The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1886-08-13

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| It's the growing knowledge among
lchattel-mOrtgage men that so many
[ crook. are thoroughly posted in these
men and time-payment men now record
almost every mortgage. As matter
of fact we can beat the piano and sew.
ing-machine men every time when they
don't record"
The chattel-mortgage mans state
ment received ample confirmation from
the records. The increase in time pay
ments for the first six months of 1885
over the corresponding period of 1885
was found to be extraordinary. During
the months of April, May and June il
was not an uncommon occurrence to
find one single firm recording from fifty
to sixty mortgages in day on account
of furniture bought on time payments.
The startling growth of this method Of
obtaining goods goes long way to &C
count for the increase of % per cent
during the expired portion of 1886. and
to offset the causes assigned by Brad
streets for the doubling of chattel mort
cages in the last six weeks. The infer
ence that strongly marked increase in
chattel mortgages is necessarily an indi-
cation of poverty and hard times is fall
lacious and misleading, for if the in
crease be in the direction of the acquire
ment of new furniture, pianos and sew
ing-machines, it must rather be accepted
as sign of prosperity. The mortgageor
in these cases has to pay from 80 to
S25 down-a thing that a very hard-up
man would not be able to do. The
records show that there has been an un-
precedented increase in this kind of
chattel mortgage, and this, with the
more general practice of recording,
must be held to be much more largely
accountable for the increased number
of chattel mortgages that the blighting
effects of the labor troubles.
"What more useful or welcome pres
ent," said the chattel-mortgage man to
the reporter. lean a young man make
to his best girl than ew piano? I'll
tell you a story to show how the thing
works. A respectable young man in
the wholesale dry goods business, wish
ing to give his intended wife a Christ
mas surprise, bought 1875 upright
piano from friend of mine on the West
Side, paying $25 down and giving a
mortgage ana notes for the payment of
the balance in monthly installments.
The young man, still further to gratitv
his inamorata. sent home the piano to
her fathers house on the South Side,
with a receipt in full for 1915 made out
on one of the regular account-form
blanks of the piano dealer. The pres
ent that presaged eternal harmony be-
tween the happy lovers was looked at
by the parents from more practical
business point of view. They were
hard up, and thinking it no wrong to
realize on their daughters personal
chattel, negotiated loan of 1920 from
me on the instrument. examined the
records, but failing to notice the
address to which the piano had
been sent, could detect nothing
crooked in the transaction. The
mortgageors, however, soon gave me
the slip without taking up single note.
l discovered after considerable trouble
that they had removed to a well-known
suburb on the Rock Island Road, had
the father and mother arrested, and re-
plevined the piano from the railroad
company. When the piano was safe in
my storage warehouse l happened to
meet my friend, the piano dealer. one
day and. with knowing smile which
had observed on his face several times
before, he said: 4 thank you for look
ing SO well after my piano. I never
had less difficulty in tracking one in nv
life Itumbled to the racket and found
ont thot I bod M ,,rxpor <x-or tho ,>;o,o
the first mortgage having been duly
recorded with the address to which the
piano had been sent. My friend knew
all along that had made loan on the
piano, but as the young man honestly
and promptly paid up his installments
he die not think it worth while to inter-
fere in the old folks business, The
parents ultimately paid up the amount
of the loan and recovered the instru-
ment, but it now stands in the house as
melancholy reminder of how court
ships chords can be rudely disrupted
by the chattel-mortgage fiend.''
In looking over the records of chattel
mortgages, it was deeply interesting to
read the necessities of social life and the
scamy side of the current history of
some local celebrities in the odd and
various chattels that had to bow before
the mortgage tyrant. Joe Mackin's
furniture in the Palmer House and else
where made over to August Mette, Pat
Sheedy's faro-tables, chips and checks,
the University Library, chairs, chemi-
Gals, ETC., for unpaid salaries to Presi-
dent and Professor, form items in the
years catalogue of catastrophes. Men
mortgaged their barber-shops, their
shooting-galleries. their soda-fountains,
their meat markets, their pool-tables,
and their typewriters. Cheese-factories,
theatrical ward-robes, skat-
ing-rinks, pr;nting-presses, horses,
mules and machinery fall in line, while
eggs. tobacco. buggies. bowling alleys,
distillery cows. and masquerade cos
tunes swell the procession. As though
to make the list still more grotesque. it
is recorded that one man mortgaged
. hearse, while another borrowed
money on a milk route. When it is
considered that borrowers pay at least
sixty per cent. per annum to the chattel-
mortgage man for the loans. not to
mention the ruinous charges for pre-
liminary expenses such as making out
papers and recording, it is not difficult
to see in this respect at least ''what
fools we mortals are!'
Enough has been written to showthat
the true explanation of the tremendous
increase in chattel-mortgages is to be
found in the unparalleled growth of the
NEUTRALITY-SUSPICIOUS. business,
the infinitly larger number of mort
cages duly recorded Chicago Tribune.
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