USVI Public Records

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\\\‘"! ißl,)f?E WY X \‘lWKs i | \ Jif :u‘ E: \ [\\ ; = r = ke : // k. &{ A b : : ML /oIE Y @ \\/ / XG9S ,@ Y AR 75TH YEAR. THe ST. CROIX AVIS - 18 printed and published daily (Sundays and Holidwys excepted) dy G. .Johansen at the Avis Office. TERMS---50 cents monthly in advance. o 2 cents per single copy. iitered as second-cluss matter May 26th 1917 at the Post Office at Christian- ’iod, .St Erow, V. L ofthe U. S A.. un- der the Aot or March 3. 1874, AMERICAN BANKING -RATES EX- POSED BY CURRENCY CONTROLLER 30 PER CENT PER ANNUM CURRENCY CONTROLLER SAYS EXCESSIVE ” RATES ON DEMAND LOANS HELPED : CAUSE ''SHRINKAGE.’' Records Show l.ouns Totalling $2,500,000,00C a: 20 to 30 Per Cant. in 42 Days. " The sworn reports to this office show that during the period from Oect. 1, 1919, to Aug. 1, 1920, there were made by he National banks in New York City more than four thousand loans ‘at rates of 15 per cent, 20 per cent, 25 per cent and 30 per cent per annum, and ihat the amounts of thes=2 loans, ircluding only a portion of those made during 'this peri- od at the above rates in three of the lurg- est banks, aggregated over six hundred million dollars. . e The records also show that the total loans ouatstanding upon which interest at 15 to 30 per cent, was being charged by a portion of these banks on forty two different days for which reports were freceived irom them. aggregated over $1,160.000,000. It will be remembered that in my statements oi July 31, the banks were charged with making loans at 10 per ceni., 12 cent. and 15 per ceni. The actual facts, therefore, i. view of the loans made 15 per cent, 20 per cent and 30 per cent, indicate that my state- ment was extremely conservative. The records also show that the amount ¢f loans made during the same period at rates in excess of 10 per cent, and up tu but not including 15 per cent, amounied to over $1 400,000,000 there being over 11,000 of such loans. In addition {c the above the aggregate of the loans upon which a portion of the banks reported that they were charging on 81 different days, interest in excess of 10 per cent, and uv to but not gincluding CHRISTIANSTED. V.I.U.S. A., FRIDAY 10t DECEMBER 1920. 15 per cent, was about §900,000,000. The brokers or street loans upon which the New York banks during the period re- ferred to, were charging more than 8 per cent per annum and up to 10 per cent each, in the aggregate, some billions of dollars additional in amount and tens of thousands in number. It should be un- derstood that these loans (except in the case of one bank) represent the money loaned by the banks for their own ac- count, and the figures do not include the lnrans made for their correspondent banks. As a vresult of persistent inquiries among the banks, brokers and Stock Exchange authorities, this office is now tfor the first time, able to inform the pub- lic as to how the so-called renewal rate is made from day to day in New York cal. money market, and the extent in which the tnoney rate is observed by the New York banks in making their charges on “rdinary Wall Street or brokers loans. Under the New York banking law, it is lawful tfor a lender to charge any rate of interest which may he agreed upon with the borrower on a demand loan for $5,000 or more, secured by stocks, bonds or “other securities. This provision of the New York status enables lenders to escape penalues_for usury whieh exist 10 most of the other states. ““New York Ivmes’.’ CALL AND SEE “JUR ST&CK OF ? < "4 s Christmas Cards. NOTICE. Y HE S .INT CROIX RACING ASSOCI- “ ATION wiil hold a meeting at Estate MANNING’S BAY on Sunday the 12th. inst. at 3 o’ciock p. m. for the purpose of entering borses for the forthcoming Ra- ces on MUNDAY the 27th December 1920. Horse owners are particuiarly requested to bgng their Horses and have them measured, and entered, as after that day ail eniries wiii be ciosed. Baint Croix, ¥. 1" U. 8§ A., Tih. Dec- cember, 1920. : I.S. HBODGE. Sec. & I'res. No. 286. for the 3rd Ordinary Meeting of the Colonial Council for St. Croix, MONDAY, December 13, 1920, at one o’clock p. m. 1. Colonial Council Bill No. 50. 2nd Discussionon Colonia! Council Bill No. 50 Draft of Additional Money Bill to the Budget for the Municipality of St. Croix, for the fiscal year ending June 30, 1921. In- troduced by Government, authoriz- ing the payment of- Fres. 60,000,00 from funds in the Municipal Treas- ury, not otherwise obligated, to the Telephone Fund for the purpose of effecting repairs and new installa- tions, 2.* Colonial Council Bill No. 52. [ntroduction of, and Ist Discussion on Colonial Couneil Bill No. 52, Draft of Additional Morey Bill to the Budget for the Municipality of- - Croix, for the fiscal year ending June 30, 1921, Aid to poor of Chris- tiansted and Frederiksted introduc- <d by Government. 3. Colomal Council Bill No. 51. Ist Disecussion on Kesolution intro- duced by 4th Appointed Member (Blackwood) authorizing the payment of the unexpended balance of~ the pension granted former Sicknurse Ritzbere 1o his widow. / Colonial Council Office, St. Croix, De- cember 6, 1920. RUBT. 1.. MERWIN, Chairmon. Cn ihe ¢« ntre road one DRIVE SHAFT snd UNIVERSAL JOINT. Reward if returned to Marine Barracks. FOR RENT. The Property No. 41 King’s Street from Ist January 1921 . For particulars apply to . EM. E. SVITZER.. Lt. Princess, 2nd Dec. 1920. :