New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-14
TO AID THE POOR BY LOANS.
THE REV. DIR. GREERs PLAN PUT INTO
OPERATION.
CHRISTIAN CHARITY CARRIED on ACCORDING
TO BUSINESS PRINclPLEs-cHATTEL MORT
CAGES TAKEN AS sECURITY-EX
suptEs or TIE WORK.


.NpLEs OF TIE WORK.
An ir,nortant work which has been planned in
the shirt OF Christian charity but which is to be
carried on according to business principles. has been
bee,In bv the Rev David II. Greer, rector Of st.
Bartholomew's Protestant Episcopal Church In the
Parish House at No. 2o5 East Forty-second-st' IL
IS the lending of money to deserving ana INDUSTRIOUS
persons who are in temporary distress and are able
to give chatte mortgages to secure the loans 1t is
no part of DR. Greer's plan to compete with the city
pawnshops No articles Of personal property are to
be received and kept pledges for money lent.
The applicants for loans are to be permitted 10
keep and use their property, but they must give
chattel mortgage In every case ana must agree 10
certain conditions which are intended to protect
the loan bureau against rnous losses. Interest at
the rate OF per cent is to be charged on the loans
IL is expected that the loans will range, according
the value Of the property pledged from - to so
The loans may be made to extend for year, but II
is preferred to have the repayments made on the
monthly instalment plan. There is a stipulation
in the mortgage that If the borrower falls to make
either the first or any subsequent payment at the
time specified the mortgage may be forecloscd i'm
mediatcly but the manager OF the loan bureau VIII
be expected to make Of that stipulation only
in cases where It Is necessary protect the bureau
against impositons. while the time may be eX-
tended to worthy persons In distress
1t is not expected that there will be profit In
the business at per cent interest the money
loaned. on the contrary, there probably will be
losses in the business. ard therefore money viii
not be lent t. every person who may apply at the
bureau. In where the persons seeking loans
could get relief elsewhere. they VIII not be- ac-
commodatcl at tho bureau. There were dozen
applicants for loans at the bureau on Monday, but
to only OF them was loan made. Dr. Greer
made that loan in pc-son \ poor widow, who had
been trying to support herself by sewing, had
stored her furniture AMI owed small bill for
storage She could not move the furniture into
small room which she had engaged until the bill
paid. and without the furniture she could not
live work In the room. loan was made to her
and she WIS established In her home. Yester-
day attempt made to find work for her
and enable her to support herself.
THE NAMES OF APPLICANTS KEPT SECRET.
There about nifty applicants for loans at the
bureau yesterday and several OF them were per
OF refinement. who had not felt the pinch OF
poverty until lately. while few OF them We're only
ia temporary need The managers OF the bureau
are careful give publicity to the names Of
any OF the applicants Tor loans believing that the
persons who apply should be protected in every way
possible II Is necessary To- make careful invcsti-
CATION in every case before loan IS made. how
ever 10 guard against imposition. one case iuves-
usatcl Yesterday was that OF widow who's" hts-
band had died only a few days ago. l'a'lHS h'I
sufficient property 10 keep her from want Tor SOM
time 10 come. lhtll MS 'Stl'' '""ul pr -, 80
however she WAS without immediate means Tor nor
for the settlement OF tho estate II would he nee
cssary for her to pawn her jewelry or get a tcin-
friends or relatives In m" city and. therefore, she
Was OBLIGED to Apply t. ',f"nFSr ov and her two
daughters. who have ivcd IN a coinicftaul" apart
ment on the east side OF the city. lntH lately the
d.ughtrrs had craployment aud they expect to be-
Farming wages again soon The temporary loss or
ha, ihey mc 4s' to be- rnI out ~ hcr at for
non pa yment OF the rent althoreh they had FUR
nitur. worth fully So The widow VIII receive a
loan ~ So and sh, AMI her daughters win be al
lowed to remain In their home. Another case was
that OF "A bOokhindcr. who has sInali sh9P ~ ""
lower part OF the city and lives uptown. His husl-
ness has been bal lately that he has been com
pccd 10 discharge his assistant, ana ms WE mas
walked 10 the shop every day To help him. Both
walked several miles every day to save the car
'"'' PROTECTION AGAINST IMPosToRs.
James A. Macknight. who has been selected to
conduct the oasl bureau, consulted with the Mayor
on Monday and learned that he would not nave To
take out a license for the bureau. lie has been "A
newspaper writer and also has been the United
States Consul at 81. Helena. IL is his intention TO
enter the Episcopal ministry. He said yesterday;
Nothing Ike this work has been tried before. and
50 have TO begin and build up system. We
must expect meet with some losses ana with
some dlsappointmcuts at first or course IT VIII
hc necessary to protect tie bureau against i'm
posters. Tor this Is II" place they VIII naturally
persons as possible Before making a loan II Is
necessary T. ascertain II the applicant has clear
,itlo Go Tho property on which a chatte mortgage
~ to l.. even We have t. make search at the
Registers Office. also. To ascertain n Their" are
other claims against the property The average
charge for such "A search }, 81 ~. and We must de-
duet that charge from the amount Of the loan.
Of course, II may not be- necessary 70 have "A
search In "A case where loan of only few dollars
is desired. There several difficulties 10 b"
overcome in the plan OF relief which has been
undertaken. and at first 70 may he nccesSary to go
slowly. II the plan succeeds II may result IN the
formation OF "A stock company or OF corporation
by which the business may hc carried on with the
aid Of charitable persons who are willing 10 make
up the slight LOSSES incurred IL does not seem
possible that such business coud be- placed on n
se!f-supportns basis