Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-10-28
WILD WEST PUTTING.
Northern Dakota Has the Mortgage
Business Down Fine.
MoRTGAGORs' CHARACTERS GIVEN
By Brokers ss inducements for Invest
ment BY Capitalists.
FRuaALIrY AND CAPACITY LoAsABLE

Most people know that the illimitable
West is more or less original in its
methods of doing things, in business or
otherwise. In the first place, it isn't ham
pered as we are by our wedding to ancient
English forms oflaw and man may rise to
eminence at the bar in many places in the
Occident on the strength of natural abili-
ties and fair general education
without abstruse knowledge OF
law as laid down in the books.
is still some unoccupied ground on this
globe, and when they lay out city they
make the streets wide enough to accom-
modate cable cars and wagons also, so that
the latter are not compelled to pull out Of
the track every five minutes, thus wearing
out horse ere he has lived half his natural
time of usefulness. They also do several
other things unhampered by old fogy prec-
edent that inure to the benefit of all.
But it seems to be left to the bank of
Minot, North Dakota, to do something
unique in the mortgage business. In Penn
sylvania mans character mas little to do
with his ability to borrow money, either on
two-name paper, stock collateral or mort
gaget but in North Dakota good name in
man or woman is the immediate jewel OF the
ness transactions. A Grant street lawyer
has received circulars from the bank named
calling his attention to the desirabilitY OF
some mortgages it has for sale, and they
may possibly contain pointers for bankers
and brokers hereabouts Some cases are
taken at random from the list
THIS WE WILL MAKE INTEREST.
For instance, the investing public is told
that in No. II, 155 Israel NJ. Rosenquate's
mortgage is for $40. The rate of interest
on his mortgage is 8 per cent; it Is on 160
acres of land, 30 of which are under cul-
tivation; land appraised at 81 ,475, build
ings at $75, total 81, $50. The farm is in
Ramsey county, is six miles from town, and
the mortgagor has three head Of stock. For
fear that the property might not be consid-
cred good for 26 cents ON the dollar, with
three head of stock to back it up, the
reader is informed by the bank that with
the amount this man has under cultivation
he is sure to raise crop enough to pay his
interest" This being assured, the buyer
might let the mortgage run until the county
become pleasant for living when he could
swoop down and foreclose.
The mortgage on liver Gabrielson's place
isn't quite 50 good. $500 on 5000 yalua-
tion, but his farm is two miles nearer town,
and the public is assured that liver ''is
Norwegian, !" and that "his prudent habits
insure him success.
Joseph Grossman carries Q mortgage OF
S475 on a valuation Of 81 800. which the
bank implicitly admits is rather heavy
sum, but the information is added that the
"mortgagor is q Russian Of frugal habits;
has his farm well improved; has good credit
and will undoubtedly meet all payments.
Michael P. Lerfald carries $400 on a valua-
tion of 81 750, but he has IA head Of stock,
and the bank states that "a farmer with IA
head of cattle is sure to meet his engage
ments promptly" There have been farmers
in this county, Allegheny, however, who,
with more than IA head Of cattle, failed to
meet their engagements promptly.
The list runs on at great length in the
enumeration ofthe moral, mental, Christian,
energetic and national virtues Of the
holders Of ineumbered property, but one or
two more will suffice. a. E. Long is de-
scribed as
s-@a A SMART YOUNG MAN
who is in the mercantile business and has
been in the country seven years." William
A. Soule Is an industrious young man rs
years old. In addition to other virtues
Charles v. Tucker has q mower, binder,
gang plow, harrow, seeder, breaking plow
and roller and II head Of stock. While
these are not subject to the mortgage. they
show that, other things being regular,
Charles v. Tucker is entitled to social
recognition as an infantState Muldoon.
The rate of interest all through the list is s
to 9per cent. 80
It would appear from the prospectus Of
some of the banks in North Dakota that
mortgages were preferred in that State to
bank stocks. For instance, one bank there,
of 100000 capital, has s21, ,159 IS surplus,
pays 10 per cent DIVIDENDS, and yet its stock
is offered at 80 per cent Of its par value.
There seems to be but one improvement
that can be suggested to North Dskota's
way of doing business, and that would be to
give the mortgagor's religion and politics.
Some men might be willing to pay round
price for a mortgage in the hope Of being
some day able to foreclose on an enemy
of the faith, either religious or
political. Calvinists and Arminians might
make each other dance, or Democrats and
Republicans, then, too. people might be in
duced to buy mortgages from reasons dia-
metrically opposite To these. The more the
procedure is studied the more it recon-