The Campaign Against Loan Sharks

Review and Herald Publishing Association · Takoma Park Station, Washington, D. C. · Apr 8, 1915

The Campaign Against Loan Sharks

“UNDER the influence of the Sage Foundation a very effective campaign has been waged against a class of vampires known as loan sharks. When the work began over four years ago, this was the picture drawn as representing with a fair degree of accuracy the ramifications and scope of the ravages of the sharks: ‘Let us imagine a parade of sixteen abreast in close formation, and reaching from Washington Arch to One Hundred and Thirtieth Street, a distance of six and one-half miles. In the front ranks are 2,000 policemen; next come 2,500 firemen; then 2,000 other city employees, 500 letter carriers, 75,000 clerks of railroads, insurance companies, and public service corporations; 75,000 employees from large mercantile houses; with school-teachers, professional and business men, and others numbering 50,000 more. If we just imagine a parade of this size and character, we shall get an idea of the extent of the loan shark evil in New York.’”

“The business done by the 117 establishments amounted to $20,000,000 annually. Besides New York, every other considerable city in the country was and is infested with the sharks. As a result of the Sage Foundation campaign in New York City, there is not one loan shark advertising in any newspaper, and whatever business they are doing under cover is negligible. Throughout the United States the campaign against the loan shark has been marked by success.”