Indianapolis Times, Volume 43, Number 154, Indianapolis, Marion County, 6 November 1931 — Page 28

PAGE 28

DUPES FLEECED OF BILLION BY LOAN SHARKS Immense Harvest Reaped by Usurers: Depression Aids Gougers. Jly Bcripp-Hotcard y rtrspapcr Alliance WASHINGTON, Nov. 6>-More than 11,000,000,000 is being collected annually in usurious interest hy loan sharks, according to Leon Henderson, director of the remedial loan research department of the Russell Sage Foundation. “In normal years, $750,000,000 is collected in usury in the United States,” Henderson said. “By usury, I mean rates that run from 10 per cent to 30 per cent a month. The depression proved a boon to these loan sharks, forcing many new families to come to them for small loans. Right now the mine is running low of gold, for the prolonged depression has destroyed a great deal of the workers’ credit. The rate of bankruptcy due to loan sharks’ pressure is increasing. The $1,000,000,000 estimated as the annual toll of usurious interest collectors does not include the losses indirectly traceable to loan sharks. “These include garnisheed wages and loss of jobs due to workers falling into the loan men’s clutches.” Henderson declares that usury in the United States has become big business, with more than a dozen large chains operating throughout the country. These have organized with common pools for printing propaganda and fighting the smallloan legislation that some twentysix states have adopted. Texas, he said, is overrun with loan sharks. Louisville and Minneapolis also are fertile fields for usurers. The entire South is being preyed upon. According to Henderson, the average small loan is between $35 and SSO and runs for a period of three months. On $35 the usurer often gets back $58.50 in six weeks. Negroes are forced to pay 50 per cent higher rates. In twenty-six states, loan sharks are regulated and many of these states have the Russell Sage Foundation’s “Model Bill,” providing a maximum of 3 per cent to 3 % per cent on unpaid balances. Henderson says that 80 per cent of usury is in the unregulated states. Three states—New Jersey, Virginia and New Hampshire—have commissions investigating the loan shark evil. The army air corps has contracted with a manufacturer for seven super-air bombers, said to be the most terrible weapons of aerial warfare ever devised.

\Dr. E. W. Mode Registered Podiatrist Foot Ailments Hours —8 A. M. to 6 P. M.— 7 P. M. to 8 P. M. Hally Except Thursdays 423 State Life Bldg. Phono HI. 3676

gj The Chief • * *■* / Tire k j tV r */ Cha "B er m t s peaking ART ROSE

Feminine wisdom is as good today as when Harriet Beecher Stowe first wrote it: “When you get into a tight place and everything goes against you, ’till it seems as though you could not hold on a minute longer, never give up then, for that is just the place and time that the tide will turn. m * tt A London periodical offered a prize recently for the best collection of curious ads. Here are two samples: Respectable w r idow wants washing on Tuesday. Bull dog for sale, will eat anything; very fond of children. t* * U comes an extremenext summer by getting those new Miller Geared-to-tlic-Road Tires now. They’re guaranteed in writing to outwear any other in the same price class. That means more miles, less cost per mile and a tire scientifically designed to give you the utmost in road traction and safety on dangerous winter streets and roads. We will be glad to arrange a convenient method of payment. tt tt tt While you are reading this (between the hours of 6 and 8 p. m. this evening) hundreds of volunteer workers in the Community Fund drive will be winding up the last of their two weeks of hard work in the raising of over a Million Dollars in pledges. The three thousand men and women who so generously gave of their time, efforts and money represent a brand of citizenry of which Indianapolis can well be proud. tt tt tt The Plate - Locking iftftfTrai feature of the Vesta wggJSK Battery is the most y outstanding development in battery build- Bwpi ing. It stops the cause of over 75 cent of Battery failure. The Plate-Lock guards against chafing, plate-buckling and short-circuiting. Come in and see how the plates are firmly locked in place, evenly spaced and protected against wear and tear. Equip now with a Vesta and avoid winter battery worries. The Chief Tire Changer ROSE TIRE CO., Inc. 365 .v Meridian St. * MILLER TIRE DISTRIBUTORS

IRVINGTON IS READY FOR FALL FESTIVAL

Carr Hall to Be Scene of East Side Carnival on Week-End. Irvington fall festival will be held in Carr hall, 5436 East Washington street, tonight and Saturday night from 7 to 10, under auspices of the Parents’ council of troop No. 3 and Irvington merchants. A stage program will include style shows, music by the Boy Scouts band and Warren township high school orchestra, solo dancing by pupils of the Irvington School of Music, moving pictures and radio broadcasts. Funds realized from the sale of

SPECIALiVALU ES '■-■ • ■ . .

Money Raising Shoe Sale! | 300 Prs. Women’s Shoes Newest fall and winter styles . . . sacrificed at $1.49 a pair because we need the money. Melt’s Shoes and mm OXFORDS J§R\ lw jiofrs at f 100 Pairs Boys’ Regular $2.95 “I /J A j [SCHOOL SHOES tPJLOt/ J FAMILY SHOE STORE 132 East Washington St. Quality Footwear

Tomorrow, Saturday, Dee Offers VfiKV These LADIES’ and GENTS’ Wife sls-00 WRIST KjI^WATCHES Handsome, sturdy models for At men. Dainty new shapes for Women. All are accurate and 50C A WEEK! / " 1,11 Solid Gold Ladies* and Gents’ $2 ‘' oHoonywo!d^ 0 H o onywo!d^ & I Daintily carved in M ft ” n|i B^ newest design, on H xK/? <(w sale only while ■ I x fi 300 last § Will fit any make of watch. ■ Thanksgiving Special —26-Pc. Set Siiverplate Other Royers 26-Pleee Sets at 813.30, U ,-innir ft 818.30 and 833.23 — "" ——— ■■■■> EXTRA! EXTRA!—Lowest Price on Record! DIAMOND SET BAGUETTE m, WRIST WATCH s■/ *J .85 Dainty—extremely slender model set with two” Jr brilliant Diamonds PAY 50c A WEEK! V..The Famous ‘Lone Eagle’ By Bulova ewwb 15-Jewel, Guar-rj | 50 SSS M ' JI “ B-SsykEi 50c a In the Shopping lMstrict at 18 North Illinois Street Just a Few Boors North of Washington Street - OPEN UNTIL 9 O’CLOCK SATURDAY j NIGHT

refreshments will be applied on payment of Eagles’ Nest, winter cabin built by Parents’ council on the Boy Scout reservation. There is to be no admission fee to the festival. G. W. Dehn, general chairman, is assisted by O. H. Worley and A. W. Bayless. Chairmen of the committees are Mrs. W. R. Craigle, program; Mrs. L. A. Bandall, publicity; Mrs. Ernest Collier, decorations; Mrs. Messerlie and Mrs. Reager, refreshments, and Mrs. H. G. Keith, style show. Officers of the Parents’ council are Mrs. J. B. H. Moore, president; Mrs. W. M. Monka, vice-president; Mrs. G. W Dahn, secretary, and Mrs A. W. Keurst, treasurer.

THE INDIANAPOLIS TIMES

HOUSE PAJAMAS HANDBAGS finarantccd fast color Indian head New stvles in calf, rentile comprini. inter htvir* tea- W JMI binations and velvets, including: combinations in prints. All sizes. M UNDERSELLING STORE M tl : new long envelope model. I 107 N. ILLINOIS STREET SATURDAY TILL 9 Terminal Station Saturday-Just What You Have Been Waiting for—High Price Fashions at a Low Price SOO New Winter models featured at this low price! An ]ra Bugß event thrifty women should not miss! Bfl " 7 omorrow ■■ m Kline’s Start One of the Greatest It DRESS o*\ ff% ' m for women and misses (w U\ ~4 Jl% o*l C 4 jj A special purchase ® r ' ms Tricornes, Side H 'p enables us to sell these HP TOY Rolls, Matrons. All 1 ] iJ\/f / h a * s at exception- JSbF Mi headsizes and colors. \ / W 7 f ally low price for one J3SF |9 Quantity is limited. \* * day, Saturday only. ac * l Wm Come Early! /ggm ■ 35 Velvet Bring a Friend • *■* Um Hats Included

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