Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1909-09-04
INJUNCTION SUIT DELAYS TRANS
FER OF BOONE PROPERTIES
TO M'sRlpE GROUP.
PRATT HAD FAILED
TO GET FRANCHISE
Mcbride Group Believe He Ha. In
spired Suit to Harrass Thcm-Presi-
dent Hughes, of Boone National
Bank, Says They Are Ready to Buy
When Clear Title Can Be Had.


to Boone, where it APP
pears in the form of an injunction suit
clouding the title to the Boone proper
ties, which were to have been pu--
chased by the Mcbride group Wednes-
day of this week. They held an OPP
ton for purchase to be exercised Sept.
1, and their franchise had been voted.
On Wednesday morning Messrs. Nc
Bride, Stevenson and Osborne. of Chi
cago, j. F. Hardin, Of Eldora, and E.
3. Hughes of Boone, entered the office
Of John Reynolds, trustee of the Boone
properties, at Boone, prepared to take
over the properties. While engaged in
the transfer notice was served upon
Mr.. Hughes of an injunction suit filed
by sister-in-law of Reyonlds, claim
ing an annuity out of the Reynolds
properties. Notice of the same suit mad
been served upon Reynolds the night
before, but the Mcbride group claim
that they knew nothing of it, and Rey-
nolds had failed to inform them.
The Boone properties constitute an
estate in which the mother of John
Reynolds, trustee, had assigned to
son a share of an annuity which she
held. This son has assigned to his
wife. and the wife is suing. Pratt had
previously negotiated for the Boone
properties, but was unable to get sat
isfactory franchise contract from the
Boone city council owing to controv-
ersy over rates. The Mcbride group
claim to have evidence which convinces
them that Pratt has inspired the sis
ter-in-law's suit.
The Mcbride group had previously
ash for an extension of their option
for thirty days. offering to pay $4,000
for the txensfon, but this being refused
Mr.. Hughes, president and principal
owner of the Boone National Bank
says that they were ready to pay over
the entire amount of the purchase price
last Wednesday,, which is believed in
Boone to be about $4,000, had they
been able to secure a clear. title. Rey-
nolds offered to deposit bonds with the
Western Trust and Savings Bank, of
Chicago, to indemnify the purchasers
against the injunction suit risks, but
this was refused. The Western Trust
and Savings is the bank which is back
ing Mr.. Pratt's representative, Darling
in the Marshalltown deal.
The Information was telephoned to
the Times-Republican today by its reg
ular Boone correspondent who had
called upon those interested.
The following dispatch from Boone
received Friday appeared on the Iowa
news page of the T.-R. which explains
the nature of the suit:
Boone, Sept. 3.-The taking over of
the Reynolds electric properties by the
Iowa Light and Traction Company
which was to have been affected We'd
nesday, has been held up by filing of
suit by Mrs. Joseph +. Reynolds, of
Chicago, asking an injunction against
the transfer of the street car lines and
light plant by John Reynolds on claim
that it will annul the annulties pro-
vided in the will Of the late L. w. Rey-
nolds part of which the Chicago Mrs.
Reynolds claims has been assigned her
Tho Boone Wow.
The Boone News-Republican last
evening reported the matter as fol-
lows:
"Today'se developments include a
notice served by Hughes. Mcbride and
Stevenson to John Reynolds, trustee,
that they are ready to take over the
properties, and an answer by the lat
ter that he is ready to deliver at any
time or place designated. The Iowa
Light and Traction Company also filed
an answer to the petition Of Mary
Smith Reynolds, praying the court for
q decree relieving the properties they
wish to purchase of the burden Of the
annuities in question, and placing the
same on other properties owned by the
heirs to the Reynolds estate.
1.-The Boone Electric Company do not
appear to be satisfied with the delay in
the transfer of the properties, and
claim to be ready to deliver at any
time. The Iowa Light & Traction Com
pany claim to be anxious for the trans-
fer, but say that clear title can not
be given without a decree of the court,
so there you are. Mr.. Hughes AYERS
that the prospective purchasers Of the
bonds will not accept them with the
least cloud on the title, and will not ac-
cept the ample indemnity against dam
age growing out of the suit, which the
Reynolds interests are willing to give
Developments spring up rapidly, and
there Is no knowing what the next step
will be-
CATCHES Big EEL.