The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-06-23

Tota average sums daily lent
pledges in New York city From 81 $50 10 - $50
The various Offices oJmmsnd different kinds OF custom
In the first mentioned, men OF extensive means obtain
loans large scale for valuable articles, and rsnsac
present Law pa Enbrokng notified the legal in
teres Is PER cent ell articles below SIS value; per
cent III Use above. We shall have 70 say tni,
head
The larger houses have vely few uansa ,ous
daily compared with the humber ones. IS per cent
Of tie various pledges OF the city are for small ano ants
ranging from nine cents TO dollar, and eight ten,hs OF
these again, do not amount 10 venty five cents each
Moss Of caiharine street, doing average daily bust
ne Of $780, takes abou, IS oct pledges annually nearly
liz oiem and Patrick Geney Who's books show % 900
tickets during the past year. or % dali loans 500 per
diem that ae pledges taken al his Office average about
81 each The average OF all the pledges throughout
The city from o5 cents to rs cent-the bulk about 81
cents.
The articles which submitted for inspection are or
The most varied description, ranging from pd1rs Of
deTed 70 have the value Of fes cent?, and " portable.
Fau men bring their diamond rings, watches chains &C
and one great reason OF these gems having so brilliant
display OF jeselry, doubtless account Of lis beng
sale investment" ready In need, when they need the
ready The gentlemen Of the Brish arts ocrscy sonnet
loan their cin d, bosar> without the Germs going out
OF the family" and fair ladies' In our own "Grst
families" are not too proud 10 psronize the "hfce
ducats " The poor scholar carries his books 10 the
altar, the workman hs tools, the gay clerk takes
bis Sunday clothes Of Monday morning, 10 be redeemed
the saturday night and finally the great unwashedk b1'
pcpk-the pebs hurry 70 the sign with bundles Of
bedding clothing, some decayed remnant Of gaudg
nnery This story repeated time and time again through
The valuation the different articles is len 10 the pawn.
brokers hemseves They usually apprase them at about
one third Their value gold silver and precious stones a,
about two thirds Perishaole articles, such linens,
stun, silks, wearing apparel, &c, put a, very Low
ngure-something between fourth aud 9th. The legal
interest all amounts above SIS Is only per cent and
this but small inouce a who can obtain that
easy out de bis business and without the risks
OF trade There is consequently an ndisposiion with
pawnbroker 10 value any article at than the s25
nae for instance prese II watch and chain the former
worth 500 and the chan an equal amount the clerk offers
NEN
Two separate tickets 90 that the desired rs per cent is ulu
nAioy attained
he proav Of psvnbrokins are immense, and some Of
our more extensive operators among the richest Of
csNeu- We can make pretty sure calculation
Q. we s.Rusl profits from the table Of daily
state, firstly that transactions involving large amounts
and Which would only realize per cent done by
she osn omoes which more anon; and secondly,
Shrd Of the entire pledges never emed The total
money loaned annually In city on pledges IL over
OF, t24 $50, or In round numbers a million and han OF
dollars the pawnbrokerr, before shown never an.
praise any articles at more than TIVE thirds their value
acoos len over The twelve mouths on being soa y ne
ton-a The the Law directs or al private az the pasr
brokers prefer-realze some $500 900 annually Ths
very profitable branch OF the business and leads one ~
suspect that the has eye 70 the probable
REDEEM yuon Of the goods when be values thom the
ordinary small figure compared with their purchase
price The as says that The left over articles shall he
put Up al auction yearly but the Law does not prOyds
for The enforcement Of this regulation consequently the
more valuable objects disposed OF At private sale,
wbere their worth is most likely W be appreciated Many
a the pawnbrokers too have licences auconoers, and
an buy the articles, they do not fetch the price
ected
Twenty Eve per per annum pretty good amount
Tor any man 70 realize bis capital In Wall street,
where dollar bills are simply counters IN the game Of
speculation, and bulls and bears play al pitch
and toss With quintuple eagles, the lawful inieres
only seven per cent bat law gvers punish poverty
70 the tune Of four times that More than twenty
nve per cent IL taken thousands Of cases. for the
brokers practice Of arithmetic goeth far frac.
noos ans ne takes 10 be always the winning side.
Ins weighs heavier the poor than the Dutch On suge
81 twenty tour cns W The quarter dollar. Taking
twenty I've per cent however a. the rate OF interest
mo that DIa,O are annually mads on the loans OF
$4,000 Adding 70 this sgleunt the profits socrling
no s sss s .sls o. we may safely as
sNnn $50 600 - ~ received ~ profits BY the
twv two pawnbrokee " our city.
I'M theee figures they do not satisfy the 10.
esnse FREED Of gain OF Of citizens The articles