The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1900-05-11
PECULIAR BANKING.
Continued from First Page.

/
is deposited in a local bank in your
town through our New York bank in
the form of certificate Of deposit,
which certificate will be exchanged
by the bank for this note.
That You may feel perfectly safe in
regard to any injury to your credit we
enclose a blank which is sent to
all your references to be filled out and
returned and while it fully covers us,
it in no measure reflects upon your
credit and in no part does it state
that you wish to borrow any money.
In case You are unfamiliar with the
system of lending money we will ex-
plain the appraising and investigating
fee as required by loan associations.
This fee is one per cent. of the loan
but should in no case be less than 70
cents. 1t is always payable in adj
vance and includes war tax, papers
and banking expenses.
Do not misunderstood us regarding
this fee. Your credit and personal re-
sponsibility is not in question. 1t is
protective system of great business
and there are no other fees whatever
connected with this loan. We beg
that you will not send us AN applica-
ton with the request to deduct inves-
tigatlon fee from the amount loaned
= We must in each and every case
have one per cent. of the amount with
your applications otherwise your APP
plication will not be considered
Our banking and investigating
department forwards form as en-
closed to each of your referees and we
hope that you will not put us to the
trouble and expense of investigating
people who cannot give satisfactory
answers. We expect you to treat us
with business courtesy in this matter
as this is purely business PROPOSE
tlon of interest to both parties i'll
which we are depending entirely upon
your honor. Fill out the attached form
Immediately and forward to us with
investigation fee so that your loan
may be considered before our appro- |
priation allotted to Honesty Loans
is exhausted No checks accepted I'M
less certified. Remittance by bills |
carefully wrapped or by express or
post Office money order are preferable. !
We are not responsible for money lost
in the mails. Hoping your application
may be favorably received, we remain, |
Respectfully yours,
The International Loan and Invest
ment Company.
Of course when concern like Ed.
and " Patsey" Looney and Williams
or Watson advertise that their bust
ness for 1899 amounted to 1854, $50,
Gill; AZ. it agrees with the many other
features which cast shady appear
ance on the whole thing and those
who know the facts, in Morristown.
do not hesitate to pronounce the whole
case as savoring very strongly of bare
faced swindle. Careful inquiry at 6
Wall ST., N. Y, shows that the Office
of J. Fl. Williams & Co., was until
very recently, handsomely furnished
with the name of the firm placed on
the door in letters of gold. That office
however, is now closed. From those
who have been watching the parties
it is understood that suckers, " as is
customary in spring, had already
begun to run into the open net of the
Looneys and Williams Watson.
When the 'branch office was opened
in Morristown, arrangements were
also made for another branch in
Newark, under the management of
"Patsey" Looney. This individual
had sometime past obtained consider
able notoriety as being connected with
a so-called mortgage concern, which
loaned money at exorbitant rates.
After newspaper exposure he was glad
to leave that city although it is under
stood that he is back again. His time
is mainly devoted to Newark, Phila-
delphia and Washington. HE has, it
is said. we'll merited reputation as a
sleek" article and one who for years
has made good living by his wits.
On April Is, Williams went to Cole
mans Business College in Newark, en-
gaging four young lady stenographers.
He arranged to pay them $5 a week
and furnish transportation. In ac-
cordance with an appointment the
met Williams or Wat
son, on April s1st, when he informed
them that the business "sheuld be
kept strictly private. - One of the
young ladies was selected to act as
private secretary while the other
three were kept busy answering let
ters. Friday the office ran out of
stationery and the manager gave his
stenographers vacation telling them
to report Monday. They did. but were
unable to get in the Office. Williams,
alias Watson, had departed. A day
later one of the young ladies received |
the following letter:
1.-THE International Loan and In
vestment Company is out of business.
Owing to the high rate of money they
were forced in voluntary assignment. |
Your salary will be forwarded to You |
at your residence for your services up
to Monday morning
Yours,
J. T. Watson.
AS yet no salary has been received
and three of the stenographers, who
lived out of town are out the price of
a Communication ticket.
1t is understood, that Uncle Sam S
Secret Service detectives were in town
yesterday looking up the affairs of the
defunct banking house. 1t is to be
hoped that no stone will be left I'M
turned The concern has had consid-
cradle money back of it and if APP
parently we'll authenticated reports