The Greeley tribune., 1908-12-23

after clearing all incumbrance. Whe
they got back to town they went
the office of Attorney Jacobs, VIII
drew up the papers. Houtchens
Drumm's stenographer was brough
I to Mr.. Jacobs Office to assist. as
was stated, according to Reagan, tha
Mr.. Drumm thought Mr.. Jacobs
stenographer was not fast enough
Mr.. Jacobs drew up the papers, Civ
ing Mr.. Wonacott an option on the
eighty acres for $4,000, and Wona
colt placed 5000 in the lawyers
hands to keep until the transfer was
made. At this time Reagan had not
closed his deal with Hodgell for the
Colorado farm and of course had
no legal right to give the option
The agents admit that they knew this
fact. but said nothing about it to
Wonacott. but Reagan said that he
acted upon the advice and represen-
tations of the agents, who got him
to do it. The $500 was placed In
escrow with Attorney Jacobs but the
next day. through the solicitation of
Mr.. Drumm, Wonacott allowed Mr..
Jacobs to pay the 5000 over to Rea-
gan According to the receipt given
by Houtchens & Drumm on the
same date, 500 of this money was
paid to them and $50 of it was paid
to Hodgell to bind the bargain for
the Colorado farm. All that Rea-
gan got out of the Wonacott "op-
ton money was $50. The next day
Drumm went to Iowa. investigated
the land, and on his return the trade
was completed between Reagan, the
Iowa farmer, and Hodgell, the Colo
RADIO farmer. Reagan assumed {.
first mortgage of $500 on the Col
orado land gave Hodgell second
mortgage for $500, and threw in
| his Iowa farm to boot. There was a
mortgage of $1,000 on the Iowa
f! farm. and as soon as Hodgell got the
deed he secured an additional loan
on it of $1,000 In the meantime
Reagan was looking for Wonacott
to close the bargain for the eighty
acres at $4,000, but by that time
Wonacott had changed his mind and
didn't want the land
! The old man from Iowa was left
with a 160-acre farm some distance
from Platteville upon which there
were two plasters amounting to
$4,000, and which he thinks would
not bring HIM more than $4,000 un-
der the hammer. The hammer has
already descended, as both the first
and second mortgages are being fore
closed. On the stand Saturday
Wonacott was asked where he in
tended to get the $4,000 to pay for
the eighty acres. He answered that
he had a brother in Nevada in the
mining business who was going tc
let him have it.
Shortly after the trade HodgelI
decided the Iowa farm to Houtchens
& Drumm, taking in payment theil
note for $1,000 without security
The plaintiff is endeavoring te
show that it was given to the rea
estate agents the same day the trade
was made. instead of a few day.
later, as shown by the date upon tn,
deed at the present time. Shortl,
after the deal, Hodgell traded tn.
second mortgage notes of $500 t,
Mr.. McCune, rich farmer, for som
horses and cattle and the plaintiff
is trying to prove that Hodgell lie
go of the notes for much less tina,
their face value. Hodgell admitte
that he refused to indorse the notes
and insisted that McCune take ther
without recourse"
The Iowa farm is still in the poss
ession of Houtchens & Drumm an
Reagan has asked for an injunctio
in that state to prevent them fror
disposing of it. On the witnes
stand the old man told a pitifu
story. On account of a sick daugf
ter he wished to exchange his low
farm and come to Colorado. He
in very feeble health and unable t
do any work. Besides the big NOR
cages. he is in debt over $1,000, an
says the farm failed to produce an,
thing near what was represented
him. Since his health failed and II
was unable to meet his obligation
his wife was compelled to do wasl
ing to provide something to eat.
Almost every real estate man ;
. the city is in the court room lister