The labor world. [volume] (Duluth, Minn.) 1896-current, 1907-09-14

estate is usually considered very de-
sirable investment; but even 1t, under
some circumstances, may prove a trap
for the unwary. There was the case
Of Henry Barnes. He had accumu-
lated considerable money, and was
looking for a good investment; so
when George Dawson came to him
and said that he was about to pur-
chase the Heilman property for four
thousand dollars, and wished to bor-
row three thousand on the property
to use in paying for it, and would pay
six per cent. interest, Barnes gladly
agreed to make the loan en- a mort
gage.
But Dawson was a rascal At the
same time that he arranged with
Barnes for mortgage for three thous-
and dollars on the property, he ar
ranged with Charles Meats to borrow
the same amount on a Judgment note
on the same property. The day for
the delivery Of the deed to Dawson
came. Dawson executed a mortgage
to Barnes for three thousand dollars,
and with Barnes accompanying him
went to Heilman, paid over the pur-
chase price of the property, and re-
ceiVed his deed. The deed was turned
over. to Barnes to be recorded with the
mortgage, and Dawson departed.
In few minutes he returned to
Barnes home, and, stating that he had
some doubts about the language of
one Of the provisions Of his deed.
asked Barnes for his deed in order
q hn ;or1,4
torney. Barnes handed over the Decd
showed the document to Meats, and,
executing a judgment note to Meats
for three thousand dollars, secured the
sum from him. He then took his deed
to the office Of the recorder Of deeds
and left it there for record. Return
Ing to Barnes home he informed the
latter that the deed had been pro,
nounced satisfactory, and he had taken
1t to the recorders office; which was
satisfactory to Barnes.
The same day Barnes filed his
mortgage for record. The same day
Meats had Judgment entered on his
note. The same night Dawson left
town for the west, two thousand doll
lars richer than he was In the morn
ing. The result? A mortgage and
judgment entered against a prop
erty on the same day, no matter which
may be entered at the earlier hour,
share equally in the lien,--Ihe law
knows no fraction Of day, and there
Is no precedence between the liens.
Hence, Barnes and Meats had each an
equal three thousand-dollar lien on
four thousand-dollar property, and
Dawson was two thousand dollars to
the good.
Of course, Meats and Barnes, being
reasonable men, agreed to do the best
they could with the property and save
one another as much as possible, and
finally they did succeed in selling it
for four thousand eight hundred dol
lars; but out of this sum it was neces-
sary. to pay the costs Of tho sheriff's
sale, which was required to get the
title out of DaVison's name, ana finally
they emerged from the transaction
with a. wider knowledge Of the law
and an individual loss of six hundred
and fifty dollars each, without count
ing interest on the loans lost nor at
torney fees expended
"dsCn Tour FOIicIo0s
fire insurance policy is a wise in
Vestment for every owner of property
to make; but most people forget or
do not realize that a fire 1ns.. ance
policy is simply a contract between
the insurance company ana the as
sured, just like any other contract one
may make; and that, just as in the
case OF any other contract, in order
to recover on an insurance contract
the assured must comply strictly with
the terms of his policy or contract.
John Patterson was a good business
| man, and as such carried a good line
of insurance on his attractive home in
| Marion. He valued his home and its
furnishings at ten thousand dollars
and carried a seven thousand dollar
| policy in the Underwriters of the
| World,-a strong company, millions OF
assets, millions Of surplus, handsomely
| autographed policies, courteous Off
Gals, business conducted on the high
est plane.
Last summer Patterson and his
family went TO the sea shore for q
month. They closed up the house
]
| neighbor. At the end of their month
Of recreation the Patterson family re.
turned home, opened up the house, an6
settled down to home life again
Within a month after their return, one
afternoon while the whole family were
out, the house caught fire and burned
to the ground. Practically none Of thu
house furnishings was saved, and thu
building was a total wreck. Patterson
didn't feel SO bad about it, though
there was that seven, Thousand dollars
| of insurance.
The Awakening Of Patterson.
A few days after the fire a suave
man called on Patterson, Introducing
himself as the adjuster of the com
pany. Would Mr. Patterson go with
him to examine the ruins? Patterson
would. "Too bad, too bad!" muir
INJURED the adjuster. "Total loss-large
loss-loss far exceeding the amount OF