The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1900-04-26
LOANS MONEY TO AFFIANcED
"c" aork usurers Find Many Easy
NlctinA Among Loyelorn
Young People.

In morning newspaper on a recent
Monday appeared an advertisement as
follows:
DO you wish to marry and haven. the
money? Join our society and get sou, i'm.
| mealately. Cooperative League, Mad.
ison av.'' es -1sTs
| l visited the Office of the league ia
ask for the details of this apparently
benevolent plan whereby sweethearts
| who are short of cash can obtain finan,
clal accommodation" Tie Cooper.
atlve league occupies a single room on
the third floor of building in Mad
1son avenue, near Forty-second street
The furnishings of the apartment con
sist of two desks, four chairs. q type.
writer and strip of carpet. A young
man, who said his name was Frank
Gardner. and a young woman were the
office staff.
In answer to my request for informa.7
tion as to the leagues business meth.
ods Mr.. Gardner gave not altogether
clear explanation of the philanthropic
aims OF the league and the blessings
whichiti is designed to bring upon those
who desire to marry. but have not suf-
ficient money to do So
1T is like this" said Gardner. "Sey.
eral persons form what we call cir
cle.' Each person makes payment of
$40 to us, which is in the form of de.
posit. We have about 100 names on on,
books now. From the cash thus placed
in onr hands we make loans to those
who wish to borrow for the purpose of
marrying. The amount we usually
lend to each applicant is 5000. The loan
is not made until we have fully investi-
gated the references of the applicant
1t we find that he or she flor many
women borrow from us, the prospective
husbands not wishing to expose their
lack of money to 'strangers) is respon-
sible, has been employed steadily at
one place and is honest and worthy OF
our confidence, then we make the Joan
Members of the circle share in the
profits we make through interest
charged.
How much interest do we receive!
Well. three per cent. per month. Yes
that is 36 per cent. per year. Usury
No, I don't think so, and. anyway, if
borrowers are willing to pay us well
for the risks we take that is their
affair and our own. Some of our bor-
rowers might make trouble for us
about the rate of interest charged, you
say? On. / don'tsthink so. but now
come to think of it. we only charge
three per cent. per month where the
loan is for more than one year. For
less than one year only ~ per cent
per month is charged The principal
is repaid in installments usually
l asked Mr.. Gardner who was the re-
sponsible head of the league, he having
told me that he was simply the mana
ger. John T. Mcconnell is the man. 50
he replied. He lives in Boston, where
he conducts. a general loan business
and also advances money to persons
who wish to get married, just as is
done by the league here. He is not here
at present, but will be later in the
week. No, he has never had any trouble
with the authorities concerning the
amount of interest charged on loans
and see no reason why he should. We
have had many applications for loans
from engaged couples, but professional
secrecy makes it impossible for me to
give you the names of any of our GUS
toners. IN. Y. Herald.