The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-02-25
IN 1.-THE COURSE
OF BUSINESS

Rogers was a builder. 10 nnanCe
his operations he had to borrow heav-
Ky. giving his property that was I'M
der construction as COLLATERAL One
OF the men who lent money to him
was Jew. At first Rogers pros
pered. but later things began to go
badly. One trouble after another
overlook him, and late one night be
went TO bed knowing that on the NOR
row he would have to confess to his
creditors that he was insolvent. Even
then he might have escaped with his
financial skin whole had he chosen to
avail himself of some loophole OF the
law-some chicane that might strip
him temporarily of his self-respect
but leave him a fair share of money
But instead of doing anything that
was in the slightest degree dishonest,
he met his troubles like man.
One of Rogers creditors was the
Jew. He went to him at once and
said: Il cant go any further, I'm
up against a blank wall. The money
that ] owe yo2 | see no means of pay
the houses. Foreclose it at once in
order to protect yourself That is your
duty. If you lose anything and | can
ever make up the loss to you | shall"
Rogers, having no capital to operate
with, tried several salaried positions,
and at last became one of he APP
praisers for great life insurance COM
pany passing upon the value of the
real estate and buildings that We're
offered as collateral for loans. After
he had been at this work two years
the Jew called on him at his Office
one day and handed to him check
to his order for $1,000.
What's this?" asked Rogers in
amazement
That represents the profit on the
building you mortgaged to me two or
three years ago and which | have
just sold"
Profit? What have to do with any
proft?'
II have repaid myself for the
amount of my loans to you. | have
added to this interest and all charges
to which | have been subjected in the
transaction. After de,lucting this from
the price | have received for the prop
erty there is a remainder of $1,000
That money belongs to you. That is
whF give you this check"
Rogers put the $1,000 check in his
pocket. There was suspicion of mois-
ture in his eyes and a catch in his
voice as he thanked the Jew, who went
his way hastily.
In the days that darkened the close
Of 1907 the life insurance companies
literally were begged for money by
men who offered excellent security
Everybody was turned down" yet
everybody begged and begged. One
man in asking for loan on his prop
erty said if he did not get it it meant
ruin to him. The appraiser reported
favOrably, but even as he wrote the
report he knew the application would
be denied. And it was rejected fatty
and curtly. AS the clerk was carrying
the papers out of the controllers office
Rogers happened by. A name Endorsed
on the folded sheet caught his atten-
ton. He asked a few questions and
then looked at the paper. In a flash
he realized the whole situation. The
name on the back of the paper was
that of the Jew, and if that loan was
rejected his friend would be in dire
financial straits.
Though Rogers was only an apprais
era small item in the great staff of
the Insurance company-and though
he knew that he was risking his hum
BILE position by doing so, and that
meant everything to him in those hard
times, he hurried to the office of the
controller, an austere gentleman who
was hedged about by many assistants
| and by much authority. He told the
controller wildly and simply the story
of his own failure, of the foreclosure
of the mortgage by the Jew and Of the
! $1,000 check two years later.
The controller listened attentively,
and the first words he said were over
the Office telephone to the clerk who
had charge OF advising the would be
| borrowers of their loans and Of their
| fate
Send those papers in that Cohen
loan application up to me at once"
When they reached him the control
Ter looked them over and turning to
the appraiser, said.
Ill make that loan. BY the Lord
Harry, ii 1t was the last dollar that this
company had to lend | would let that
man have IT,"