The predatory business of 'confidential' loans

The yearning after wealth is confined to no class or condition of mankind. In some, however, the longing is of abnormal development. High-water marks are noted where it has become a disease, and yesterday a reporter came in contact with three at which the symptoms were so pronounced as to afford comment. The reporter, in trouble and needing money to meet pressing obligations, read an advertisement of a concern on Dearborn street which offered to loan 'any amount' on furniture, pianos, and other securities 'at low rates.' He accordingly moved. 'Yes, sir, we loan money; how much do you want?' 'One hundred dollars.' 'For what time?' 'Three months.' 'What security?' 'Furniture.' 'What is the furniture worth?' 'About $150.00.' 'It will cost you five per cent, a month.' 'That would be fifteen dollars for three months?' 'Yes, and you would have to pay for the acknowledgement and recording.' 'What is the extra cost for acknowledgment and recording?' 'We charge fifty cents for acknowledging and $1 for recording. One hundred dollars for three months will cost you $16.50.' At another office on the same street, the scribe wanted $250 for three months, and was informed that the total cost for the accommodation would be $45. 'A philanthropist smiled: We charge for examining the furniture, making out the papers, and recording the chattel mortgage.' On Madison street, the reporter consulted a man who advertised to make 'confidential loans.' He was told that the use of $100 for three months would cost him $12.50. 'Isn't that pretty steep?' 'Oh, no; some brokers will charge you six and seven per cent a month and take out the first month's interest when they advance the money.' 'What rate do you charge?' 'Five per cent a month.' 'How do you make out $12.50?' 'I charge $7 for making out the papers.' The reporter concluded that seventy-eight per cent a year was beyond his ability, and he withdrew.