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The Borrower's Tale: A History of Poor Debtors inLochnerEra New York City
| Content Provider | Scilit |
|---|---|
| Author | Fleming, Anne |
| Copyright Year | 2012 |
| Description | When asked why he did not read over the loan documents before signing them, John Doherty explained: “I was anxious to get the money, I didn't bother about it.” In February 1910, the twenty-three-year-old railroad clerk walked into the offices of the Chesterkirk Company, a loan-sharking operation with offices in lower Manhattan. He was looking to borrow some money. Repayment was guaranteed by the only security Doherty had to offer: his prospective wages and, in his words, his “reputation.” After a brief investigation of Doherty's creditworthiness, the loan was approved. The office manager placed a cross in lead pencil at the bottom of a lengthy form and Doherty signed where indicated. He received $34.85 in exchange for his promise to repay the loan principal plus $10.15 in combined fees and interest in three months. The interest charged was significantly greater than the 6 percent per year allowed in New York State. Doherty's effective annualized interest rate, including fees, was over 100 percent. |
| Related Links | https://scholarship.law.georgetown.edu/cgi/viewcontent.cgi?article=2395&context=facpub https://www.cambridge.org/core/services/aop-cambridge-core/content/view/D3FF3C38C5F7563B40BB9A020480EBD2/S0738248012000533a.pdf/div-class-title-the-borrower-s-tale-a-history-of-poor-debtors-in-span-class-italic-lochner-span-era-new-york-city-div.pdf |
| Ending Page | 1098 |
| Page Count | 46 |
| Starting Page | 1053 |
| ISSN | 07382480 |
| e-ISSN | 19399022 |
| DOI | 10.1017/s0738248012000533 |
| Journal | Law and History Review |
| Issue Number | 4 |
| Volume Number | 30 |
| Language | English |
| Publisher | Cambridge University Press (CUP) |
| Publisher Date | 2012-11-14 |
| Access Restriction | Open |
| Subject Keyword | Law and History Review History of Social Sciences |
| Content Type | Text |
| Resource Type | Article |
| Subject | History Law |
