The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-10-23
ONfE ~ FIFTEEN lE.fKS.
Uo,. widows and Iitignnts' Money has been
Inxr.ted by the CITY (hnmberlnins

Thomas II. MuSgrnvc who was ApnolnhN
hy the Supreme Court IN March last 'o "Nnmih"
the City Chamhcran's accounts Of the moneys
~ widows and children oyer when the court
had acquired jurisdiction. and money paid int"
rour, to await the determination " actions
therein. has made his report. There had been
no examination oi these accounts since that
made by Judge Elmonds in 1862 Mr.. Mns-
grave save thn, tn total amoun, of these funds
is &l52l6lO2a of which tll9l Al7 Is invested
in bonds and mortgages. t56.lii i on deposit
in the New York Life Insurance and Trust
Company at five per cent interest. Hll s96's
is temporarily deposited In the same institution
nt four p,r cent. SIZE. .96G.sI on deposit IN th"
United States Trust Company nj three anu hve
per cont fl3 2OO invested IN | nNeu StntS nh'i
other bonds. and s2l;944.ii in bank. Included
lns,i nf i'm proves II foreclosure. On the
property .ovcrrd Is III" loans is sHH6o5 Of un-
| paid taNg- and asscssmcnlS. .. 49,,
| MIR Nu-..ravc finds that the practice has been,
owing to the Aini uiy "Nperirnc.d IN Inahih,s y,
amounts taking u mortgage for the aggregate
amount. The requirement 81 the law mat IN,
security shall be donslr the salmr Hi M s lS", N
volving loss and widespread wrong by poor IN
ycstments. for which the rlgh,ini Swners hr are
be no redress. He instances many loans on
which losses were SUSTAINED among usm % %rns
made in 1852 to Edmund Bowley. the I,sS
h"ins AZ 6si. and on another in 1854 TO a Mr..
Campbell thu loss was slo,6a93t -
Another abuse Is tlt' h''ullluhNl'u " WN','
and as--ssmrnt- against property on w,llrh
loans are made 70 such an eXt'n, ~ ut'"riy y, tm
destroy the security. Nathan u. Morgan gave y
| mortgage to Chamberlain Lane ~ security iot
sl3 3g2i wher" the unpaid taxes hnI a-s'HH-
msnt amount to 81 ,5s3. In the cnse OF q mort
gage given by X. ". Cudlippto John y Brad
lev. Chamberlain. on lots in West Nlnrty-sixil
street not only is the properly cohsideret
worthless by tho appraiser but the nnpalt
| taxes and assessments amount 10 douhle tnl
mortgage. Edward Jones gave a mortgage foi
AZ 500 10 Daniel Dcylin, Chamberlain. on prop
.rty on i3d street and Seventh avenue. Nalueu
nj All 500 on which the enormous sum %
si5273 OF unpaid taxes and assessments ma
i.rnmn due Like instances are given of mort
CAGES given 10 Peter Il. Sweeny as Chamberlain
! Another fact shown in the investigation II
that in nearly every case OF ioreclo.ure ,lil'
! property has been purchased 10y the 'hamls,r
, lain To protect the loan. and in many cases IN
revenue l. not sufficient 10 meet expenses L
, preserve the property. In many cases me cN
: amner finds that the losses cnuld nave pc
, avoided by prompt attention on the part oi III
| Chamberlain. In the cases 81 Bowlcy am
Campbell referred to. the i9reco-nre was n
|. made until nine years after the last payment q
: The excessive costs Of forccloaure ia anothe
n nbus,. referred To- hy the examiner. lie Instance
I "A cnse in which IN" mortgage was for f'ljO, an
= ia. ATTORNEYS fees amounted 10 5000 and tn
= rrfcrnr'. fn's to over 300. In another mort
/ gagc Of 1000 the attorneys ice- were owe
= $500. . -, =,
Mr. Mu,gravc as n result OF hs invcstiga
tion recommends that all amounts undor .Ou
n he invested in United States or Stat" iond
- aud those over $1,000 he inNcetHi "a m9rtsAE,
- on improved property. not exceeding iorty ~
cent II it, valuation and that the ChhiIlWrh
=. shall f,r,"ln-e every mortgage not puld Win
"A -iNty days after il has become due.