The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-03-04
HARD TIMES AND PAwNBRoKERs.
Inside Facts that arc not Dreamed 81 By Mes
who are not In the Business.

The other day a. pnwnbroker failed. Mine
snss 5sf ssin Ss @ @ s
times that the pswnbroker reaps his harvest The pawn
class aud they more Inc xorae than those who deal
charged not less than go per cent per annan; but
no,y 70 nythins about this species Of
Se charge not per cent per snn"
Mr.. Simpson. the great New York pawn
broker. whose immense business is carried on
with clearinghouse exactncss after reading
the above paragraph. which is clipped from
Boston letter 20 the San Francisco CdU laughed
and said: THAT Boston man must have been
poor manager or he would not have failed, A
pawnbroker ought not to fail II he conducts
his business with any kind Of caution. OF course
IL he lends money on worthless property no
must go under; II he INDUCES in outside spccu-
lations he may fail. l don't know Of the failure
OF a New York pawnbroker. but know many
that are not making any money. It's mistake
TO say, Hs that article says TINT IL Is in hard
times that the, pawnbrokeI reaps his harvest.
others. and more than many. In good times,
when people have money. our business pros
pledge one week and redeem it the next We
keep turning our money over. Now there is
seem 10 have the money to redeem anything
after they have once pledged it,. Conse quenuy
we have a great accuinuln; on OF goods. Then
POOR have been out Of work 80 long that all their
property that can possibly be spared ID already
-" Our snles. too" Mr. Simpson continued
" are very poor many classes OF goods tparticu-
larly clotli ngl do not bring the money We have
cent. being 10 big interest IL doesn't give US a
living nowadays; In the first place II IA pawn
broker wants to borrow mOnpy-nnd few have
enough % carry on the business. else they would
not be IN the must pay one per cent a 4. onth
His running expenses are eight per cent more
and that leaves only i've per cent. Tor profit"
In Mr.. SIMPSONS establishment at 1906 Bow
cry. at the time OF the reporters visit. the four
| clerks were us busy as bees attending 10 CUSTOM
| ers. There WERE II IA true, more pawning than
| there were redeeming goods. but there were not
+. :. Stars pawnshop at $50 Third avenue
was deserted save by neat. br.ght-eyed, young
woman behnI rs SountefTr' we oc 90 ieei ths
business 80 bad; People don't seem 10 have
anything TO pledge. aud no money 70 redeem
what they have pledged. People come here this
winter who are not used TO H. AMI articles, are
pawncd that you wouldn think would be. Yes.
| those Bibles there We're pawhed; But we've
stopped taking B hr Lne nrYplf g oI re-
Now We Sfti 2.5o q So '.C1lo!hins:,% she Syn;
see we have to keep II a year. That ought TO DO
| changed to six months. because when they are
kept year garments 20 out OF fashion; II you
| pawn your overcoat now can't sell II until q
year from next fall to any advantage. but II |
had the privilege Of selling ut the end OF six
months then it would be better f9r US aud for
| our customers. for We could afford ~ lend more
on the garment. and could realize more on it
| when We sold"
In another pawn shop there were only three
| persons. The proprietor, gray.haired man
| wearing a fine diamond ring; his beautiful
| wife. wearing many line rings. and their spruce
| young son. The gray haired man said thai
| times never were 80 hard as now There are
always surs cast at pawnbrokrrs.' he said.
They are pictured MS rogut who are max ing
money OH OF others misfOrtunes. Idwnhrokers
are necessity. and in respectable shop Z
customer will not get shaved as he wi
In Wall street" The old gcntlrmans wife
laughed heartily, when he heard OF the failure
such thing before" she sail. &c. cuullu1
have known much about tie hus % -. Ter
must he something bo'lul' Iroul' ar.
Iawning everything that they have thI- ~ ut :.
tNr old man continued .r" lv r- :. FANNY
TRAITS | couldn't Is tho 'l'u" 90 tlr Nul. e
should | sell them. SO hans them up lr~'
hoping tiat some OF the family may s"e q 'ii
ana redeem them. Tue l.t ~ tle las - y
o.rrdnne.' iH said. " There ar" over ID
iawnbrokers IN IA" city. Twenty-Five or th.rtl
years h-O there were only seven or eight