Public Welfare Company

Scope and content:: Until June 1923, Dr. J.R. Avellanal lent money or endorsed notes in order to help those in need of financial assistance. His help was sought by many, and in June of 1923, Avellanal wrote an "irrevocable resolution" stating that he would no longer extend loans or credit due to losses of over $28,000 in bad loans. He then formed the Public Welfare Company, which operated as an extension of the Bien Publico and loaned money (highest loan at $500) at an 8 percent interest rate. Dr. Avellanal's loan company required no collateral. Loan application forms are noteworthy for the information they contain. At the time of his death, over $17,000 remained outstanding in loans. According to Avellanal, the Public Welfare Company cost the estate $20,000 in losses despite estate efforts to collect money through lawsuits.

Access and use

Parent terms of access:: None. The contents of the collection may be subject to copyright. Visit the United States Copyright Office's website at http://www.copyright.gov/ for more information.

Location of this collection:: USF Libraries - Tampa Special Collections

The University of South Florida, Tampa Campus

4202 East Fowler Ave. LIB122

Tampa

FL

33620-5400

USA