Evening star., 1924-01-12

tContinued from First Page)
my note, giving them assurance that
the money would be advanced IL
called for. 1t did not suit my plans
to utilize this latter amount except
in case CT absolute necessity, as /
was then considering tentative
proposition, which is yet under con-
sideration. for the merging OF all
the cattle interests which I have re-
fsrrad to here. as well as others In
the states of Arizona, Colorado and
in certain states of the northwest.
II this combination were formed it
would constitute approximately a
$5,0O0,0O0 corporation, and preferred
10 Keep a portion of my home land
win water rights and so forth out of
any such merger in event ii was final
ly decided to make the change.
Il came to Washington and ap-
preached a friend OF mine who had
spoken 70 me about acquiring ranch
In New Mexico, and particularly about
the raising OF thoroughbred horses In
that state. / placed before him the
BroWnfeld Harris proposition at the
prices which they had given me. that
is TO say. Immediate purchase of real
which would require ssl.500.
l. stated 10 him also other lands
should be acquired with these, and
that ultimately the total amount
would approximate s125. 900. l sug
gested to him that he should make
this purchase outright in his own
name and own the ranch and stock
himself or that the cattle might be
sold and the real estate retained for
horse ranch purposes.
Suggested Partnership.
] also proposed that in the event
he preferred to do so. IL he would
advance the money and mako the pur-
chase and take title In his own name
/ would agree with him upon an
equal amount in value of my own
adjoining property and form a CO.
partnership on a fifty-fifty basis. The
matter was considered for several
days and this gentleman decided that
at the time he was not ready to make
this Investment outright
He stated, however. he would ad
vance me the money or advance me
100000 In event I needed It simply
upon my own note without security
or Endorsement. I told him that I
had the other two sources from
which I could obtain the money or
from which | could obtain the money
to repay him in the event ac-
cepted his loan. 1t was finally agreed
that he would loan me 100000 and
l gave him my note for that amount,
due on demand, with a memorandum
which I think he attached to the
.ictc. W bAic SicCl iUaI IL at any
time within three years he desired
to call the loan l would pay 1t i'm
mediatcly, or IL he, after further con-
sideration, desired to acquire the
title to the Harris property, he could
do so at the actual cost, or IL he
me, would agree TO put in an equal
amount and we would jointly own
the combined property.
The arrangement was made on this
basis:
Planned Cash Deal.
THE deal with Harris was to be
a cash deal. I notified them on No
vember Is. through my agent in El
Paso. that I would be prepared to
make the deal and pay the entire
Der 1, IL they had their deeds, bills
Of sale, etc, ready at that time. ]
knew that Brownfleld and Harris did
their banking business at Roswell
N. NJ, approximately 200 miles from
the Three Rivers ranch. They in
formed me they had some loans
against the cattle and some against
real estate and that they were all
coming due and must be met.
my home In Three Rivers is twenty
miles from any town. There were al
that time two small banks a,
Alamogordo and two at Carrizozo
left Washington for Ell Paso, en-
route to San Diego. Calf, to preside
as Secretary of the Interior for a
hearing of a Colorado river irrigation
power proposition and also to repre-
sent the President at Riverside in q
conference upon the same subject
have at my ranch, at Three Rivers
a perfectly secure vault. and in view
of the banking situation with refer
ence to the Harris heirs and of the
diversified interests represented by
the eight heirs l expected, until
arrived at Ell Paso, to be compelled
to meet the $91.500 payment i'm
mediately, so 1 took money with me
in cash.
tanned it and who furnished me the
cash was Edward B. Mclean OF
Washington, d. c.
EN- route to Ell Paso I received no.
tice that Harris and BrownfielG
would meet me at FL Paso and save
me q trip to Three Rivers. was
then informed that they did not have
their papers ready and that there
were several difficulties to over.
come, requiring some time, and ]
there paid them, as Harris testified
$4,000 in cash. placed the bal
ance Of the 100000 in the hands OF
my agent in Ell Paso, with instruc.
tions to deposit it with the right to
check 1t out himself or the right to