Free trader-journal. (Ottawa, Ill.) 1916-1920, 1917-08-21
O'NE|L PROPERTY
TO Be SOLD AGAIN
At PUBLIC AUCTION
MORTGAGE OF W. D. BOYCE NOT
RECOGNIZED BY MR.. O'NEll,
WHO OFFERS SUPREME COURT
DECISION IN SUPPORT OF HIS
CONTENTION.

Auction sale of the properties of
T. f. O'Neil Implement Co, which
were sold by the master to w. d.
Boyce August IL, will take place in
Marseilles, Sept IL, 1917, according
to sale bills posted in the city. The
sale OF the property to w D. Boyce
will be contested. according to re-
cent developments. Mr. O'Neil is
plaintiff in $4,000 damage case
against Mr. Boyce. In the resale of
this property each tract of land will
be sold separately and also the build
ing thereon separately with privilege
to be dsmantled
1t would appear from decision
of the Supreme Court, as recited
in said sale bill that the litigation now
started has footing upon concrete
foundations to carry along more than
one angle litigation upon practical
lines in harmony with court decision.
The history of the factory property
will be recalled by many during the
days of prosperous times, when oper.
ated by the Marseilles Manufacturing
Company
What appear to be disastrous per
iods took place after the lease of
1906, was consummated for additional
horsepower After this lease was
made by Mr. Adams, the property soon
changed hands, being purchased by
Deere & Co., of Moline, who shortly
after the purchase abandoned the fac
tory and found a purchaser. The cit
| izens of Marseilles, aided in this pur,
chase by the factory being sold to
the Swanson Manufacturing Company
and as a consideration for the factory
the Deeres received large block of
he bonds. To provide working cap
ital the Marseilles people the other
! portion
The failure of the Swanson Manu-
| featuring Company resulted in the
property being sold by the court at
low price Neither Deere & Com.
pany, nor the Marseilles bond holders
| took part in the repurchase, hence
the small returns did not even pay
the interest which virtually amounted
to their losing the property.
Much has been said as to the value
of water leases to the lease holders
1t is the contention of O'Neil that
it is impossible to maintain a nume,
water and electric plant on a small
scale and develop power for several
times the price that the same amount
| of power could be purchased for.
that the unreasonable claim of the
Marselles Land a. Water Power Com.
pany, that they hold a mortgage by
virtue of their lease, takes from the
property a commercial value to sell
same. or as a basis of credit, and that
! in measure o. net results, the opera
tions of the Water Power Company
/ is no other than nonopolstic and con.
| hscatory
O'Neil purchased the property at
the bankrupt auction sale of the
Swanson Manufacturing Company and
| paid cash the purchase price. When
| he put his court deed on record the
Marseiles Land 4 Water Power
! Company said he assumed their lease
mortgage on which they have OBJ
! tained decree from court on the
findings of the master. After closing
and selling they still claim to have
the same mortgage on the property
| on claim that buyers assumes the liza
bility, which strips the property OF
value, leaving no room for to sell tC
an outsider, who has knowledge OF
the water leases
O'Nel purchased the property il
1912, or five years ago He paid casl
for it, and there are no complaints
In Marseilles that he has not paid fo
ever other commodity bought here
and during the period has paid fol
wages In the town nearly $1,000
O'Neil thinks it IL nothing short o
palaver and slander for to tell tn,
story that he has twelve months il
which to redeem the property unde
the present court proceedings, h
: says these water leases. according t
the contention OF the Marseiles Lam
& Water Power Company, are lik
unto the "Hell from which there Is n
. redemption" according to the teacl
! ings
A mortgage which does not end b
foreclosure proceedings surely leave
no room for redemption or relief