes which make up the total indebtedness are owned by the State National bank of Albuquerque, the Sierra county bank of Hillsboro, the City National bank of El Paso and the State Trust and Savings bank of Albuquerque. All of the banks named are now in the hands of receivers. Hearing Next Monday Following the filing of the bills today the court ordered the defendants to show cause before Monday next why a receiver should not be appointed to take over and control all of the property described in the chattel mortgages and deeds of trust described in the pleadings. In the first suit filed, Mr. Chapman, as receiver for the State National, names the following defendants: Nunn and Latham, a corporation; J. P. Nunn, D. M. Nunn, Emmett M. Nunn, Arch Latham, Cora Latham, Albert H. Denton, receiver of the City National bank of El Paso, Texas; Walter C. Hammell, receiver of Sierra county bank and T. K. D. Maddison, receiver of the State Trust and Savings bank of Albuquerque. This suit involves approximately $82,090, plus interest. The receiver for the State National asks judgment for $25,000 of this sum. The second suit names as defendants L. C. Latham, Ella P. Latham, Arch Latham, Albert H. Denton, receiver of the City National of El Paso; Walter C. Hammell, receiver of the Sierra county bank, and T. K. D. Maddison, receiver of the State Trust of Albuquerque and involves a total of approximately $72,000 plus interest, of which amount Receiver Chapman asks $11,279.92. The third suit, involving a total of approximately $50,000 plus interest asks specific judgment in favor of Receiver Chapman for $22,000 and makes as defendants Arch Latham, Nellie Latham, Cora Latham, Albert Latham, Receiver Denton of the City National, Receiver Hammell of the Sierra county bank and Receiver Maddison of the State Trust of Albuquerque. The cattle interests affected are large outfits and control numerous ranches and grazing privileges in the southern part of the state. A United States deputy marshal left this afternoon for Sierra county to serve papers on the defendants.
