The evening world., 1902-12-15
Charles EdeIson Gets Verdict
Reversing Trade with Solo
mon Jacobs That Sent Him
Into Bankruptcy.
HE SNAPPED REAL ESTATE.
Only q Mortgage Was Left Him, and
Creditors Saved Him from That,
but He Could Not Recover His
Backyard.

TNs facility WIN which a man can
lose a fortune through an apparently IT.
nocent real estate transaction was ex-
emplhed in a suit just disposed Of by
Justice Gildersleeve, of the Supreme
, Court, In which Charles Edelson sought
TO have set aside as fraudulent a trans
fer OF real estate and mortgage thereon.
Justice Gildersleeve. after listening to
n testimony, decided in favor OF the
man who had lost his all.
Edelson combined the business Of a
cloakmaker on Broadway with the
manufacture OF bricks at Nnrthpori,
L. /. solomon Jacobs vas tie owner,
among other things, of a tenement
house, at No. &C Thompson street. Their
was n possession for viii h Jacobs
yearned. and that was a brick-yard.
Jacobs, learning that Edelson owned
q brick-yard, hunted him up and said
'Ruppose we swap; you give me your
orick-yard and I will give you my tene-
ment-house."
Edelson thought we'll of the PROPOSE
ton, and an agreement was made
whereby the parties were to exchange
their respective properties. Jacobs put
ghb. - fdtGdtlOn OF VI, 900 on MS mouse.
Edelson paid by taking the real estate
subject TO a mortgage OF $2l, $50, paid
300 in cash, and was credited with
$4,000 for his brick-yard, making a TO-
tai OF $50 $50. Then he made a bond oni
mortgage secured by the Thompson
street property for $500.
Mrs. Jacobs Took Possession.
The contract was made on Oct. rs
1855, and the properties were exchanged
EnEnA daVa .afpr If AnnRaFg that NAUy
was owing by Edelson TO Sarah JACOBS,
wife of solomon Jacobs, and Edelsoa
executed a power of attorney emphw1
snS Mrs. Jacobs to collect the reitE o.
the Thompson street premises until the
amount had beCn paid.
Z, ndelson asserts thlt Mrs. Jacobs imrne-
oiately took possession Of the property,
and. as a matter of fact, he never had
possession Two months later Edelson.
assuming that the 500 had been wiped
OUT, called on Mrs, Jacobs and was then
Informed for the first time that the
represented.
AS a result of this intelligence he
attempted to sell the house, and found
That all he could get for Il was $4,000,
or SlO.l5O less Than he had paid, Eieison
immediately went to Jacobs with a COM
plalnt. ard, Il Is claimed, Jacobs Of
fered Edels0u u he would retyarsfer the
property to Mrs. Jacobs he would dis
pose Of the property for s4i, $50 n pay
-
of &3S, 3T5. JACOBS subsequently said the
property. II is claimed, for about this
figure: 50 that there was not a cent
coming TO the unfortunate Edelson. He
was out his br!ckysrd. $500 in cash. the
fenement-house and was. moreover, sad
died with n mortgage OF $500 on prop
erty which he did not own md from
which he had never derived a penny.
Creditors Took = Hand.
Edelson promptly went into bank
ruptcy, and his creditors became solicit
1ors about his brlckyard ard tenement
house. To cap the climax Jacobs
brought suit against him to foreclose The
$500 mortgage. The creditors retained
epstein Bros, Of No. 500 Broadway, 10
defend the action and also to bring suit
against JACOBS 70 set aside the whole
transaction as fraudulent.
Justice Gildersleeve 80 decided, and
while 1t relieved EdclsOn of paying $3.50
mortgage he Is still shy a b%rickyard and
q cloak manufacturing business, to-
gether With 500 in cash.