OCR Interpretation


The day book. (Chicago, Ill.) 1911-1917, December 12, 1916, LAST EDITION, Image 1

Image and text provided by University of Illinois at Urbana-Champaign Library, Urbana, IL

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1916-12-12/ed-1/seq-1/

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LAST EDITION
GERMANY PROPOSES PEACE-WOULD
RESTORE ALL INVADED TERRITORY
THE DAY BOOK
An Adless Newspaper, Daily Except Sunday
VOL. 6, NO. 64 Chicago, Tuesday, Pecember 12, 1916 3
TO SOAK LOAN SHARKS
WHO TRIM POOR
V , 1.
.Ordinance Would Stop Loan Banks From Bankrupting"
yictims Secured by Newspaper Advertisements
Interest Charges Sometimes Exceed
Amount Borrowed.
The most drastic action;" ever taken
against loan sharks' who get victims
by clever newspaper advertisements
and milk them of wages and chattels
by usurious rates and queer interest
rates is proposed in an ordinance
which the corporation counsel was
today asked to draw up. Request
tor the. drawing pfihe ordinance .was.
made by council license subcommit
tee. The ordinance proposed would
soak loan banks with a license fee of
$1,000 a year, would limit the loan,
bank rate to 3 per cent a month,
would compel each bank to explain
the full details of its business and
give a real estate bond .of nbt less

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