The gazette-times. [volume] (Heppner, Or.) 1912-1925, 1922-10-26
10TH 1903

18th. 1908.
Seven days later, Charles M. Pierce
borrowed s 5,0OOOO, the limit that he
could get from the school fund, from
the State Land Board.
Seven days after the money was
borrowed on this farm, Charles Pierce
sold 1t back again to his brother Wal
ter, for a consideration Of SIS, 10000
the exact amount that he paid for
il and the record states that Walter
NJ. Pierce assumes and agrees to pay
the mortgage.
November 16, 19O3-on the same
day on which Walter sold property to
his brother Charles-he also sold an
other farm 20 his sister, Minnie
Pierce. For this farm he received
$~I6.6OO.OO.
On the same day that Brother
Charles borrowed S5,000.OO from the
State Land Board, Sister Minnie also
borrowed S5,000.00 from the State
Board-the acknowledgment of this
transaction being taken by Walter M.
Pierce, himself, as Notary Public in
Union County.
For ONE reason or other, Minnie
B. Pierce did not like the farm she
had bought from Walter, any more
than Brother Charles liked his farm,
for-on December IL (19 days after
she had given the MORTGAGE, she
sold the farm back to Walter for $780,
10000, the exact sum that she paid
for it, Walter NJ. Pierce again kindly
assuming and agreeing to pay the
mortgage.
November 18th, 1903, seems to
have been a very busy day for "Wal-
ter M; for. in addition to the farms
that he sold to his brother Charles
and his sister Minnie, he also sold, on
the same day, another farm to his
brother George, for the consideration
of sl5,6O0.00.
By a strange coincidence, George
also had to borrow some money on his
newly-purchased farm and, on Novem-
Der 90, 1903-the same day that his
brother Charles borrowed 100000
from the State Land Board-brother
George also borrows $5,000.0O from
the State Land Board.
Evidently brother George didn't like
his bargain any better than the other
relatives for, a few days later-to-
wit: December 10th, 1903, he sold the
farm back to Walter for S15,600.00,
the same amount that he paid for it,
Walter again assuming the 100000
mortgage. This sun seems to be a
favorite in the Pierce family-for it is
the same amount that Brother Chas.
had paid for his farm, on the same
day. Evidently Walter did not care
to show any partiality between his
two brothers. 1t may not be of any
benft to the account of this trahs-
action, but nevertheless it should be
noted that these considerations, re-
ceived by Walter for the sale Of these
farms to his relatives, is slightly over
three times the 100000 mortgage.
The State Law requires that the State
Land Board can make no loans from
the lrreducible School Fund for more
than one-third the value Of the prop
erty involved, but that Walter should
always sell for thrice the limit he
could borrow, may be a mere incl
dent.
November 16, 1908, was apparently
a remarkable day in Walters Real
Estate career for, in addition to the
three farms above mentioned, which
he sold that day to his brothers and
sister, he also sold a farm to Thomas
J Tweedy, a neal friend of his, for
the fiat consideration of s16,000.00.
1t seems too strange to be true, but
Thomas Tweedy, on November 23rd-
the same day hat other mortgages
were made to the State Land Board,
also borrows 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 $4,000
exact amount he paid for it
the afable Mr.. Pierce agreeing to as
sumo and to pay the 100000 mort
gage.
But this does not account for all