The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-04-28
TELLS or PLAN WHICH
OPERATED WITH GREAT
SUCCESS.

One Of the most prominent sales
managers in tho United States, who
has lately retired from active mer-
camille lines, is at present visiting
Richmond. and yesterday was dis
cussing with some local business
friends the loan shark question and
how il affected salaried employees Of
the big corporations
He requested that his name be
withheld from publication.
while in charge of the Chicago
branch office of large Eastern cor
peration" he stated, II soon found
ont, after getting familiar with the
Office details, that a large majority
Of the office force and the statesmen
were in the clutches of the local
money lenders and that my predeces-
sor had been pestered to pieces with
the mplications constantly arising,
due to the loan people attaching saia-
ries, using threats OF suits and lot
of other annoyances. Some Of the
statesmen and the office employees left
me without warning, trying 60 hide
from these sharks, and some even left
the city to get away from Them.
Makes Decision.
[ decided on n plan to overcome
this condition, If possible. l talked
privately with each man on the sell
ing force and also the women in the
office, and found out that the amount
borrowed from the money lenders
averaged about 81. 000 per year. and
that Il cost my employees about $1,000
for the Use Of this money or 80 per
cent This included a let Of court
costs and other fees the delinquent
ones had to pay. My total force con-
sisted of about eighty people, so the
average amount borrowed was only
SD, but Of course, lots of them never
borrowed at all, though the majority
did. I'm the main the employees were
hard working people with the best of
intentions, hampered by the usual lit
lie setbacks of the ordinary mortal.
Il applied to the home Office for a
fund of So. 900 at per cent interest
per anuum and received the money
and the hest wishes Of the officers,
who also had had troubles with the
money lenders at their end. | told ali
the employees to come n ue when IN
need Of additional funds. and they
freely did SO. and we arranged Loan
on the basis of l per cent per month
to he paid as easily as possible from
their salaries. When 1t man or a
woman employe needed extra funds
they came to me, and we went oven
the needs of the moment. and / gen
orally gave them the money. All they
signed was a little receipt and au'
thority to have the cashier deduct tht
amount as agreed upon. At the end o.
the year we had had two defalcations
due to men being discharged and leaV
ing balance, and despite the extra
six per cent. after paying the home
office their $120 interest ora the $4,000
I WAS $40 behind / put the matte
up to those who had used the funt
during the year. and The $40 VA
raised by assessment and paid 10 me
and We started all over again. / fouut
hat when an employe really needed
extra funds the cause was genuine
and brought about by sHch incidents
as sickness new babies, one death an
occasional family troubles.
Ends Year With Profit.
THE following year paid the 81 2
interest to the home office and had
profit of $40. II soon settled dow
e. a factor of business routine. ant
was used and never abused by the en-
ployeS.
d "The smallest amount loaned wa
SIS and the largest $500. and on thi
- latter amount two statesmen Jointly as
Sutned the obligation. In the ChiCag
I office we entirely eliminated the loa
sharks and turned q former very pro
fitAhie field into barren one fo
them one day an Investment com
pany who had skinned dozens Of tn
employees came to me and offered m
= a bonus if / would let the men con
J tinue to borrow fl I'm him, ! kiCkc
him out or the place.
when ] came East to take tn
sales management of a much large
Il concern employing thousands of pee
4 ple / suggested the idea TO the pres
. dent. and he had the board Of drec
4 tors set aside a fund for the purpos'