Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-03-30
Several Others Expected to
Join in loan Shark"
Settlement.
PARTIES IN AGREEMENT
TO APPEAR TOMORROW
Will Plead Guilty in Police Court
to Two Informations-One Com
pany to Be Prosecuted.

Ten companies have signed the COM
promise agreement drawn up by the Dis
trIct corporation counsel's Office for a
settlement of the loan shark cases. and
SeVera others are expected to agree to
the arrangement during the DAY
The concerns which have become a par
~ t" the stipulation. anG in accordance
with its provisions viii appear in Police
tourt tomorrow TO p,ead guilty TO two i'll
fo1ma tons charging violation OF the new
loan Law. are the American Loan Com
pary. Capital Loan and Guaranty Com
pauy, Household Loan Company. Peoples
Loan Company. Mutual Loan COMPANY
Potomac Financial Company Reliance
Loan and Trust Company. Union Loan
and Trust Company. Columbia Loan
Company and Washington Loan Com
pany
ndcr the terms of the agreement the
noney-IendinS concerns will be fined SlVO
for the first offcnse. In the second Of
Tense cases they will bc fined 500. with q
Jail sentence OF thirty days for the man
ayers. but both line and jail sentences will
he suspended. The suspended sentences
win become Immediately operative should
the companies be convicted of third
uffenSe.
Roger j. Whiteford and Robert l.. Will
liaIns. assistants TO the corporation coun-
sell will represent the District in Police
Court tomorrow, when the loan shark
cases are called.
These officials today stated that they
except ali companies, with the exception
Of one. to sign the compromise agree
nent. The exception is "a company which
is charged with having sent out letter
criticisins as 'pikers" borrowers who
have awaited themselves of the penalty
clause of the law. 1t is stated that this
limit of the law.
Advises Seizure of Records.
William II. Baldwin. chairman of the
citizens committee which backed the
passage of the loan shark law today
made public a letter written to Conrad Fl.
Syme, corporation counsel. advising that
records of loans be siezed in the offices
of loan sharks found to have violated
the law, and used evidence against the
brokers
Mr.. Baldwin quotes statement that OF
-'..el customers on the books of one of
the companies February =. when the last
obstacle to Enforcement of the law was
removed, only eleven had gotten the bene-
ut of the one-fourth reduction that the
law allows.
The statement published Saturday
that out of S.1e1 customers on the books
Of one of the loan companies February
: last. when the last obstacle to the
enforcement of the law was removed.
only eleven had gotten the benefit of the
reduction of the one-fourth which the
law allows more than confirms the fears
OF the citizens committee that SO long
as no vigorous measures were taken. and
the office was allowed to remain open,
the loan sharks would get all their money
back. as rule. and much more in most
cases, said Mr. Baldwin.
Citizens Committees Efforts,
The citizens committee has endeav-
oTed to assistln every way in protecting
the poor borrowers. and thinking the ex-
perience shown might be helpful. took
pains to look up the facts as to what
was done in the successful handling of
cases in New York city. This was COM
municated to the corporation counsel
more than a month ago in letter, in
part. as follows:
Now that your assistants have. by
unusual zeal and patient attention. ac-
cumulated informa ton of a mass of
cases of violation of the loan shark
law here. including. as I understand.
evidence upon which each and every
one who is engaged in the business can
be successfully prosecuted. with a great
many cases against some. ! beg to ask
whether it is not possible now to clear
up the situation completely, and re-
lieve your assistants of the burden of
longer giving attention to individual
cases by promptly arresting, on new
complaints. all those who have vio-
lated the law. and in each case taking
possession of the records of their un-
lawful business, from which informa-
ton can be obtained as to those who
have been imposed upon.
This was done in prosecutions in New
f"lk IN many cases among which were
those Of the State Trading Corporation
Jacob B'dic, SamueI Zlot. Tolnan Ed
wards 60. Schultz and Royal Co.
Prompt and Decisive Action.
cInHot he done here, and this course
would permit Of prompt and decisive &C
tion. without giving the offenders a
chance 10 so arrange their affairs that
they cannot be reached and properly
punished. they will no doubt attempt
to do if they have not done SO already,
if prosecutions are delayed.
Seeking information as to what was
done in New York, / learned that prose-
cutions there are in charge Of Walter
s. Heilborn. assistant district attorney.
appointed by Mr.. Whitman to handle
all usury cases. and l submitted to him
the District law. | saw him several days
since in New York, and he told me he
had no doubt the course which was SO
successful there could be followed here.
In order to satisfy himself in regard to
the matter he promised to look up the