Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1922-10-19

ter NJ" for in addition to the farms
that he sold to his brother Charles |
and to his sister Minnie, he also sold.
On ne same day, another farm to his F,
brother George, for the considera
ition of $I5,C0000.
by strange coincidence, George ,
also had to borrow some money OF
his newly purchased farm and, on
November 23, 19O3-the same day
that his brother Charles borro1ed |
$5000.00 from the State Land Board |
brother George also borrows
$5,CO0.OO from the State Land Board ,
Evidently Brother George didn't !
like his bargain any better than the
ether relatives for few days later !
to wit: December 10th, 1908, he /
sold the farm back to Walter for
SIS, 5,600.00-the same amount that he
paid for it. Walter again assum- |
ing the $5,OOO.0O mortgage. This
sum seems to be q favorite in the |
Pierce family-.tr it is the same |
amount that Brother Charles had
paid for his farm, on the same day. |
Probably Waiter did not care to
show any partiality between the two
brothers 1t may not be of any
benefit to the account of this trans
action, but nevertheless it should be
noted that hese consderatt ons. re
ceived by Walter for the sale OF
these farms to his relatives, is
slightly over three times the S5 0G0
mortgage. The state law requires
that the State Land Board can make
no loans from the irreducible school
fund for more than one-third the va.
ue Of the property involved, but
that Walter should sell for thrice
the limit he could borrow may be
mere incident.
And Still More.
November 16, 1903, was appar.
emily a remarkable day in Walters
real estate career, for, in addition to
the farms above mentioned, which he
sold that day to his brothers and
sister, he also sold farm to Thomas
]. Tweedy, a near friend Of his, for
the flat consideration OF S16,000.00.
1t seems too strange to be true,
but Thomas Tweedy, on November
23rd-the same day that the other
mortgages were made to the State
Land Board also borrowed IS 100000
of the sacred irreducible school fund,
and, to make the coincidence still
more remarkable, on December 18th,
he sold the place back to Walter NJ
Pierce for SIG 60O0.00-the exact
amount he paid for 1.-THE affable
Mr.. Pierce aggreeting to assume and
to pay the $4,000 90 mortgage.
But this does not account for all
Mr.. Perce's transactions on that
busy day. Evidently they were hav-
= ing a "sell-your. farm" day on Novem
ber 10Th, in Union county, for Walter
on that day sells to one George w.
Tate, business associate, another
one of his numerous Union county
farms, receiving for this one $4,000.
The amount received for this pace
would indicate that Walter drove a
harder bargain with his business
associates than he did with his rel
atives.
But, if November 18th was "Se.l-
your farm" day in Union county
November 23rd was also mortgage
your-farm" day for the State Land
Board. For the records show that
George w. Tate, on that day, Dor
rowed $5,00000 from the State
Land Board-the motgage note be-
ing acknowledged in statutory form
before Walter NJ Pierce, himself, as
notary public for Union county.
Now the minds of the purchasers
of these various tracts Nran, willing,
lily along" together, is indicated b.
the fact that Mr.. Tate, on November
Goth, seven days after he made his
rea! estate DEAL sold his newlypur.
: chased place back to Walter N.
Pierce, for 2000O-the same
amount he had paid for it. Mr.. Pierce
lagain kindly agreeing to assume and
pay the mortgage.
In spite of these large transactions
lin real estate that occurred at that
time, twill be noted that none Of
the parties to these transactions
made any none off each other-ali
of them re.selling the farms brought
from Walter, back to him, for the
same price they paid for them.
Evidently Walter did not proposa
to be outdone by those to whom he
had sold his property for, on No,
vember 23rd, the same day that the
others borrowed money from the
State Land Board, Book 299 of Mort
cages for Union County, page 4S2.
shows that the future non-partisah
candidate of the Democratic party for
Governor also borrowed $5,000.O0 !
from the State Land Board; and, |
having assumed the mortgages of the |
other five farms which he had sold to |
his relatives and friends, Mr.. Pierce
now had $30,000.0O of the States |
sacred irreducible school fund for
which he was paying interest at the
insignificant rate of per cent.
A Good Loaner.
There were other farmers, how
ever, in Eastern Oregon, who were
not so fortunate as to secure even
100000, or smaller sums, from the
State Land Board, or any other
board, at per cent; but the records
of that section show that loans wer.
being made extensively at that time,
at rates Of interest varying from s
to 10 per cent. In fact, Mortgage
Record, Vol. 2S, page 1862, Union
county, shows that John NJ Light
foot and wife, on the 9th day Of No
vember, borrowed from Walter M.
Pierce the sum of $4,000, for a per-
fod Of five years, at per cent inter-
est, giving mortgage on their farm
therefor. Hundreds Of other NOR
gage recordr show that no money
was being loaned in Walters section
of the country at that time for less
than 8 per cent.