Evening journal., 1888-07-03

assessed valuation OF the property held by
Cummius up to S44525, leaving a differ
ence between the assessed value aud the /
amount of mortgages on them $42,275.
Levi II. Miller of New Castle hundred i
can best explain this remarkable state Of
things. Mr.. Miller is an old gentleman |
who has known Cummins for years and |
who had absolute confidence In his integ- |
rity. So great was this confidence. that
Mr.. Miller simply placsd the money in
Cummins's hands and told him TO invest It,
For time everything went along
smoothly. Cummins placed some good
investments for his friend. II was in the
early part Of January. 1885, that Cummina
began his operations by using Mr.. Miller's
money in making straw loans to himself.
The aggregate of these mortgages held by
Ar Miller. II will bs seen by the above
table, Is 1000. The worst csss In the
entire lot. ia on the property at sSs Market
st. On December 20. 1856. Mr. Miller sold
this property to Cummins for $i2 500.
Cummins agreed to give him purchase
money mortgage for $4,000 and the bal
aucs in a note Tor SO 500, but instead OF dong
this he went 10 the Perpetual Loan and oh.
tanned ~ 600 on the house by a mortgage
dated January 8. 1887, fourteen days after
the purchase. and II was not until October
25 1887. ten mouths after the sale, that
he placed on record Mr.. Miller's mortgage
--and then he left out the purchase money
clause which placed the instrument Ia the
position Of a second mortgage The note
for 81. 500 was given, but was never paid
IN cash. Il was put into another bogus
mortgage, from which Mr.. Miller will
obtain nothing whatsoever AS be will
seen by the above the two loan associations,
the Perpetual and the Germania. ad-
vanced on March. z, 1885 slS. 900 on the
two houses, Noe. 1105 and 1107 Adams SITS.
On a further representation OF increased
value he obtained an additional $1,000
from the Germania Loan on January 30,
1885, thus placing $4,000 ON the property.
Nevertheless later he went to Mr. Miller
and borrowed 50, 900 more on the represen
tatiou that be would pay of the two losn
association mortgages and make MIR. Miller's
loan first lien; but instead OF doing this
he borrowed the So 600 mentioned above
and held Mr.. Miller's mortgage back. maxi
/ lnk ~ UtAuhlN n lQNNAtl icu AunAtnn Va AhA
first and deliberately placing $4,000 on
properly only worth about $4,000.
Probably the worst case OF over-mort-
gagged property is that at the \. w. Cor. Of
18th Bnd Adams Sts. Cummins told
Miller that he was giving him flrst mort
gnge but instead as Il was seen he gave
him seventh. The Clayton and GermAnia
Loans win be losers on this property. The
$4,000 Of Mrs. Bird was given with the
understanding that she would sat
isfy her $4,000 loan aud that the
loans would satisfy their two $1,000
loans. None OF these loans, however
appear on the records as satisfied and Mira
! Bird holds az security her first loan ans
receipts from NJ. l.. Lichtenstein for none,
paid by her 10 satisfaction OF the twi
! 81 900 loans This money was neve
accounted for by Lichtenstein and the non
} accounting Tor ID was the primary cause o
3 his discovery as q defaulter. Thus It vii
! be seen that Mrs Bird holds the entir
] property in her claims, and the mortgage
. OF the Clayton and Germania Loans and 0
8 Mr.. Miller are worthless.
e In all the cases where Mr.. Miller's ma m
\ appears, be thought that he was receiviu
: fret mortgages He says that after ono
/ making loan TO Cummins he would hav
l the greatest difficulty in obtaining th
e papers. He would 60 TO Bee him and au
e for them ngain and again but would be pt
4 or with the reply: Il am very busy nov
o but they are perfectly safe and locked u
e ia my Ere proof. Not until two month
I IL ourmaaA
/ obtahaing his last mortgage from Cummln
II To those familiar with mortgages il
II we'll known that the mortgage itself
e merely a security for the payment Of Il
e bond, but there is generally annexed TO q
d bond, to make the loaner more secure,
s, warrant Of attorney, authorizing any o
70 torney Of record TO enter the bond as
Judgment and thus make II a securi
against all the property Of the mortgage
Cummins, however, left of this warrant
Of az not to affect any subsequent property tn
ID be might purchase or inherit. thus makil
Or more certain the utter worthlessness Of g
ID mortgages.
" The worst Of the tale Of this mans traI
Of actions has not yet been told. Early In {
a. present year Mr.. Miller gave him $500
d invest 10 some improved property own
r. by Alvan Allan. When asked about Z
O7 investment later, Cummins said that be b
b, made it, and that the mortgaE
50 were locked up in his 81
and that Mr.. Miller could hs
"A them whenever he desired. Eeve
he times the latter asked for the papers,
of as often as he did 30 he would be put {
and It was not until the final break ca
~ that Miller discovered from Mr.. All
to himself that Cummins had never invesi
nd a dollar OF the mouey with him, but q
IL had been converted to Cummin's o
ial use.
ns.