The Kalispell bee. [volume] (Kalispell, Mont.) 1901-1901, 1901-06-24

amount OF the lOdu. AA0 CAVCAOPo
contains the securities which the bor-
rowers wish to put up as collateral.
Borrowers from banks know pretty
we'll what kind of security banks will
accept. and we don't usually have to
return any of the collateral offered.
However, examine the collateral and
if want more of one security and
less of another l tell the messenger
and he goes back to his principals to
have the matter adjusted satisfactory
| ly. In most instances we don't know
where rockingham has lent our non
ey until messengers from the borrow
ers come in with security.
"The loans that l have spoken of
thus far are all call loans. For nego-
tiating these rockingham, or any
other money broker, doesn't get
cent They do all that business for
nothing, for the sake of getting the
business of the banks and bankers in
time loans. A man wants to borrow
$1OO,OUU for three months. He let's
rockingham know about it. Froth-
ingham comes to me and tells me that
he can lend 100000 Of our money for
three months to So-and-sO. decide
whether l want to make the loan, and,
if do, he goes out and negotiates it.
For negotiating time loans the
money broker doesn't get anything
from the lender, but he does get one.
thirty-second of per cent on every
800 900, or about $31.25 from the Dor
rover This seems like rather a small
commission, but where man lends
millions of dollars in the course of q
years it mounts up. When speak Of
time loans you mustn't think that
am referring to loans made on com
mercial paper. All that business il
. done by another kind Of broker
Brokers like rockingham don't trans
' act any of that business at ALL"
: "How much money on call do yo'
: suppose Mr.. rockingham lends in tn
course Of a year?" asked the SUI
t man.
II should say not far from 100000
) 900. But remember, he doesn't get
l | cent for lending all that money. 1t is
1 as said before, only on the time loan
3 that he gets his commission. I an
quite sure he will average at least
| million a week in time loans. That
i an average Of $52.oO0,o00 year, wee
in and week out. The estimate hav
e made here is, think, conservative
r At any rate, rockingham lends NOR
v money than any other one man i
n New York and he has grown rich at /
Y He has been in the business eve
n since he was a boy and he knows a
the fine points of his trade.
( But there is another source of tn
IS money brokers' income that l forge
It to speak about. I suppose they a
II keep a set Of books. I know Frot
IS ingham does, and in these books
a keeps a record of all the time LOAF
n he makes. It very often happens tn
IN the borrower Will WALL " IcuCN
It Maybe the lender wants to accomm
1t date him. and maybe he don't. F.
Il instance, rockingham lends $4,000
is for our bank today to Smith, Jones
Co. for four months. At the expir
~ ton of the time the borrowers will
e. hunted up by rockingham and ask
e, If they are going to pay or want
i'd renew. If they tell him they want
ut renew, he comes around to find o
H. from me II want to extend the loa
to If don't he places the loan SON
n. where else and gets his one-thir
MS second commission for the extensit
,r. So far as his renewal business go
lie his income is much like that of an
CHI surance agent. It's good busine
". for a good man, and beats sto'
nd gambling to death. New York s,
he
49,, o~l ~,o~~v y,rotfv occorfyn<