The news-democrat. (Providence, R.I.) 1906-1909, 1906-12-14
LOAN SHARK
EVILS WILL
Be PRObED

Another step toward remedying evils
claimed to exist In this state In lending
money by loan companies. who are al
legged TO often charge exorbitant rates OF
interest OF making assignment of wages
for indefinite periods, will be taken tonight
to determine what legislation, If any,
should be recommended TO the general as
sembly. The meeting Is TO be held In the
office OF Rathbone Gardner. The follow
ing is the committee: From the Working
mems Loan association, Rathbone Card
ner, Stephen O. Edwards aud william
Gammell; from the Society for Organizing
Charity, George III. Huddy, Jr., Charles
Catlin and James J. Nolan.
In order to get information and see un-
der what difficulties the poor are actually
laborlng. there was appointed yesterday a
committee OF three, consisting OF s. III.
Tingley. James j. Nolan and Mrs. NJ.
Einstein. who were chosen at the month
ly meeting OF the committee OF co-opera-
ton representing the charitable societies
and made up OF the followng Matthew j.
Cummings. overseer Of the poor; James
]. Nolan, ST. Vincent de Paul society;
Rev. Edward Tallmadge Root, secretary
OF the federation OF churches; :. II. Tin
gley, Charitable Fuel society; Mrs. Lucy
Missionary society; Charles Thurber.
Rhode Island Society for the Prevention
OF Cruelty 70 Children: Miss Mary s.
Gardner Providence District Nursing as
ISOLATION: Mrs. Moses F1nstein. Monte
fore Ladies' Hebrew Benevolent associa-
tion; Percy l.. Smith, Providence Boys
club: Miss Harriet II. Tyler. Irrepressible
society; Miss Blanche L. Baker. represent
ing the deaconess: Mrs. w. II. Bowen,
ministry to the sick: Miss Annie r. Pope.
Thimble club; Adjt. Sarah Fuge, Saliva
tion Army; James Minnick. Providence
Society for Organizing Charity.
The movement has been Instituted by
prominent men interested in bettering the
conditions they believe exist in the mat
ter of loans made through many compan-
les.
Agent James Minnick OF the Providence
Society OF Organized Charity, says the
movement is as yet in the bud 1t is rec
ognzed that there is a fair and legitimate
field for such enterprises as honorably
conducted loan companies, for they make
loans OF a nature not covered by banks
and deal with the poorer classes. Several
cases have come TO his notice, he said
where fair treatment was not given bor-
rowers. Rates OF interest. not being linn
tied. were often too high. while II was
possible also 20 get indefinite assignments
on mems wages while the fact that the
law does not require the recording OF
such deals makes It almost impossible "a
locate such troubles unless complaints are
brought before the societies which many
OF the poor people are too ignorant TO do
This non-recording OF such transactions
however. has al times come back upon the
lenders, money being secured over and
over again on the same goods and the one
TO secure the returns for his money.
Mr.. Minnick said many Of the loan asso-
Citations ere doing fair. legitimate bust
ness, and the movement Is not expected
TO interfere with them. but is rather tC
obtain the hearty cooperation OF those
doing a fair and honest business before
any steps are taken toward securing prop
er law from the legislature.
IT is ma tier OF record that the law II
Rhode Island Is radically weak on the
matter OF loans made on chattels and tn,
assignments OF wages for In the latter
respect those interested in the ,movemen
hold II is possible 10 keep the contracting
party paying continually.