Evening journal., 1905-12-22
LOAN COMPANIES
HURT MERCHANTS
Business Houses in Wilmington Testify as To How
the UsurerS Are Injuring Their Business and
Causing Them Loss
JOURNAL AGAIN COMMENDED

The effect OF the work Of the loan
companies has been felt directly or indi-
rectly by the business houses Of the city
10 AN extent uhdreamed OF when the
exposure of their usurious rates was
first made.
Almost every branch Of business in
the city has been affected either di-
rectly or Indirectly by the work of the
Shyloclzs. Ciothing stores, furniture
dealers grocefs. butchers, dealers in
all kinds Of provisions and supplies
have felt directly or Indirectly the in
nuence Of the lenders Of money at
usurious rates.
Hurts Grocery Business.
One man, a leading retail grocer said.
This loan business, while seeming to
help the working man is his undoing
and ours When he makes the loan he
has money for a few days and he
spends that freely for necessities, but
after the first month he must pay that
back and gather from two to three or
more dollars each month in addition to
pay as Interest on the loan made"
THAT means that he has two or three
dollars less a month for a long period
Of time to spend for even the necessities
OF life and the retailer from whom he
must buy his goods loses that much
trade until the loan is paid"
Furniture Men Injured.
Furniture men speak the same way.
fTho loan business prevents the poor
fnan from saving enough TO buy the
most common article of furniture. and
money which could be. and Is applied
for those things when they have it.
goes into the pockets OF. the loan
sharks
The majority of the borrowers from
these loan companies are working peo-
pie. They must depend largely upon
the result Of hard daily toll for the food
they eat. the clothes they wear and
the furniture in their homes. To them
dollar means more than ten OF
twenty to the more prosperous ard
faporcd Of thcir FELLOW men. TO thcni
the struggle of life is doubly hard when
81 IS necessary 20 save from mere
living pittaHce enough money 10 meet
the demands Of the loan company FOL
illegal interest on money borrowed ir
eases Of emergency or dire distress.
Many Of these people go % the i'm
stallment houses of the city TO buy
clothing and household effects. Here
"'@Nf t'AN t"'AE - 81 AAA tue IEidIl price
of an article plus a small excess L,
cover depreciation Of goods in case they
should be returned. the clothing OF
household goods they need.
The goods they buy from the INSTALL
ment house remain in the home of the
buyer He has the use Of il and the
fuli value Of the article the entire time
and always afterward
I'm the case 0f the loan from money
loan company he has the use OF the
whole sum hut one month and must
pay part principal and part interest
every month.
lntaslment Hard HIT.
The installment houses are hit hard
by the shark loan companies. Nathar
Miller, of The Boston Clothing House
No. 2l3 Market street. said to-day
1T is oVtrageous the way the loar
companies exact interest from the pooi
people. Most of our customers ar,
their victims and their exorbitant
charges hit us hand They stop theh
payments on our goods in order to pa,
the usmy the loan company charges.
They loan people money on GU,
furniture and get them to sign "a chat.
ted mortgage on 1t as we'll as a iudg.
ment note. As we only sell our good.
on a species of lease or rental ant
hold no mortgage on the goods they