Democratic Sentinel, Volume 17, Number 5, Rensselaer, Jasper County, 17 February 1893 — Taken Two Rascals to Work It. [ARTICLE]

Taken Two Rascals to Work It.

Land values increase so rapidly in New York that it is easy to mortgage such property pretty well up to the selling value, and this fact has opened the way to an ingenious method of something very like swindling. A, representing himself as the agent of B, purchases desirdble vacant land for say $175,600, and before papers pass, B sells the same to A at $225,000. B then, upon the strength of this transaction, obtains a mortgage of $200,000 upon the property. Of course A and B are in collusion, and the original purchaser really represented both, while the second transaction was solely for the purpose of establishing a price upon which the mortgage could be obtained.