Show COMPLAINTS TO BE fiLED ON MONDAY Crusade Against the Loan SharKs of f Salt LaKe LaRe Is IsI Moving Now I I MANY VICTIMS ARE TELLING EXPERIENCES County Attorneys Attorney's Office I Is Prepared for Action Acton Agents Alarmed Complaints Complaint are arc re bein being filed so rapidly with the county couty attorneys attorney's office e in inthe inthe inthe the proposed cases against the loan sharks sharks' 1 of the city and state that in all al probability County Attorney I. I 1 E. E Willey will assign another of his wI bg deputies ties tics to assist Charles M. M L Morris who will il ha have charge o of the prosecution The Tho first first- complaints in the ca cases 9 being being be be- in ing prepared will wi be fied filed It Itis itis J is said sid th that t since sinco the tho thE announcement announcement of the campaign n which is to be made that all aU of t the he loan Joan a agencies hare re ha e ceased making any new loans Joans and ad are TO rn applicants that the offices are arc to be closed dosed and arc are only open for collection pur purposes oses All Al the tho offices ate are said Sa sid to ba have discontinued discontinued is dis dis- continued the use Of the out bawler tho the collector for the concerns who makes makEs it his or her business to visit the tho borrower at hi his of Em employment employ employ- loJ- loJ ment Mid demand remand payment in a loud enough voice so 60 that fellow employees can hear the conversation con One Ona case now In the hands of or Mr Jr Morris Is H that of ot a laborer who lost his position shortly after no tie had borrowed 9 92 with wih which to pay for tor medical service for his wife and to buy necessities for foi hl lila his home The man was Wa unable to make mak tho weekly payments to the tho Joan loan office and Ind to save saYe himself lr from ron ron-i a a. a lawsuit orce hi liu hc gave ave tJ-m tJ the agent a mortgage on the furl furl- tuie of or his honie hom which he had shortly short before finished paying for Cor an the installment Instalment install install- ment meat plan alan and which represented the svIng savings of several years ears I When he ho again secured a position ho lie began bean to Day nay a small smal sum weekly to the thea a agent ent Up to the tho to present time he has paid vaid val the agent a total of or 1 and is ia in informed In- In formed by the tho Joan regent agent tent that ho he still sti owes 37 When ho he has lisa completed the payments should hould he be continue he lie will wi have paid a bonus of 92 or Just double the amount which he lie borrowed and this all ni In the tho period of Jess hess than one year Another case O which has ha come to tho the attention of oC tho the county count attorney Is that of or a messenger tl bo boy who something over aver overa avera a year ago aso borrowed 10 0 with wih which to purchase a present for or 01 his sweetheart Tho bo boy b began an making p payments on his hla loan and fell behind The company compan charged cd him compound Int Interest Test by makin mak mak- mok ing in renewals renewal of ot his loan each ech time Uma add all Inc ing Inc tIme the tie interest When hen he finally fin fin- Ish his payments after having havin been on several sever occasions threatened with th the tl lo loss g of his Job b by of or the tho collector of or the tho company coming to his lila place of employment eu on pa pay pa da day and arid demanding tho the 1 weekly installment Instalment he lie found that ho he hind had raid paid the agent a total of or or more than per cent TIlls transaction trans tram action occupied one year and ru-al one week Anent the loan loon shark situation ton throughout through out the tho country th the tho Saturday I Evening Post lost In n I Its Issue of 01 n March 23 printed the following editorial I LOAN SHARK LEGISLATION T. T Having fixed fixEd a R reasonable rate for rOl small smal personal nonal security loans the tho exaction cac- cac thou tion lon of a I higher rate rte ought ought to be bE regarded and punished a as larceny No o doubt this flea fed In iii II the tho face face- fact of or the tho lio common law theory theor hint every sane adult Is capable of looking hooking out for himself but since most social pro progress reM Involves s flying in jn In the face of common law theories we should Rhoul not bother about that Abundant experience shows that poor ioor borrowers arc era not capable capable capa capa- ble hie of or looking out for fOl or- or themselves cap I and th there rp 15 is no better betel excuse for leaving heaving them exposed to unconscionable usurers than to green cen goods menThe men The uThe n first t thing however howe Is to fix f a reasonable rate Without that there wilt will willbe wi be no real advance in curbing loan sharks harks R B By a vote of liS to 83 the hou house e of ot representatives rep rep- J z not Ion long bug ago refused d to sanction sane sanc tion ton a n higher t rate than 1 I per cent a month in the District of Columbia though thought persons who trim had disinterestedly l given give mo most t time tinie and thought to r remedy remedy- mey- mey In ing tho the loan shark evil l e In the thc district distrct ur urged ed that th tIme tl rate rato be 2 per cent a month because experience elsewhere had shown the business ss could not be lie conducted profitably on n 1 i per pel cent Th The argument in favor of the 1 per cent amendment W was S that nobody could real really afford to topa pa pay more and and cn congress ress ought o ht not to sanction sancton what poor borrowers could not afford to pay por Ignoring cx experience nence and going upon fine sentiments will wi never cure the loan shark evil evi or any am other oter That Is exact exactly what make malc futile so many ninny of our OUI well I meant reform mO movements wel I |