The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1886-09-02
PAWNBROkERS' SALES.
Buyers Who Know How to Drive Il
Close Bargafn-Credit the Prin-
cipal Factor in the Business.

Buyers Who Know How to Drive Il
Close Bargain-Credit the Prin-
cipal Factor in the Business.
But one firm in Brooklyn, says .
writer in The Eagle, makes a specially
of selling at auction pawnbrokers' I'm.
redeemed pledges. The business in
this city is not as large as in New York,
and strange to say the majority of the
buyers come from that city. Life in a
pawnbrokcr's salesroom has many
features which make visit particular
ly interesting. l called at 4 Brooklyn
salesroom one day last week during a
sale, and after it was over had a talk
with the proprietor On this particu
lar day sale of womens wearing
apparel was i'll progress. The large
salesroom was filled with women. They
are naturally shrewd buyers, but when
their minds ar schooled by many years
experience in the art of making close
bargains it is extremely difficult to
cheat them. The sale began at &c
O'Clock, and by noon one hundred sep
arate lots of clothing had been disposed
of A casual glance at the majority OF
the buyers would give one the impress
sion that they were either beggars or
female tramps, SO shabbily were they
dressed. The proprietor pointed out
to me decrep;d individual, whose
whitened locks proclaimed that she
had long since passed the allotted span
of life. She was dressed in tattered
gown and wore dsreputable hat.
This woman, who is in the second
hand clothing business. is estimated to
be worth from $250,000 to S500,090.
Large fortunes have been made by buy
ing and selling pawnbrokers unre-
deemed pledges. Much experience is
required to make success of the bust
ness. as the trade now transacted
is often carried on with but
small margin for profit. Every
article pledged has market value.
These values are known both by the
broker and buyer, and it is seldom that
great bargains are to be obtained.
Pawnbrokers oftener lose than gain by
their sales. The sales of mems wear
ing apparel. jewelry, and miscellaneous
lots of goods are attended almost ex-
clusively by dealers from New York.
The men are even closer buyers than
the women. Jewelry experts can in an
instant tell the value of gold ring,
whether it weighs five or twenty penny
weights, and are able to approximate
the value of diamonds of all kinds and
weights the moment the goods touch
their hands. Pawnbrokers OCCASION
ally loan on spurious rings and heavi-
ly-plated watches These are, OF
course, unredeemed, and in time find
their way to the salesrooms. They do
not. however. pass the eagle-eyed in
spection of expert jewclry buyers.
Flaws in diamonds have been discov-
cred by the expert after they have been
passed by the broker as perfect stones.
Credit is the principal factor in the
pawnbrokers' sales trade. While many
dealers are wealthy, the majority do
hand-to-mouth business. Although
the sales are chiefly made on credit,
the pawnbrokers receive the amount
due them in cash less the commission
charged. which is per cont Tho pro
prietor of the salesroom, when at leis-
ure, said:
''There is not the money in pawn
broking that most people imagine.
Brokers often lose on their pledges, as
all goods are pawned for nearly their
full value. [ have known brokers to
lose as much as 500 ON sale. OF late
| have noticed that Italians have come
into the trade, which formerly was
monopolized by Hebrews. Oh, yes, |
frequently loss accounts by giving
credit, but in the majority OF eases I
find that the class who buy goods on
time usually pay. Men have been on
my books for ten years or more, and
never during that time have l been
able to close the account. One lot of
goods is paid for when the next pur.
chase is made"
deemed pledges sold?" was asked.
1.-The principal buyers hail from
New York. There Is little or no trade
in this city. Fine goods bring big
prices. l have sold overcoats as high
rs $25, and dress suits at 500. Dress
suits are a comparative drug in the
market at any time, but occasionally
when an extraordinarily good one is of
fered it brings good price. While all
women's apparel offered is bought by
Brooklyn dealers, the jewelry sold is
purchased by dealers over the bridge.
Silk dresses sometimes bring as high as
S75. One man who does business
in Baxter street, New York, has prac-
tlcal monopoly Of the fine clothing bus
ness"
"What difference, if any, exists be-
tween Brooklyn and New York pawn
shops?'
''In Brooklyn the loans made are not
so large as across the river. Neither is
SO much money required to start in the
business. A broker expecting to do a
moderate business could commence on
1926, 900. There are twenty-five brok-
ers in Brooklyn. and the big ones think
nothing Of taking in four hundred
pledges day. The smaller firms av-
erage from fifty to one hundred
pledges. All brokers have regular Gus.
toners, and these are enabled to get
much better loans than strangers. You
would be surprised to see the class Of
people who wear secondhand wo-
mems clothing. l often recognize fur
lined circulars on Fulton street which
were originally purchased Of me. A
large trade is done by Brooklyn deal
ers in renting apparel to ladies'