Rensselaer Republican, Volume 20, Number 42, Rensselaer, Jasper County, 21 June 1888 — Business Sharks. [ARTICLE]

Business Sharks.

“Do you know what manner of sharks advertise under the department of ‘Money to Loan’ and ‘Financial’ in some New York papers?” asked a prominent business man on Thursday. “No? Well, I do.” One of my employes, whose wife had been sick and Who needed a loan,, fell into the hands of one of these men who loan money on personal property—furniture and so on. He was going to squeeze the poor fellow out of everything he had, when I stepped in and stopped it. The majority of these bloodsuckers are without soul or heart or conscience. They refuse to loan over SIOO to any person, no matter how great the security offered. They let you have SIOO for sixty days on your signing a note for $l4O, payable at the end of that period. They evade the usury law by legally loaning you $l4O and charging you S4O discount. Just think what a skin that is, with millions lying idle in Wall Street which would be gladly invested at 4 per cent, or even 3 per cent, per annum. With this note my man gave a chattel mortgage on household furniture worth SI,OOO o $1,200. When his note came due he couldn’t quite pay up. The shark who held it refused to renew it, but offered to take a new note for S2OO at thirty days in place of it. My man foolishly consented. In fact he was given no chance to do anything else. The money oaner was in the house and threatening to foreclose on the furniture. Just before the thirty days were up, I was told of the transaction. When Mr. Shark found he had somebody to bump up against who could fight him he became as abject and servile as a cornered confidence man. None of these fellows want to fight, because that means exposure, lossof reputation, and damage to their business. I settled that claim for $125. And the money-grabber Was glad to get that. If poor people who get hard-up fall into such hands as these I don’t wonder that they curse the rich, knowing no other type than these ugly usurers.”