The sun., 1912-07-12
LOAN SHARKS READY
TO TREAT FOR PEACE
District Attorney Hears They
Will Make Ovcrturcs
to Him.
WILL ACCEPT ANY LAW
Some Have Gone Out Of Business
and Others Are to
DO SO.
WILL ACCEPT ANY LAW

. Brooks, IN charge Of the prosecution
yesterday "f meeting Of the money
lenders in the morning. at which II
vas decided tc agree To settling by
icgis,atiN" action of II legal rate for
tn l'nlin- OF money on salary
According To- the information re-
ce'"d by the District Attorney the
noH', lenders agreed to accept any
| r.ll which Arthur H. Ham. head of the
| ien'aia loan bureau of the Sage Founda-
',.uu. ami Assistant District Attorney
''T'",s might draw up, fixing a rca-
s soniNle rate of interest for them. the
| b'l to- h" introduced in the I.cgisla-
iire this coming winter. They ap-
| pointed committee to confer with
Mr Ham.
The report Of the meeting furnished
| to the District Attorney also had IL
that an effort would be made To have
b Mr. Whitman stop further prosecution
uf the lenders until there had been an
opportunity to get the bill before the
legislature. 1t Is expected that some
official communication from the money
lenders Will be received by the Dis
uict Attorney before long. Up To date
No has not heard from them as a
| body
MIR Whitman is going ahead with
the present crusade and will not ac-
commodatc the lenders by any ccssn-
! 'ion Of hostilitiss pcnding legislation
~ The present law under which the pros
+ 'cutions are being conducted was put
through hy Mr.. Brooks as an Assem-
J. 4. az at,
t'mpts to secure similar legislation had
| failed.
Lust before taking up his present
place with the District Attorney as
special prosecutor Of loan sharks Mr..
Brooks wrote Mrs. Russell Sage ask
ing her To establish fund to defend
the victims of loan sharks who are
brought by the lenders into the civil
NJ courts. He has not yet heard from
III Mrs. Sage on the matter. but because
n the manner in which the Sage
Noundation has Interested itself In the
, 'nan shark question II Is believed that
such a fund may Toe established.
Jacob Brodie was arrested Yesterday
afternoon in his office Mt llS Nassau
street, by Detective Rarney McConville.
lr1di" is already ont on bail on an in
\ tctment for accepting usurious interest.
.ie was arrested yesterday on the com
laInt of police sergeant who bor-
!. roved s75 from him in April and. the
sergeant says. paid him sl3 for the
accommodation for two weeks The
money and interest demanded has been
paid.
brodie was locked up in the Green
w'oh street police station, and was
hailed ont later by Samuel Luria. a
liquor dealer of ITO Second avenue
Rrod'n refused tn open his safe at the
request Of Detective McConvilc and II
!s not impossible that his safe may be
moved bodily to the District Attorneys
o''c" to keep company with one or two
No,her safes already there under similar
Circumstances.
Some of the loan sharks are ready to
rn' under the fire of the District
Attorney In fact one of the lenders.
Samuel Zlott. has closed up his loan
orice at e30 Grand street, in the Bowery
Bank Building, and has gone into the
plumbing business at 26l Grand street.
Plumbing was Iott's former occupa-
Oon. ~" is one of those now out on
Nooo hail pending the disposition OF
he'r cases and has agreed to give fun
releases To all his borrowers on the re-
'arn Of the money lent plus 6 per cent.
interest. Ilott Is the owner of one OF
N" safes now in the Criminal Courts
huiidinE. He refused to open 1t at first.
y pu' on Wednesday went to the District
Auorneys office and opened the safe.
n" tod Mr.. Brooks that he was through
WIN tho money lending business.
another who has offered to cancel all
"oiEations on receipt Of the amount lent
hnH per cent. interest is the woman n
msnaF'r Of Childs & Co. which Mr..
crooks says Is owned by l.. j. Maxwell
MhNN'N ~ ont of town. but the woman
700 Nr Brooks that she had full charge
" 'h" "ficc and could live up to the
agreement. She uses an assumed name
~ u" loan business and explained to
'' rocks that she did II because OF
.'' family She was one of three
woman managers to be called by Mr.. |
h'''NN 10 talk over matters. She alst.
'e''od to close the offices OF Chlds 4 |
IN Forty second street and in
Rrno'uvn
I'rencc J. McManus Of the Abe
'Wdh"r law firm and Asscnblyman
'H'r fr'"nhcrg, counsel for Ward a. |
~ - Mon Square and Edwards !
" '' nave been In consultation with
''' h''"kS regarding the affairs of those
7.
,g' 'r' owned by Mary B Horton of
49, According to Mr.. Brooks, |
"'' horton also has loan offices in
~ -t ST. Louis and other middle |
~ 10 o,'os.
.'W' rs agreed for their client |
N0 outstanding loans at pcr
''''S' and give full releases. !
said that these two CON |
wood wind up their business and
p. .hnstcin. proprietor Of the
.inphnv, one of those now
mas gon" the other lenders
ana NOT only has agreed To !
''+ hiihirs ON n u per cent |
''-' I" accept TIA" principal .
al that rat" even II uudg-
'.l' have brrn entered
'f ,.-tomors
-. "l.rh r,au.tct in the ar
.i"iir made = lltilr "N.
t' lirudi's Nassau stree,
N'.r.llc with II,ur. George
.'I 'Wo detectives, vas sen,
Nl.' h' Acting Captain Mcktn- ,
a.. wnttant issued by Magistrate.
A.. The female help In tho Of.
4l.ns a daughter OF Drodic,