New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-21
MORE LENDERS TOE MARK
In All, Ten "Loan Sharks"
Agree to Take Legal Profit.
OF ADVANTAGE IN COURT
As Result of Raids, Eleven Men
Have Been Arrested on Charge
of Practising Usury.

Following the raids or last thursday, a
they did those of the previous week, sew
eraI money lenders went yesterday 20 thc
Office Of Franklin Brooks, the assistant
district attorney who is In charge OF Mr.
Whitman's fight against loan sharks,
and offered to cancel all outstanding obli'
cations on payment Of principal and in
| terest at per cent. Five put in appear.
ance after the first raid and five more
! in the present instance
The ten who have made such an agree.
ment with Mr.. Brooks are: Ward & Co..
Edwards & Co., NJ. Anderson & Co., J.
@. Mullen, Childs & Co., Clarke Broth
ers, Rubinstein q Co., Samuel Zlot,
George +. Williams G. Co. and the Ross
Realty Company. Against some OF these
concerns no complaints had been made 70
the District Attorney. Others made the
agreement under fire While Mr.. Brooks
says that no promises have been made or
will be made to those who agree to settle
on the per cent basis, there Is ground
to believe that when those against whom
complaints have been lodged come to trial
suspended sentence may be recommend
ed If they have kept their agreement.
Those against whom no complaint has
been made. and who have made the COM
pact, will probably be dealt with in the
same way. While they keep their prom
Use, no effort will be made to find evil
dence against them. II complaints are
- ~
their earlier transactions the charges will
be handled IN the usual way. and II con-
victions follow, a prison sentence VIII
probably be avoided only by refunding
the money paid by the borrower in excess
Of principal and 6 per cent interest
Eleven Lenders Arrested.
Mr.. Brooks feels that he has made q
good start against those who exact Tile
gal interest on salary loans. The work
of investigation and sitting complaints is
still going on. The reports made to him
so far show that there are or were nfty-
four concerns In New York apparently
demanding illegal interest on salary
loans Eleven persons have been arrested
and most of them are awaiting trial In
Special Sessions Although only eleven
have been arrested, that number satisfies
nearly twice as many complaints, for sew
eral OF those arrested had more than one
warrant issued against them. JACOB
Rrodie. one OF the most widely known
money lenders IN New York, has been
arrested three times and has furnished
bail each time.
While Mr.. Brooks has never said So
the belief is that those who persist in
their old fashioned way OF doing business
after having been once arrested VIII ma
themselves in hot water. Complaints
bearing their names will be given prece-
dence over those bearing the names OF
money lenders less we'll known.
81 wish that all persons who have Dor
roved money on salary or other such
security and who find that the man or
woman from whom they have borrowed
I, dernands moro than per cent Interest
would come TO my office, said MT.
Brooks yesterday. I'VE have large
number OF anonymous and vague com
pIaInts with which II is impossible TO
deal
"A man writes advising US TO get
after so-and-so. that he Is the worst one
of the whole lot But that isn't evidence
and IN such cases We can't get the evil
denco unless the persons who have paid
illegal interest come TO us We can
make a raid on a mans place OF business
and confscato his papers TO get evidence
We must have evidence TO get the war
rant with which 70 make the raid. inc
complainants need have no fear lest theii
names be made publis to their humiia'
Inn -