Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-10-12
MANY AT DOORS
AS REMEDIAL LOAN
COMPANY OPENS
tSemi-philanthropic Organiza-
ton Begins Work of Help
ing Those in Need-Feel
Sure of Success.

Business was brisk today at the office.
Empire Building, 18th and Walnu
streets, an organization patterned on the
pvstem introduced by the Sage Founda
,4lon In Now York. Up until noon FranN
smith Benson, treasurer of the company
tnnd manager in charge of the office, In.
Interviewed nearly 30 applicants for loans
Shortly after the office was opened al
y o'clock for the first days work man
Sentered The place and told Mr.. Smith tina
he desired to make necessary" loan.
where are you employed?" asked Mi.
Smith.
~ am locomotive engineer in the EN-
ploy of the Pennsylvania Railroad" an
swered the applicant.
You are making good salary, are
you not?" asked the manager. "Why Is
1t necessary for you to borrow money!"
ITS this you see. On Saturday drew
my pay and had $50 worth of confidence
that the Athletics would pound that ball
all over Shibe Park. They didn't, and
] want to make this touch in order to
square myself with my wife"
HE did not get a loan" said Mr..
Smith. because we are notj in business
to help gamblers, but Only those who are
worthy Of assistance"
Most of the applicants for loans were
salaried men. Some told Mr.. Smith that
they were employed by brokers and
thrown out of work because of the clos
Ing of the Stock Exchange Others said
they We're statesmen working on commits
sion and were not making sufficient
money during the business depression to
carry them along.
philanthropy is the spirit of the
Remedial Loan Society,"" said Mr. Smith
The principal object Of the company is to
help families in Philadelphia who,sthrough
sickness or unemployment, find them
selves in financial difficulties. We will
make no pledge loans or loans on salaries,
and the applicants for loans must appear
at the office in person, so that we may
observe their character 1t may happen
that an applicant has not sufficient Sc
curity to cover the loan, but If after
looking at him we are convinced that he
is honest and has any moral assets we
will grant the request
The company is capitalized at $4,000
and the capitalization will be increased
from time to time II there Is sufficient
business. Charges for loans have been
covers the operating expenses, plus a
reasonable return on the capital invested.
A loan of s50,for eight months from the
new company costs the borrower 7O2,
while the rates permitted by the small
loans act, passed by the Legisla ture. for
the same time and amount would cost the
borrower $1O.2 or more.
APPLICANTS INVESTIGATED.
After applicants have a personal inter-
view with the manager of the company.
an investigator calls at his home and an
inventory Of the furniture and It's value |
Is made. II this. together with the char |
acter of the applicant, Is thought salts
factory, the loan will be made. Repay |
ments may be made to suit the con-
venience of the borrower.
only fve-eiEhts of one per cent of |
S32.OOO 1000. which was loaned last year by |
the 36 branches of the National Fedora |
ton of Remedial Loan Associations was |
lost through diBhonesty of those making |
the loans 1t rs the purpose of the COM |
pany to assist those who are in fnan- |
rial rut, and after they are Strengthened |
put OF their difficulties to invest their |
money judiciously and avoid loan |
Sharks"
For while the work in this city will |
DO IN charge of Mr.. Benson. After the |
Philadelphia office is thoroughly organ |
yea he Will leave the city and go TO Jer- |
icy City, where another company will |
% organized on the Same plan. Two |
'ities in the Middle West will also have |
branches i'm the near future.
OFFICERS OF COMPANY.
The officers Of the company are: President |
Theodore j, Lewis; vice president, T. Henry !
walnut; secretary +. Lewis Burnham: treas
irer, Frank S. Benson. DIrectors-Mr. Lewis
Asa 5. Wing, John 7, Emlen, William r. |
ir. Walnut. ' u.s."
Among those who actively Identified with
ne company are Henry Bonnell. Clarence NJ |
lark, Samuel S. Fes, Ellis A. Gimbei, Jo-
eph Greer, Mrs. Richard H. Harte Miss Mary
surnham, Miss Sarah Newn Mrs. Richard |
Randolph. Miss Anna Randolph. Francis b.
teeves William Burnham George Burnham,
Ir:' j. @. RosengaTten DR.. George woodward !
Alha b johnson, Franklin N Brewer and W |
Atlee Burpee.