"Bad enough. The landmarks are disappearing, and it would cost any man who should attempt it, the value of his lot, to hire a surveyor to find his twenty-five by a hundred."
"But your mortgage is good?"
"Ay, good in one sense; but it would puzzle a Philadelphia lawyer to foreclose it. Why, the equitable interests in that town-plot people the place of themselves. I ordered my agent to commence buying up the rights, as the shortest process of getting rid of them; and he told me in the very last letter I received, that he had succeeded in purchasing the titles to three hundred and seventeen of the lots, at an average price of ten dollars. The remainder, I suppose, will have to be absorbed."
"Absorbed! That is a process I never heard of, as applied to land."
"There is a good deal of it done, notwithstanding, in America. It is merely including within your own possession, adjacent land for which no claimant appears. What can I do? No owners are to be found; and then my mortgage is always a title. A possession of twenty years under a mortgage is as good as a deed in fee-simple, with full covenants of warranty, barring minors and femes covert."
"You did better by Lilacsbush?"
"Ah, that was a clean transaction, and has left no drawbacks. Lilacsbush being on the island of Manhattan, one is sure there will be a town there, some day or other. It is true, the property lies quite eight miles from City Hall; nevertheless, it has a value, and can always be sold at something near it. Then the plan of New York is made and recorded, and one can find his lots. Nor can any man say when the town will not reach Kingsbridge."
"You got a round price for the bush, too, I have heard, sir?"
"I got three hundred and twenty-five thousand dollars, in hard cash. I would give no credit, and have every dollar of the money, at this moment, in good six per cent. stock of the States of New York and Ohio."
"Which some persons in this part of the world would fancy to be no very secure investment."