Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-26
SMALL-LOAN LAW
ENEMIES ASSA|LED
Leon Henderson Tells Finan-
ciers of Loan Shark
Activities.

Opponents of uniform small loan
leRislation, such as Is proposed for the
District of Columbia, were aSsailed to-
day by Leon Henderson, director of the
Department of Remedial Loans of the
Russell Sage Foundation before the
American Association Of Personal
Finance Companies at luncheon at the
Naynower Hotel.
Referring to the legislation pending
n the District of Columbia, Mr.. Hend-
erson said that one method of attack
Is In attempting to prevent small loan
laws from passing in new territory.
Flooded With Propaganda.
'sThe uniform law was up for con-
alteration in Mississippi, South Carolina
and the District of Columbia last year, "
he said. "It passed one House in both
Mississippi and, South Carolina, and
was favorably reported by the Subcom-
mittee which considered it In the Dis
trict of Columbia.
In each locality, legislators were
flooded by vicious anonymous loan
shark Observation-Disclosures In zach
instance-and issued by the organized
loan shark racket
Another familiar attack OF the loan
shark racketeer is the attempt to re-
peal existing small loan legislation" he
declared. Five States having uniform
laws, Georgia, Louisiana, Massachusetts,,
Rhode Island and Virginia had legisla-
tive sessions In the past year-in each
State there was some representative of
the chain loan sharks super-organiZa
ton at work trying to repeal the law
80 that the old high rate days of 20
per cent per month could be restored
Very often the loan sharks were aided
by honest-minded people, earnestly
working for what they believed to be
mot one Of the i've States was
gtampeded, however"
Says Sharkery Is Racket.
Discussing the subject Of the years
progress IN personal finance, Mr.. Hend-
erson told Of efforts that he said loan
sharks" are making to break down the
uniform small loan law adopted by "a
States by attacks upon the constitu-
tionality Of the law and by lobby meth
DDS IN legislation.
Loan sharkery, at the present time :"
racketeering. Few people realize the
full extent of the vicious, methodical
attacks Of loan sharks on regulatory
legislation"
Merle Thorpe, editor Of the Nations
Business, was the principal speaker at
the annual banquet last night at the
Maydower Hotel. He declared that
courageous advertising was one of the
principal needs to expedite business
pickup. 1T win translate desires into
purchases" said Mr. Thorpe, keep the
factory wheels turning and the pay en-
velopes viii take care Of increased pro-
ductaon. Such virts1ouS circle moving
this way Is as easy 10 start as to start
Q vicious circle that moves the other
way"
Emphasizes Advertising Value.
Mr.. Thorpe pointed out that Ameri-
cas- capacity TO produce goods Is un-
impaired, that rs q matter Of fact our
factories could have turned out 40 per
cant more commodities this year than
ehey did last year. For the most part
they are equipped with modern machin-
Gy: that finances were never better,
and they stand ready to do Q bigger
Hnued, they win do Just as big o lob
a. the selling forces Of the Nation can
Get up for them to do.
THE Nation Is not broke" said Mr.
Thorpe. Individuals sttu have their
salaries and their pay envelopes. They
gttn have their potential desires. It is
advertisingis opportunity TO translate
these desires into purchases"
De Wolf Hopper, comedian, enter
tanned with q feature, Cheer Up"
Albert P. Entte, president Of the organ
azation, was toaStniaster, and DR.. John
g. Palmer, pastor Of Washington
Heights Presbyterian Church, pro-
nounced the invocation.