The Wisconsin tobacco reporter. (Edgerton, Wis.) 1877-1950, 1900-05-11
THE
Wisconsin Tobacco Reporter,
Edgeron, Wisconsin.
FRIDAY, MAY II, 1900.
From the StOughtOn Hub
Receiver Waite's Report.

receiver w ate
The following statement is made by B
e. Waite, receiver for the defunct Dane
County Bank on his return from Mexico
on Tuesday last:
The committee appointed by the de-
positors of the Dane County Bank, hav-
ing some time ago requested me to go to
Mexico, whenever anything would be ac-
,complisled by so doing, it seemed that
the proper time for such trip had come
upon receiving a letter from Mr.. l. ..
Brictson, dated March %, 1900, in which
he says: II really have made sale OF
the ranch, in fact, if it don't fall through
as there has been no money put up nor
will there be until April 18th, at which
time there is to be paid 100000 in gold,
and / had a telegram the 18th inst. with
terms and prices accepted. Prepare title
papers for our attorneys. The price /
am selling for is no big price, but it is a
clean deal. So much for the land and
so much head for the cattle and horses.
Have had a man down here to examine
the property before we made any price
or terms, and though it is no fancy price
there will be profit in it. The land they
pay One-half within six months and the
balance in one and two years if they
choose, but the cattle they pay cash for
as we count them out"
Upon arriving at Mexico [ found that
Mr.. Brictson had given certain New York
capitalists an option upon the property
at a price not far from $600,00O, and that
they stood ready on the 18th of April to
make the payment of 100000 mentioned
in his letter, but that by reason Of suits
IN IF
Brictson was in a position where he
could not possibly give good title to
the property.
Mr.. BrictsOn was to pay Mr.. Lopez,
the owner of the ranch, $300000 and of
this amount he paid 100000 March %,
1898, at which time he received deed
and gave to Mr.. Lopez a mortgage upon
all the land except $4,000 acres to secure
the balance of the purchase money.
The next two payments, amounting to
$4,000, were paid by Mr.. Brictson from
money borrowed of Mr.. Joice, and Mr..
Brictson not being able to meet the pay
ment that became due March %, 1899
Mr. Lopez commenced foreclosure pro-
ceedings, and about the same time Mr..
w. f. Olson and one Hart, lawyer of
Texas, obtained an option from Mr.
Lopez for the property at S25OOOO in
case Bricts0n failed to meet his payments
and Lopez should obtain the property,
and as [ understand it Mr.. Joice has an
interest in this option. The foreclosure
suit was afterWard settled and a new
agreement made whereby Lopez held
part of the cattle, as we'll as the land as
security, BrictsOn agreeing to pay
bonus for an extension of time, and to
pay the interest quarterly, and the in
terest not being paid when due, Lopez
commenced second foreclosure and in
the fore part of April Judgment was en-
%5ered in the court of Victoria, transferr
ing to Mr. Lopez the real estate except
the $4,000 acres and the live stock ex-
cept 1900 head of cattle. The case was
then carried by Mr.. Brictson to Tampico
when the former decision was sustained
by Judgment entered April 18th. Mr.
Brictson has now carried the suit to the
court of last resort at the City of Mexico,
where it will soon be determined and in
the mean time it is impossible for any of
the parties to dispose of the property
without the consent of all the parties in
terested. The $4,000 acres now held by
Mr. Brictson are subject to liens
amounting to about $4,000 in Mexican
money. Mr.. Brictson also purchased
from one DR.. Scott, certain concessions,
for which he was to pay $4,000, and the
same not being paid, Scott commenced
an action to recover the amount and in
that action Mr.. Lopez was appointed re-
ceiver of all the live stock and took pos
session of the same. Mr.. Brictson after
wards settled with Mr.. Scott for $4,000
in Mexican money, $4,000 cash paid to
Mr.. Scott and giving his note for O,OOO
which became due while [ was in Mex
ico, and the balance of $4,000 was de-
posted by Mr.. Brictson at a bank in
Monterey and was levied upon by the
creditors of DR.. Scott, since which time
it has been subject or litigation, Scott
claiming that it should have been paid
direct to him and having been paid to
the bank it cannot be considered as pay
ment upon his claim, so that the embar-
go is now upon the cattle, and still fur
Their complexities matters. [ became
acquainted with the representative of
the New York parties to whom BrictsOn
had given an option and was told by
him that they were prepared to make
the payment of 100000 on April 10Th, if
Brictson could have furnished a good
title and they are now willing to take
the property. [ endeavored to harmon
ize the various conflicting interests and
to consummate sale of the property
while there by getting the parties to
agree upon division of the amount
which could be realized by a sale, but
was unable to do so, Mr.. Brictson re-
fusing to accept 100000 for his interests
while Joice, Olson & Hart thought that
was all, if not more than he was entitled
to, under the circumstances. The fore
man of the ranch says it can feed 100000
head of cattle at all seasons of the year
and there is no doubt about it's being
very valuable and easy to be disposed oil
if the parties could come to an agree
ment.
In case the final determination of the
foreclosure suit places the property in
the hands of Mr.. Lopez, it would seem
as though it could be sold under the
Olson option at a handsome profit, il
which case, if the parties are disposed to
do so, they can pay the Indebtedness Of
Joice & Olson to the bank, and the de
positors realize the full amount of theil
claims If the property and the parties
were located in the United States,
would have but little fear of favorable