The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-03-27
From the Financial chrOnielc)
Investment Of Money-.Western Mort

While Railroad Bonds ore now about
the most popular security with investors
in this market, on account Of the good
rates ofinterest paid on many Of them,
and tile case with which they may be-
sold when money Is wanted, still, there
are no forms OF investment more attrac.
tive In the termsupon which they arc I'D.
vertised, than Western mortgages on city
and country real estate. There are a
number oil lawyers at the West who make
q busine ssot loaning money on first mort
cages upon real estate-their circulars say
at only one-half or one third OF It's actual
value-and bearing ten per cent interest,
payable semi.annually, In New York or
Boston ildesired. Several Of these gen.
tlemen are now advertising In our col.
umns giving references also TO various
prominent men is 20 their reliability.
For parties who invest their money sinp,
ly with view Of obtaining high interest
and security for tho principal when It falls
due-without requiring bond which
they can readily convert into cash--these
Western mortgages seem well worth In
vestigating. ., % .i y
The following In regard to Chicago In.
YestmenLs, from the letter Of o correspond.
ent In the New York Eeening Post, is of
interest In this connection: gg Z
"As many know, there was large
amount Of eastern money lent on mort
gage security here, the legal rates OF In.
teresL being so much higher than ut home.
The lenders were principally lie insnr-
ance companies and hundreds Of wellto-
oprivate persons In the Middle and New
England States Tho sum 30 invested
here amounted 10 several millions. In the
general destruction ofproperty by the fire
1t was at first supposed much Of this
money had been lost, inevitably lost, the
buildings having been destroyed, the In
surance doubtful, and the owners I'M.
poverished But now that the period Of
confusion Is over and affairs are more
settled, 1t appears that almost all the
eastern holders Of mortgages that were
sound before the fire arc as safe now as
they ever were. They have been obliged
TO grant few extensions on the interest,
but they have collected large amount
on the insurance policies held as collateral
security, the real estate has not depreci.
atcd so much as was expected, and most
Of the interest falling due since the fire
has been paid. The experience of q single
Hartford company Is a lair sample. Said
tho Vice President, in conversation wifi
mo q few days agoi We had over ST.
100000 loaned In your city on mortgages
at the time OF the fire. We find now we
have not lost u dollar. We were pre-.
pared togrant extensions to such as could
not paA their interest, but scarcely any
one h, asked IT, Tho only thing can't
understand is where they get their money
to pay with r. f.Y. s
ITO state the situation in q few words
This class oil investments Is made here
more cautiously than in New York, few
mortgages being for more than fifty per
cent Of the value Of the security. The
Chicago owners have unbounded faith
in the future Of their property, and will
not sell at a sacrifice or allow foreclosures.
Much oil the paper has several years to
run, men find ways to pay the semi.annual
interest, and meanwhile every month the
situation grows easier"