The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1909-04-18

well-fed person, Mr. Shark had the
| appearance of the serene benevolent
philanthropist who lives on the in
teTeSt of his money and the recOlleC-
ton of his charitable deeds, albeit
touching that matter of charity he let
| slip no proofs of it.
The most popular loans OF the In
! vestment Company were the five and
| dollar loans. Not that MI. Shark
| escheweG larger loans, but because
| on these small loans the interest rates
were higher and the risks were
smaller. The standard interest rates
! of THIS company, and, / believe, of
| other companies of the city, were as
! follows:
/ On S 800 &C.. IS 200 per month
/ On 1000. -. -. 800 per month
! On 10000. 60. 49, 1900 per month
These rates were, of course, not alb
( Solute: they were always susceptible
| of reduction or expansion to suit the
suneFance of the borrower. Be it said,
however. their expansive capacity far
exceeded their capacity for contrac-
! ton. White persons were not, as a
rule. charged as high rates of Interest !
as were negroes. And this for a very |
obvious reason: the white man may !
not be victimized as safely and TO me
extent that the negro may.
Whenever a loan was made, mort |
gage was taken on household goods, !
often aggTegating twenty times the
value of the loan. and rarely, if in
any case. amounting to less than
three or four times the loan. On re-
fusing or failing, to pay the regular
interest inStallment, the debtors
goods were taken and disposed of at
the secondhand furniture store. Sew |
eraI times furniture was seized and
disposed of in this way without pro-
cess of court. only an agent of the
company going along with the dTay-
man TO identify the goods. Nor did |
il matter how long the borrower had |
been paying his monthly tribute.
Whenever payment lapsed sufficiently /
TO convince Mr.. Sharp that his victim |
was entertaining ideas of escape from /
the entangling loan net, the debtor /
fish would be hauled Summarily |
ashore and taught by furniture de- |
pletiOns, and not infTequently by /
abusive, denUnCiatOTy language, the /
lesson of obedience.
favorite device for compelling !
payment from stubborn customers /
was the taking of furniture, by way
of threat from the customers house !
The usual procedure in such cases /
was tnAS. All agent WOuiN warn TIC Z
debtor that his payments We're over /
due and after week or 50, if NJ !
money was forthcoming, the agent /
would visit the debtor again AMI dc
mand payment. If then the debtOE !
failed TO pay. the agent would seiZs /
some cherished piece of furniture and /
set il out of doors This was in most !
cases a successful bluff, but failing.
nothing remained but TO attach the /
goods, or dispose of them without |
legal proceedings, as was sometimes
done
\ surprising rule of the Investment
Company's business was that the pay
ment of the principal should always
be discouraged. so long as the risks
were good and the interest payments
came regularly. One day a negro, |
who had borrowed s. three years be-
fore. came into the Office. and paying |
his monthly interest Of $500, showed
five dollar bill across the desk in
settlement of the principal MIR
Shark. picking up the bill and holding
it between his pudgy fingers. the
while assuming a gravity Of cOunte-
nance BETTING larger affairs. said. !
George. | don't care anything about
your paving up. We don't need the
money now. There. YOU keep this five
You don't know what may happen be
fore next pay day. You may get sick
and need the money. You can't get
a doctor, George, without money
Better keep YOUR money. George. /
have never asked YOU to paw up the
loan Haven't l always treated you
right. George Haven't we been
doing business together for three
years? I hate TO see you quit me this
way Besides. you will want some !
place in town TO do business Think
what prestige il gives you with the
coIored brethren and sisters to be /
able 10 say 10 them when passing my
office. You all 'ScuSe me: Use -Cr Z.
It'll bizneSs up steers here in dis here
big buiIdin' Your friends VIII lock
upon YOU as being a business man
No. George. take your money keep /
up your interest and ia MOI pOiAer
YOU. Good day. George.