The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-04
as TO MORTGAGE FORECLOSURES

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Notwithstanding the fact that Kansas
has afforded the richest field for the in
vestors Of eastern capital, and fewer
losses in the aggregate have been sus-
tanned in this state than any other, rel
atively, ever and anon howl has gone
up against Kansas, prompted by envy,
j alousy or whatnot, with evident pur-
pose of in turing the state by destroying
or impairing its credit. That these OBJ
iects have at times temporarily accom-
plished the purpose designed, will not be
denied, and yet, in spite of all the ad-
versties that have came upon the state
and they have in the main been more
imaginary than real--Kansas has kept
on the even tenor of it's way, meeting its
obligations as they mature and making
progress no less surprising to her
maligners than gratifying to herself and
friends.
To deny all the Misrepresentation OF
She state that have been sent broadcast
through the public prints would be an
endless undertaking, while it would
afford some measure of recognition
TO the calumniators and their in
famous work; for these reasons
little attention has been paid to
such things. There have been instances,
though, where silence touching aver
ments that have been made under mis-
apprehension of the facts OF the case
which, to permit to go unchallenged and
uncontradicted, would be taken as adj
mission that such statements were sub
stantialIy true, and in such instances
denial and refutation has been promptly
made bv the press of the state. One
such case has recently occurred, being a
statement fromJ. r. Reed, commissioner OF
foreign mortgages for the state of Massa-
chusetts, concerning investments IN Kan
| sas as affected by the laws passed by the
! last state legislature. This statement was
| prompted by a communication from tile
! president Of the Knight Investment COM
| panv of this city to Commissioner Reed
notifying him of the withdrawal of the
Knight company from Kansas as It's
| basis of operations. Commissioner Reed
/ concludes that the reason of the with
| drawal of the concern named is because
of the legislation above referred to,
! which is not true and cannot be true,
| for the reason that fully one.third
of the states of the Union have similar
| laws in force, and nobody ever heard OF
loan companies Withdrawing from any
| of those on account of such laws, Com
| missioner Reed in his Statement-whicl
by the way has been widely published
! in the Boston and other New England
papers~-says that the new law adds
eighteen months to the two years al
lowed by the old law in foreclosure pro
ceedngs in court in which the mortgag
or NAV continue to possess himself O
mortgaged property without relief Il
the mortgage. That is to say, instead
of realizing under foreclosure proceed
| ings within the two years at the further
est limit as under the former law, Mr.
Reed states that the new law extend
the limit to three and half years. Thl
Is gross tAlOi. luz '-A'ACiliI Ait'i
provided by the new or amended law /
about two years. In addition to the si1
months allowed by the common law
of universal application, 70
the homesteaders benefit, tn
present Kansas law allows tn
mortgagor SIX months in which to re
! deem the property if it has been aband
oned: twelve months if the property Ia
not been abandoned and IS other tina
homestead. and if homestead and
so occupied and use by the mortgagor h
is allowed eighteen months in which t
redeem if he choose to avail himself c
the limit.
The present law governing moctgae
, foreclosures was enacted in obedienc
of q very general popular demand, ant
, as uefore stated Is not exceptional in il
provisions, being a counterpart of til
= law on that subject in number {
8 other states, several Of the older stat,
; Of the east among them. II is clear
4 therefore. that the withdrawal of Il
4 investment company mentioned is n,
: on account of the discriminative an
; injurious laws, but must be fer 9th,
. reasons. which facts and state Of ca
e as we have attempted. briefly, 10 S
: forth prove the statement and concl
, sions OF Commissioner Reed equally u
founded and untrue.