Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-04-11

ne followed q principle WniCu cndIdC-
terized bis many other helpful enter
prises, aud persons are helped without
regard 90 the sect, nationality or class
20 which they belong. To raise the
money for starting the loan Office DR..
Greer called on his congregation TO ad-
vance the sum required, and they did
so generously and promptly. DR.. Greer
was asked by your spondent for an
account Of the enterprise and furnished
the following, by request, over his sig
nature;
The idea OF starting a bureau In New
York originated in seeing the abuse OF
the necessities Of wage earnerS temper
arily out OF employment.
The man who has large property or
securities can hypOthecate them and
secure money at very reasonable rate
OF interest, but the wage Garner, who Is
dependent entirely upon what be can
earn by the day, week or month, enjoys
10 such advantage, because although
he may own property that is OF value,
10 the way Of household effects, he can
not az moment Of necessity realize on
any Of these things except at cruel
sacrifice.
The question arose whether 1t would
be possible 10 lend money TO the wage
earning classes at the legal rate or In
terest, taking such security as they have
70 offer, lending them fair amount for
a reasonable time 10 be paid back in
monthly inStallments. ! believed that
the plan was q sensible one, aud receiv-
ed the hearty support OF the cOngrega-
tion Of St. Bartholomew Church. But
there was no precedent for such an I'M
dertaking, and very lutte we could use
as a guide in starting the experiment
The nearest approach to what we
wished 20 do, was already being done
by the Workingmen's Loan Association
of Boston, which charges twelve per
cent. per annum interest. whereas our
purpose was 10 charge only six per cent
We opened the bureau for business
on February l., and in the week sue
ceedi0g that day nearly LOCO applica-
tions for loans were placed on file. II
was thus clearly demonstrated that
there was q field for our undertaking
aud it remained only for US TO occupy
the field and 20 conduct the enterprise
IN such q way as 10 make IL business
success. IL was clear from the outset
that many difficulties would be encOun-
tered. 10 was set on foot at time OF I'M
precedented business stagnation, a time
when more wage earners were out Of
employment and had been so for many
months, than at any time within the
L.. u 81 So hD
necessary, therefore, TO proceed care
fully and feel our way. Written appli-
cations came in from the towns of Con-
necticut, New Jersey, Long Island aud
from the outlying counties In this State,
aud a great many from Brooklyn, and
we were obliged at once 10 confne the
operations of the bureau to New York
county, on account Of the difficulties
of filing papers and searching records
in widely separated localities.
We fixed the maximum amount OF
loan at $50, with the double purpose OF
making all loans as safe as possible,
and of giving the relief sought, 10 as
many applicants as our resurces would
permit. To was not expected that one
bureau of the kind would be able 10
meet the demands that would be made
upon 10, but we believed that its sue
cessiul operation would lead TO the
opening OF similar Offices ia other dis
tricts Of the city, and also in other parts
Of the country. The actual success OF
this experiment can only be demon
strated by the repayment OF the
loans that are made. The
money goes out freely enough and our
resources enable US TO make thus far
only about one loan where there are
ten applications. The bureau Is kept
open from 10 70 o'clock each day,
Sundays and holidays excepted, and
applications are received and recorded
10 an iudexed register. Applicants are
told that the bureau is only lending,
about $500 a week 81 present, and that
10 may be some time before their names
are reached; bus this does not seem TO
dlSconcert them, aud large majority
Of those who have applied for loans thus
far are people Of sterling character who
are temporarily embarrassed and who
have very natural objections, even in
the worst extremity, against subjecting
themselves 90 thee extortionS OF the
regular money brokers and pawnshOpS.
The rates OF uSury inflicted upon the
poor as shown by letters that have come
70 the bureau are almost beyond belief,
amounting in MANY cases TO almost 200
per cent. IL does not surprise Us, there
fore. that all classes Of people apply for
lOalS 20 escape these sharks, In their