The Providence news. (Providence [R.I.]) 1891-1906, 1898-01-28
TO ASSIST
WORKINGMEN.
Annual Meeting of Loan
Association.
AN INTERESTING REPORT.
Twenty-Five thousand Dollars
Available For Loans.
AN INTERESTING REPORT.
BOARD OF OFFICERS ELECTED.


mems Lean Association was held at 30
Westminster street yesterday afternoon,
the meeting Icing called TO order by
Vice President Edward 5. Clarke, in the
absence Of President ID. l.. d. Granger.
Secretary Gardner read the records OF
the last meeting and they were approved.
after which ne read the report of the
board OF managers. which was as fol-
lows:
The company was organized under a
charter granted by the General Assembly
of tue state Of Rhode Island Februs ry %,
1895 Ii was intended by Its promoters TO
furnish source from whence worthy
persons desiring to oh tain pecuniary an
sistance for short time upon the Sc
curity OF personal property, chiefly house.
held furniture, would be enabled to do
so at reasonable rates aid to do away
with the nardshirs whioh such persons
are subjected 10 in dealing with those
who carried on tue busia aess Of akiDg
such loans. lt was desired to loan this
money at this rate Of | per cent per
month, and after careful study and inves
tigation the conclusion was arrived at
that this could only lie dono by doing
business upon a capital OF $50. 000. The
capital was therefore fixed at ESQ 900 and
a long and earnest effort made To obtain
subscriptions 10 that amount In this,
however, the promoters of the company
were unsuccessful, the total amount of
subscriptions obtained by them being
something less than els, ,UU0 Spasmcdic
efforts were mads from time to tire dur
ing the next two years to obtain the
requisite capital without success, until,
in the spring Of 1897. the matter was
taken up by Mr.. William II. Spencer.
Mr.. Spencer suggested that While l per
cent was undoubtedly the proper rate to
be charged, nevertheless, IL would be q
great benefit TO the com munity IL busi =
ness could be established even upon the
principle OF charging per cent per
month. and he undertook to obtain ad-
ditional subscriptions fer -eaBital- of
SO, 600. Mr.. spencer was indefatiSaple
In his Efforts and soon reported that he
had obtained subscriptions lnereupon
an amendment to the charter OF tho com 9.
pany was secured allowing IL to cb arge not
exceeding per cent per month Oh its
loans and limiting the dividends to bs
paid TO per cent per annum.
The company nas now been organized
with capital of ss5 900 One call OF 80
Ier cent. has been made for tho subscrip-
tions and thure is the amount Of labout
$1,000 to hand The company has secured
offices at 50 Westminster street in the city
OF Providence ana intends TO comInsn 90
business on Feb. l of the present year 1t
has secured rs its manager Mr.. Charles 4.
Bigelow, n mem Der OF the firm Of Dart
* BigeIow, who, in the opinion Of the
managers, possesses peculiar qualifications
for the position. Mr.. BiRelow has spent
some time at the office of the Working
mep's Loan Association Of Boston. where
he mas carefully studied its business and
the ferns 10 be used in the cond uct OF tho
company, as also its methods, and will
follow very CLOSELY those which have been
proved by the experience of the Boston
company To DO test suited for the purpose.
I-le board OF managers believe thnt the
full amount OF the capital of s25, 700 can
DO loaned in a short tine, ana that the
business viii soon begin tn return an In
come. Doubtless, during the first
months our experience, a. that Of other
companies of similar character, will pe
that some mistakes are made anu tt pre-
liminary expenses Of npening an Office and
establishing business viii, of course
consume some portion OF the profits of the
first year. The managers hope. however
that the business may prove TO be so sue
cessful that an increase of its capital
stock will be DossiDle and the company
enabled TO charge lower rate CT interest.
The report was received and ordered
placed on file.
Mr.. Gardner announced that Mr. Henry
+. Ferrin, the we'll known auctioneer
had been engaged as appraiser Of property
The report of the treasurer, Howard l..
Clark, showed that the receipts so far
amounted to S127e.T; expended for vuri-
Gus purposes s22S 07; balance on hand at
the Rhode Island Hospital Trust Com
pany, S10la 81. There are six shares OF
stock oil hand which can still bo pur-
chased by applying 10 the treasurer. The
report was received and ordered placed
on iile
Mr.. &. II. Merriman moved that the
same body Of officers already In existence
be re-eleossd and that the secretary be
authorized tn cast a ballot for each name I:
adopted.
Ihe following list of officers was thop
elected: President, ID. H. ID Granger:
vice president, Edward >. Clarke; treas
urer, Howard l.. Clark secretary, Katn-
bone Gardner; board OF managers,
stephen q. Edwards. Henry +. Llppjtt.
Robert II. |. Goddard, Edwin ID. Nc.
Guinness, William III. Spencer and vii.
liam Gammell.
Two memt tiers of the board OF managers.
one 10 be nsnsu by Governor DYER and
one by Mayor Baker VIII le added 10 the
list later.
Mr. Gsrdner. by way Of explanation
stated that the association was ready FOR
business and intended TO charge > per
cent month az interest on all loans
made. In every case wnere it was DOS
sibe D Ter oeut would be charged, the 3
per cent extra going toward tho reduc-
tion OF the debt lie further stated that
~ WAS not tho intention OF the assooia-
tion, at least FOR the present TO 40
pawDshop business, and therefore no
rledges would te taken. The loans would
be mostly madc on bOusohold furnitura
There leiDg no furtfer busiuesS the