Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1893-07-27
Our Mortgaged Indebtedness.

1t appears from our assessment list that
of Fergus county amounts to Ss52. 657
also that the assessed valuation of real
estate is Ss12.336. In other words that
we are m~ortgaged to within $4,000 of
our assessed valuation which is supposed
to he our cash valuation and which at the
present rate OF taxation comes pretty near
it.
This statement has been forwarded to
the state board OF equalization and will he
published as part Of the Fergus county sta
~tistics. This showing would be bad enough
if it were true, but to be incorrect and pub
lished for the information of those who
may wish to start in business or invest in
our securities, county or otherwise, is sim
ply suicidal. To those familiar with the
status Of real estate mortgages as shown
by your county records, the explanation
Of this state of affairs is easy, but as the
majority OF those whose interest il is to
keep posted in the standing and Indebted
ness of counties are ignorant of the real
facts it would seem that for the prot ection
of our county securities. to say nothing OF
other reasons, some explanation should be
given by those who business it is to look
after our county affairs and be attached
to the published statement.
1t is, of course, impossible to arrive at the
without Investigating each and every mort
gnge, but during the last two years bust
ness has called my attention to this mat
ter and ! think such an investigation would
show u mortgage Indebtedness of not over
$500, 900. ] aIlude to real estate mort
cages. The amount of SS52 Coz is correct
as shown by the records and the records
are themselves correct, but mortgage have
been renewed and renewed and again re-
newed, and paid without being cancelled.
To Illustrate how this amount has piled
up ] will mention one ease in a hundred
similar.
One Charles +. Mltsou several years ago
loaned 81 900. The mortgage when due
was renewed but not cancelled, when due
again it was satisfied bot not cancelled and
today Mr.. Matson is assessed for 50, 900
mortgages when he actually does not hold
a mortgage in the county. Again; Loan
companies in loaning large amounts often
divide the loan and take three, four or six
mortgages (the loans being more saleable
in small amounts and then take what is
known as n blanket mortgage to cover the
whole. These are all a matter of record
aud it will lie readily seen how II 81.
loan shows on record as $1,000. Again:
second mortgages are often taken as Sc
curity for interest on these loans and still
further swell the aggregate.
during the last two years IL has been
necessary for me to have "a number of abb
stracts of title made and at least fifty old.
uncanceIled mortgages have shown up on
these titles, causing no end nf trouble and
expense to get the mortgagors to straighten
out. In some cases the mortgages were
dead, in others left the country, requiring
time to ascertain their whereabouts.
The Importance OF having a mortgage
cancelled on the records when paid, does
not seemed to be realized by the majority
Of mortgagors, but some time or other it
has to- be lone and the longer it is put of
the more difficult and more expensive it
becomes, and / would earnestly advise
every mortgagor in the county against
whose property there il an uncanccllcd
mortgage that has been renewed or paid to
take steps at once to have his title per-
fected. EDWARD BRhssEY.