Salt Lake Herald | 1890-10-19 | Page 2 | Loans on Insurance Policies

Loam on Insurance Policies A broker investment and securities man who does a rapid business relates You would be astonished if I showed yen the number of lifo insurance policies that T have in my safe They have been left hers as collateral security for small loans ranging from 100 to 5000 for thirty sixty and ninety days The men who negotiate loans on these policies are for the most part speculators on the Board of Trade or on the Stock Exchange A man engaged in that business never gets through Ono of these men brings me a life policy and says he wants 100 fo thirty days Of course before a dollar is ever loaned on this sort of security there are several things necessary A statement of the cash value of the policy from the company musa come with the policy and certain assignments assign-ments must also be apparent Everything being satisfactory he gets his loan of 100 Say I take ont 1 per centI dont chargd any less At the end of the month the phantom chaser comes in and asks me to carry him over a month I do ifc ofcourse he paying the same interest I have policies in my safe that I havg been carrying in that way for over a year I never lend on longer time them ninety days but of course I renew I dont say twill t-will but I do Its money to me Banks do the same thing They say they dont but I know better You go into many oi the banks in this city and ask for a loan on the most unqualified security for sU months or a year and the banker will have the heart disease But he will renew paper pa-per that is secured month after monthj with interest taken out and he is glad of it 1 unless of course the sum is too heavy td risk I am not making any complaint The only thing that makes mo tired is that I am called a shark I am But what a school of us there is Chicago Tribune