building, and did not cover the machinery; so, until the case was reached in court and a decision made on this point I had to endure uncertainty. Finally, after some months, the case was tried, and the point of law was, whether the building was erected to receive the special machinery. Testimony was taken as to the special construction of the bu8ilding and the special features of the machinery to be installed, and the testimony of my superintendent, Mr. Jones, who had designed and superintended the erection of the plant was probably the deciding factor. The decision of the court was that the building was especially construction for the purpose, and that the machinery formed a vital part of the structure and thus became a prt of the real estate; hence the mortgage included not only the ground and building, but the machinery as well. This was all in my favor thus far, and it then remained to await the day when the auction would take place. The auction was held in the real estate salesroom, then #111 Broadway, New York, and the first bid was Mr. Law's, and for the exact amount that the property would owe him, which included the loan, back taxes and interest, and a close estimate of the foreclosure costs.
However, during all the proceedings I have described, Mr. Law petitioned the Court to appoint a Receiver for the rent of the property which I was paying during the proceedings. The Receiver was appointed and Mr. Law deducted the amount I had paid as rent, so I thus received the benefit of my own rentals, as Mr. Law deducted this from the sum.
After Mr. Law's bid there was but one other, which was $1000.00 above his. Standing beside Mr. Law I remarked to him that I would be willing to pay a higher price than that bid, but he demurred and said: "There may be some 'Peter Funk" about this"—and smiled.
The property was knocked down to the second bidder, and he was asked to step up to the desk and conform to the terms. Then it was that I felt as though my wife and children had been sold out from under me — and it was a trying five minutes.
There was some discussion between the bidder and the clerk at the desk, and down came the gavel of the auctioneer, who stated that there seemed to be some misunderstanding, and that he would put up the property again. Mr. Law looked at me and smiled, and said: "I TOLD YOU SO!" This time there was but one bid, and the property was knocked down to George Law, much to my relief.
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