Rensselaer Republican, Volume 22, Number 13, Rensselaer, Jasper County, 5 December 1889 — GIGANTIC LAND SWINDLE. [ARTICLE]

GIGANTIC LAND SWINDLE.

hwUtickMß A Co. Bob Poor People to Uo Amount of 81,000,000. - It develops that ths fraudulent transactions of Fredericksen A Co., of .Chicago, will reach $1,000,000. Their plan was to give mortgages on property to which they had no title. They have been doing a big business in western railroad lands, mostly selling small parcels to immigrants and poor people on the installment plan. When partly paid, Fredericksen & Co. would give a deed, taking a mortgage.to secure deferred payments. These mortgages were sold, or used as collateral for loans. Ex Governor Rice and other Wis consin capitalists were large buyers. Many of these mortgages are won hless. Cashier Bidgood, who is under arrest, says the business amounted to 50,000 acres a year, T. G. Cowie, Gov. Rice’s son-in-law, says Rice is out $100,000; says Fredericksen & Co. got up fraudulent mortgages, gave men $5 to sign them and then borrowed money , on them. They gave mortgages on Dakota' i Minnesota and other Northwestern lands and hundreds of Chicago people who have thought they were buying lands find their deeds worthless. Thousands of farmers in Kansas and lowa, who had supposed they were buying lands, have been swindled The entire force of ten men in Fredericksen’s office were in the conspiracy and besides the swindler had seventy-five men outside to sign mortgages for him, all of whom wiii be arrested.