Dodge City times., 1889-11-28

Fre6tic:t.7., = - - Chicago,
Have Dsen 5ai.;19 Lands to
fyh;c.l T:Ia, .isd No Tiuie.

Fred.ict.1., = - - Chicago,
kava Usen Gai.;19 Lands to
,zh;c;l T.1ay Had No Tirie.
Chicago. Nov. 25.-lt is noEE said
that the amount involved in the alleged
fraudulent transactions Of FredrickseG
& Co. in connection with their cashier
Bidgood, arrested yesterday. viii reach
81 coo 900. The charge is based on al
legged crooked transactions in giving
mortgages on land 10 which Fredeick
sens had no title. These mortgages
are said to have been pledged as secur-
ity for loans. FredeTicksen & Co..
have been doing large business in
western railroad lands. selling for the
most part small tracts of forty or fifty
acres on the installment plan. the pUr
chasers usually being emigrants CT
poor people. who wished to invest their
earnings in farms. After q certain
number of payments had been made
Frederickscn gave deed, mortgage
on the land being taken for the unpaid
portion of the purchase money. These
mortgages, it is alleged, were given as
collateral. for loan or sold outright
thrOuhout the west.
I. c. CCwie Represents the interests
here of Ex-Governor Rice Of Wisconsin
who was yictimized to the extent OF
sl00. 900. The charge we make" said
Mr.. Bowie to-day lis that Frederick
sen were all concerned in the conspira
cy. They got up the fraudulent morta-
ges. Went out on the street and gave
men five dollars to sign them. Then
they went to capitalists with the mort
cages and raised money on them.
They gave mortgages on land in Mimi
esota. Dakota and other ports of the
northwest. They are hundreds OF
working in Chicago who paid in their
earnings to the Fredericksens. think
ing they were buying land and now
find their deeds worthless.
Ielge \. IIensen. the receiver ap-
pointed by Judge Shepord of Frederick
sen & Co. asked leave Of Judge
Shepard TO day to resign his receive
ship. lie says he has been able to col
lect only ss2.39 and that the concern
has no assets, except some apparently
worthless papers. He sees no need of
a receiver. there being nothing to re-
ceiye. The Judge directed him TO serve
all parties in the suit of Joseph Crafty
against Fredericksen with his motion
to be allowed to resign and come in
court Monday.
DIR. John \. Rice one Of the victims
of the swindle arrived here this after
noon. why. that man Fredericksen
was the most cold-blooded sWindler
| ever knew he said. Il hold now
$i50. .0G0 of mortgages sold me by Fred
ricksen and every one of them bears
q written guarantee signed by Frederick
sen that the mortgages represented
purchased land on which the amount of
the mortgages has been paid. OF the
whole $50 600 worth know of Il nun
Der which are absolutely valueless.
am not eXaggerating when | say that
thousands of settlers in Kansas and
Iowa. who. as they supposed, paid for
their land and got deeds from Frede
ricfsen. absolutely no title to il. The
plan in such eases was q simple one.
Fredricken would get All option on a
tract of land from Il railroad company
and representing that he owned it
would sell farms to ignorate emigrants
taking their money and giving them
deeds to the lands. If anybody ques-
toned the title, Fredericksen would
furnish an abstract showing clear title.
DR.. Rice made the assertion six
weeks ago Fredericllsen confessed that
he hired men on the street at s. 4 piece
to sign mortgages and we made him
give us the address of these men. Be
sides the ten men i'll his office. who
were parties to the conspiracy, we
have the addresses of seYenty-fiye men
who signed the mortgages for land
they never owned. Every one Of these
men VIII be arrested IS viii all the
officers force. we have been in receipt
of dozens OF letters daily from all over
the west. The exposure has been com
plete.