Evening journal., 1888-07-06

The statement made by tho EVENING
JOURNAL on last Tuesday, concerning the
values and liabilities of Walter CummIn's
real estate was n clear and admirable sum-
mary Of the public records relating to his
peculiar transactions and it was as nearly
correct as the circumstances would permit
Since then a transcript OF the same
public records, made fully two months ago
In the interest OF one OF Cummings many
creditors, has been found by an EVENING
JOURNAL reporter and suhjoined Is a sum
mary OF this transcript which is here given
merely Co show the readers OF the JOURNAL.
the accuracy Of the preceding reports.
There are 10 real properties in this COM
munity which we're then held in the name
OF Walter Cummins, as follows: Two
frame houses on New st.; 1105 and 1107
Adams ST.; tract OF marsh; Southwest
Cor. 1ith and Adams Sts: 1881 Harrison
st.; SSs Market SC 100 and 1l09 Adams
st. These 10 properties were then snoum-
bered with mortgages, running from one TO
seven In number on each. to the aggrs-
gate amount OF s77 500, 10 which
must be added $1,000 worth OF
mechanics lions against the houses at
HOO and 11O2 Adams St. These prop
erties, which were encumbered 70 the
gross amount of es7, 400, we're worth thea
not dollar over $4,000. The property at
ll07 Adams st.. for example. Is worth
about SO 900. but the Germania Building
and Loan Association has q mortgage ON
II for $1,000, while Levi II. Miller has
mortgage for $4,000 on that house and
the house next door. No. 1905 Ths
house at S3s Market st., worth probably.
sic. 500, is loaded with s19, 900 Ia two
mortgages Levi II Miller also holds bond
for $g.859, which Cummins obtained ON
pledges co make investments in first lienn
on real property. Cammins has moreover.
$500 Of Miller's money. for which the latter
has no security. Hence. It 10 obvious that
Cummins owes to the lonnsand other credit
ora on account OF his real property the
gross sum Of $97 $50. while the property is
worth on generous estimate not over
, $40. 200. which leaves S4s 45a as the
! amount Cummins raised on his property
+ over and above its purchasable value Ia
! other words be doubled the vaiue by loans.
o Mr.. Miller Is the principal sufferer In these
] cases and he asserta again and again that
he never advanced a dollar 70 Walter
! Cummins, except upon the understanding
/ tbat the security was TO bs a fret lien. II
! was bis absolute faith In Cummins's integ-
ritz that enabled the latter to worm out so
r much money. Cummins got sSi, $50 on
4 Of Miller on pledges OF first lien securities.
!. As against the preceding account, which
t shows Cummlns's Indebtedness to have
L been Sa7 $50 at the time this transcript
a was mads, Cummius claims to have paid
!, Off six mortgages to the amount OF IS 200
/ The JOURNAL report OF last Tuesday cred
> tied him with SO 500 Of this amoDnt. TIL
) credits included the following mortgages 4
Mrs. Margaretta H. Bird, SO 500. on hous
!. at s. w. corner 1lth and Adams; TO thl
Perpetual and Clayton loans. on the sam
. property, 1000 each; and to the Perpetua
Z loan, 81 900, on 42l Harrison St. This las
mortgage was referred to yesterday in th
4 interview with Lea Pusey. The additions
: mortgages claimed TO have been paid b.
a Cummins are. first. to the Clayton asso-
! ciation, 81 600, on g. w. corner 1lth an
Adams Srs, and 500 on, 1921 Harrison 81
= Bnt these mortgages are not satisfied o
a record.
i Cummins also has some interest In loa
a association stock. At the May meetin
j Of both the Perpetual and Germania asso
\ ciatlons i was found that his stock wa
\ worth Si3,9l4 81. His account with th
y Perpetual was as follows: Credit. 81, $50. n
debit, s22, 1871. This debit account repr
sents In great part the NOR
Cages enumerated before His Gel
mania account was: Credit, SO, ,05e 80
z denit: '$20,5 ,52s 80. The debit represen
~ SIS. 600 worth Of mortgages, enumerate
before, and s2,52s 80 worth OF back due
Cummins also has an interest in stock
Y the Clayton Association, the exact value
II which could not be obtained to day. It
!" intimated, however, that some OF bis loa
y stock has been used as collateral X
Z" raising money on notes. Anothl
story, which brings more comfort to
weary creditors ia to the effect that Cur
- minis had invested largely in stocks whis
4 were now growing in value daily, and th
z by August /, he would realize at lea
:, $50 600 in clear profit al his investmeu
= This report. it is alleged, comes from n
bankers but who these bankers are is n
=, stated.
At noon to-day Cummins as judge
= the Municipal Court, had not turned ovl
~ the fines collected by that court last mont
y The law requires this money to be pa
over regularly at the end OF each month.
~ select Social Circle Picnic.
IT.. ,,f.rfc 80 tha 6alaet Social Cfr,