St. Paul daily globe., 1889-02-19
So a Prominent Business Man
Characterizes the Trans
action
Now in Litigation Concern
ing Land in Block 2,
Hoyt's Addition.
The Real Estate Firms An
sWeP Shows a Clear .
Record. -
It's Denial Of Fraud Supported
by the Principal in the t
Deal.


In the SUNDAY GLOBE was published
what purported to be the complaint in
an action begun by c. Robert Schur-
man, of Illinois. against Bushnell q
Bushnell, the prominent real estate firm
of st. Paul The article was prefaced
by the statement that this action was
the first of several suits to be brought
i'm the same connect II; and in justice
to the defendant firm, it must be said
that such is not the fact. The informa-
tion was wholly unreliable and without
foundation. and on the contrary several
of the gentlemen most prominently
interested in the deal to which
the suit relates have since
expressed their entire satisfaction
with the results. Among these was E.
V. Mickey, to whom was paid as rep
resentatiYe OF the owners of the prop
erty in question the full $4,000 of the
purchase money, and whose statement
appears below. As to the matter i'll dis
pute In the action Of law. the courts
will adjudicate that, but the firm of
Bushnell IL Bushnell occupies too high a
place in ST. Paul's business galaxy to
than one of the many differences Incl
dent to the real estate business. There
| are two sides to every question, and the
defendant firm presented theirs in the
answer to the Schurman complaint,
filed yesterday afternoon.
THE ANSWER.
Bushnell IL Bushnell, in their answer
to the suit filed against them by G. r.
| Schurman, in the district court, state
| that since June. 1856, they have been
copartncrS in the business of buying
and selling real estate on commission
for others, and in conducting other
| business relative to the moneys invested
| in real estate. For long time prior to
| April 19, 1887, they had authority from
the owners of lots in block 2, Hoyt's adj
| dition to st. Paul. to sell the same for
$4,000, of which S16,666.66 was to be
in cash and 1885 s5:, si 81 in notes payable
| in one, two and three years, with in
| terest at per cent per annum, secured
| by mortgage from the purchaser upon
| the said real estate. -
Defendants were to have commits
| sion of. 81 900 in case they sold the prop
| erty, and April 10, 1887, as agents of the
! owner, they sold the said real estate to
| Randall F. Hurd, Peoria, ILL.,, for the
| price and on the terms above stated.
| thereby earning their commission
which they received for their services
| in making the sale.
Whenever any assessments or pay
ments have; since May /, 1857, become
due on account of. 1.-The purchase price,
city assessments. general taxes or Other
necessary expenses, concerning said
| property they have notified the plaintiff.
At the request of clients and Gus
| toners and OF some strangers,
| but without compensation of any
kind from them. the defendants
have permitted them to invest moneys
| through their office according to a Ger
] tain method called their Investment
| by one Individual of a piece of real es-
/ tate upon the same terms as that pur-
| chased by said Hurd, and taking titleih
| the name of that individual, and pay
ments of the first installment of the
purchase price by. the individual taking
| the title, and number of other indi-
| vdualS in varying amounts according
| to their financial abilities aud desires to
so invest. When sales were made of
| property so purchased through the de-
| PENDANTS, the proceeds of the sale, after
deducting commission for the sales so
made atthe usual rates, was to be, and
was divided among the respective
parties SO investing ill proportion to the
amounts so invested by them.
This investment plan was well known
and understood by Randall +. Hurd
| and all parties who invested in this
property, and they all well knew that
| in each of these investments defendants
| We're the agents of the owners of the
! property before the investment was
| made, Randall F. Hurd purchased the
said real estate for himself with the in
| tent and for the purpose of using the
same to invest his own money and the
money of others who might so desire in
| the said purchase under and pursuant
| to said investment plan.
| On and prior to April 20, 1887, an
| agent of the plaintiff had in his pos
session 81 600 of the plaintiffs money,
and had full power and authority to in
| vest and use the same as he
saw fit. Before delivering the
money to defendant said agent of
| the plaintiff knew all the facts,
knew the property and its value, that
defendants had sold it as agents of the
owners to said Huard, who was to take
Az absolute deed therefor. After being
fully informed the said agent requested
defendant and Hurd to take $4,000 of
l
stated was the money of plaintiff, and
| invest the same according to the in
vestment plan. April %, 1887, defend
| ants sent letter and statement to the
| plaintiff notifying him that his money
! had been invested in paying a portion
| of the first installment Of the purchase
price of said property, the price and
terms OF payment, the name of said
Hurd ana the names of the other per-
sons who had joined in this investment
| and the amount contributed by each.
| Afterwards the investors placed said
| real estate in the hands of defendants
| to sell at a price in excess OF said
| $50, 600, but never authorized them to
| sell the same for $4,000 or any less sum
| than price far in advance thereof.
| Defendants endeavored to make such
| sale, but have been unable to do SO.
At the time defendants sold said prop
| erty to Hurd it was worth, and of reas-
| enable value, $4,000. and has been ever
| since. All the matters set forth were
| duly and fully communicated to plaintiff
within thirty days after April 20, 1887,
and with full knowledge thereof he con
! sented to ratify, and confirmed all that
had been done by his agent. Plaintiff
promised and agreed to pay and become
| responsible for his prop0rtionate share
| of the unpaid balance Of said purchase
money, and of the taxes, assessments
| and necessary expenses relating to SAID
| property.
| MIR. M'KEY's STATEMENT.
!! The following, coming from Mr.. Me-
Key. of the Boston, who was a princz-
| PAL to the transaction and on the other
1 side, will carry its own weight:
| nv 1-,a;.o, &c x1-o