The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1909-02-26
LOANS SHARK TRUST
ORGANIZATION TO BE GIVEN JOLT
BY ADVERSE LEGISLATION
ChicagO's Novel Method of Collecting
Personal Property Taxes; If Money
Does Not Come Across the Office
Fixtures Will Be GObbled and
Hustled to the Van.
Especial TO The Free Press.]

Especial TO The Free Press.]
Chicago. Feb GA loan snark
trust found in Investigations OF salary
and chattlc loan eXtortiOns to exist
in a national protective organization
will be seriously jolted by 'anti-loan-
shark legislation proposed IN ILLINOIS,
which is on new lines. Heretofore
their bnsines has been outlawed and
beyond regulation because outside the
pale of the law, but by fixing legal
rate Of four per cent II month and en-
forcing it, the Legal Aid society DIS
covered that competition in rates would
result, rates be cut. The small and less
responsible loan sharks of Chicago prob
ably will 90 ont of business, operating
costs Of others be reduced and the rate
at which loans of this class can be
made also reduced.
Charging High Rates.
As outlaws the loan sharks have been
charging s to II per cent month. In
some eases where extra fees, We're adj
ded the actual rate collected amounted
to an annual rate rs high as 1856 per
cent i'm New York, according to the
report of the Sage foundation. 1.-The
most important thing to be attained in
cities where loan sharks flourish" said
NJ b. Wellington, the attorney for the
Legal Aid society, who handles chattel
loan cases. as to require that informa-
ton be furnished to borrowers for their
protection not only Of the amount OF
the loan and rate but the law applying
to his loan. If borrowers knew their
rights they would not be so outrage
ously blcd." The proposed Illinois bill
requires that borrowers be given dupll-
Gates of papers they sign.
Tax Collection Methods.
Chicaoo's novel method of tax col
Letting "by van" that has just been in
auourated by the Cook county officers,
is proving such a success that the idea
will probably be borrowed by other
cities as a last resort to extract nncol-
lectable taxes the redoubtable van
made its first bow to the public a
few days ago, and the results were in
Simultaneous. In appearance it resembles
an ordinary auto truck for moving fur
niture. except for its large proportions
and the aweinspiring placard on which
is painted in huge letters the words,
County Collector of Personal Property
Taxes" In operation the van is sim
pie. After due warning and the mailing
of notices to 81 900 delinquent tax pay
ers, four deputy collectors and an as
isstant county attorney started on their
rounds
There was no 'honk honk" or other
alarming sound made by the van, but
a most business-like creaking and
clatter of gear and chains, and when it
backed up against the sidewalk outside
the Office of the first delinquent payer
there was commotion among the clerks
and stenoGraphers and a scurrying to
their safes and check books ON the part
of the heads of the firm. At each place
where the van stopped the tax payers
immediately forthcoming their furniture
would be promptly bundled into the
van and carted off unceremoniously. A
husky trunk shifter with brawny arms
stood by to lend the words effect. The
effect was magical. In most places pro
tests were made but the money was
paid. nevertheless.
Would Grab the Furniture.
I'm one office the deputy collectors
met with a positive refusal 81 won't
pay YOU cent" shouted the man, in
a temper "This is a hold-up by the
county. Get out of my Office "All
right" said the collector, "I'll get out.
And | think III get the furniture out,
too, while I'm about it. Men, get to
work and move out those desks. Lively
now" The owner of the furniture sput-
tired with rage and then bolted for the
door. A few minutes later he hove on
the scene again with his attorney, wav-
ing flag of truce. he furniture was
by that time on the sidewalk. Under
protest he signed check for the full
arrears and the van rumbled off. The
total back taxes now standing on the
county books amount to several hundred
thousand dollars. With the help of the
van County Collector Thompson believes
that nearly all of this money can be
realized
STUARTS INCOME TAX SCHEME