The Peddler Who Couldn’t

December 5, 2022

A needy man borrowed money to earn a living as a peddler in 1924.  He went to the not-quite-established Hebrew Free Loan Association of San Antonio, receiving a no-interest loan of $50.

After all, as Rabbi Gershon Feigenbaum pointed out at the Association’s organizing meeting, their purpose was to aid not only the destitute, but those who needed to finance their business, to earn for a family.

“Without the customary red tape, a man just launching into the business world can secure funds to put him on a sound basis, and the ultimate result will be success and profit to everyone,” concluded the Rabbi.

He proved right in a most unusual way.

Association Secretary Tobias explained to the 75 members gathered at the first official meeting, the man who borrowed the $50 to become a peddler found himself unsuited to the occupation.

“So, he returned the horse and wagon to us,” said Tobias, “which sold for seventy-five dollars, making a profit of $25 without charging interest!”

Not exactly a sound route to fiscal stability, so the Association started $3 annual membership fees.  The Depression’s demand for loans proved so strong that by its 15th Anniversary, the Association sold tribute pages in a Book of Reminiscences. By 1939, it had loaned and recouped $150,000 total and was successfully supporting 185 loans with every dollar of its $11-thousand capital.

Starting with a man who couldn’t be a peddler.

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