New-York tribune., 1875-02-27
LOAN BROKERS RESTRAINED.

THE p PAwNBRoKEPs AND KEEPERS OF LOAN OFFICES
TO DE REGULATED IN THEIR EXACTIONs-THE
NEW ORDINANCE TO REGULATE THEIR BUSINESS.
Many complaints have been made OF late to
Joel Stevens, the Mayors First Marshal by persons
who have been swinded IN loan offices in this city.
These loan offices distinct from the pawnbroAng
establishments in that they loan only on eweiry and
diamonds. Many persons nave pledged vauaDe
articles for loan, and on calling little more than
month later have surprised to find that what was
given to them, apparently receipt was really bill
OF sale empowering the lOaner TO sell the article If not
reclaimed within 80 days. One case was that oi man
who pledged his watch and cAan, worth $780, for
$50 and he called to redeem IT. - or 50 days after
ward he was cOoly informed, much 10 his surprise,
that be iate, as the watch hau Deen aIIeauy
sold There was every TO believe that the owner
deceivng his customer. ana tuaS IL wac @ &
more nor less than systematic SwndIe, put tnere was
no redress. IL is not asserted that al prOprletors
Of loan Offices are swndlers, but very
large proportion are SUCH and the rates charged
a considerable number aso purchase, or. what
amounts the thing, make Large loans on stoien
deem it,
These loan office keepers were practically exempt
from tbe stringent laws and ordinances that govern
pawnbrokers. Marshal Stevens recently caused TO be
prepared ordinance that rs ineRae" 10 eneeua
the provisions OF the ordinance: -. ,,..... u.a
SECTION The Mayor NAV s@ .' H oSae o him a.eOry
Of their good character TO exercise or carry On the OSn
son shah exercise business Of pawDboEer .nboker
penalty Of W dollars each he she 'ha exercise
or earrg sad business without saeh license ,,.,s M
mn Of s,tv dolars Tor ,he OF The City. .,
Sac Kyey person shall the time Of receiving suh
eogDc. Major end Ade0n Of the C Of OH 10 & @
Rss Council be passed or in force Fespees
SaT1SGsssc Ss1S tSs soniHu.ace Ct
SIC Every Oanboker keeper Of loan once
bs feep shall be fairly written at the time ecn
loan account and description the soo auee o. & %
the sme Of interest TO be paid on such loan and The
name Of he pesOn pA"nHg or pedgg the 'd sO0
ss Every pawnbroker oanbOier keeper Of loan
pedgng any goods article or thing OF to Ts M S ~
IN m the last preceding section aed no charge nan oe
msae or recsyea Sy yn Sny or nose
II: saS book 1n. a. az nd spss ioi
preserving the Of the Sy Of Or &.y % o. @ bSt
them o. % py or e;:be Of them shall exhibit sueh written
sutSoty pswnbreer osnorOter or keeper o. Os oI
who sbs violate or neglect refuse to oOmp with an, % eas.
the provisions Of The ssS.s Ss.I % f and pay Ike sum o. SIS
sgc 3 pswnbroke loanoroke or Keeper o oah on '
~, upon sn exceeding the sum Of so or H.n ~ per
sai s9sT% so 1PSD 9s1 .1"ey any .Sa Ssn os1ss
No paTnhroLeI cDo".e or IeeDi s one ,er n
hi. all such sales shall De Al pnohe s
shall be approved OF for that purpose 'De ~
skc TO- Notice every such sale shall Be published Si st e, na
thereto IN one OF NOR o. s % b" lime and place
A. which such place the name OF me " '
the be conducted and "esenDuOh Oh TIC S'''
be sold. ..5,. f,o,n an, .n,h
% deducue Of the loan the interest," nen que On s
same ana Of The advertisement .Ss sA % % ss
-, h te psy1broker ospbroker keepe OF loan 0"e o
entitled to redeem 'ee pledge 'A NO m
hsd taken plscsL .,.. =. L..,., NJ n o.r cne. shsu
- an, orr on the divided bsrt or psn OF sl ne
sTee or thing and which article OF tbing ,han ha'e os
rs Of eceeH him or her ,, ..y Of pawn pS loan Ode.
h, under prsiebe whatever purchase or ooy .s
furniture metals clothes or any other article or tang 'h''
'as,s T TTsr1 % ieper Of loan once
ho sbsi yoste Bege refuse " eempy WIN Ae of 80,
of snth epth eleventh tsen ssa hf
M h ',eioa Of this cha shall for such onssse ioe and
psy he sun of 500 .A. u...a a, AA.,ua.n
ThiS 0fainanos " - pssseo bS sss Nss~s ~