Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-02-08
Final Report as Guardian of
Wisner Estate is Approved
BY Judge Lee
CASE WILL BE APPEALED
Directors AIlege That Minnesota Land
Was Purchased by the Guardian at
Price in Excess Of Real VaIue-De-
Tense Ayers That Investment Was
Good at the Time Made.
Special to Tlmes-Ieepupllcan.

Eldora, Feb. Sin the district court
here yesterday afternoon Judge Lee
overruled the objections to the final re-
port of j. Fl. Bales, guardian of the
estate of Gilman II. Wisner, minor.
The ruling of the court is a victory
for Mr.. Bales and the court evidently
takes the view that the guardian acted
in good faith, altho the evidence in
PRODUCED by the DIRECTORS to the re-
port presented much evidence to show
that real estate was purchased at a
price in excess Of its real value.
Mr.. Bales filed his report at the Au-
gust term of court and all was accepted
and approved except certain real es-
tate which an objection was filed on
the ground that it was purchased With
out due investigation and that 1t was
not then nor has been since worth
the price paid for it, and that it has
brought no income sufficient to JUS
tify quarter of the investment.
i ne tdIlU III AutSAioiA 40 ~ 'Ns
county, Minnesota, and the records of
the county placed in evidence in court
show the following transfers:
On May 81, 1902, c. E. Albrook and
Charles O. Ryan bought $50 acres for
s14,2SO which is $3.50 per acre. Five
days later they sold DR.. q. E. Diehl,
240 acres at S32 an acre, and the next
DAY sold the remaining $40 acres TO
w. G. Murray for $12,S00, or $40 an
acre The evidence further developed
that G. E. Gilman, guardian OF Lois
J. Wisner, accompanied Mr.. Bales on
an inspection of the land with view
of investing with him, and Mr.. Gilman
testified that he counseled MIR. Bales
not to buy it. G. e. Dinehart and.F- u.
Week who sold the. land to Albrook
and Ryan, testified that they got a big
price for it. and that it never was
worth $50 an acre. The testimony OF
bankers, real estate men and farmers
of Murray county. was introduced IN
an effort to show that the land was
worth less than $50 an acre. In be-
half of the guardian 1t was shown
that Mr. Bales twice visited the land
and considered it good investment.
Another Minnesota banker testified
that the land was worth the $43 an
acre, but or cross examination he adj
mtted telling the new guardian, Mr..
Robb. that the land would not sell
for $40 an acre.
The following January Murray trans
ferred the 800 acres to j. III. Bales.
guardian. for s13,76O or SAB an acre.
Mr. Bales is president OF the First Ma
tional Bank of Eldora. Mr.. Murray was
cashier of the said bank and Mr.. AL
brook was director in the bank and
father in-law of Mr.. Murray: so the
plaintiffs aver that the advance of
$3.50 an acre in so short time was
certainly known to Mr.. Bales.
The evidence further developed that
Dr. Diehl purchased his 240 while la
boring under a misunderstanding OF its
boundaries (the land is open prairie
with no fences) and he testified that
had he known what land he was get
ting he would not have purchased it.
He never had an offer on the land
until after the objection was filed to
Mr.. Bales report, when he received an
offer of $50 an acre, or 50 an acre
less than he paid five years ago.
The defense further averred that land
in Murray county, Minnesota, was SELL
ing at from $40 to $42.50 per acre at
the time MIR. Bales purchased the tract
for the estate, and that the investment
at the tirae appeared to be wise
one.
Judge Lee evidently took this view
of the question and overruled the OBJ
jections to- the final report. The OBJ
jectors will appeal the case to the SUI
preme court, however.