Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1886-08-19
PAWNBROKERS' SALES.

Buyers Who Know How to Drive Close
Bargain-Credit the Principal Factor in the
Business.
But one firm In Brooklyn, says a writer
IN the Eagle, makes speciality of selling
at auction pawnbrokers' unredecmed
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 pawnbroker's
has many features which make visit par
ticularly interesting. [ called at Brock
lyn salesrOOm one day last week during a
sale, and after it was over had a talk with
the proprietor. On this particular dav a
sale of women's wearing apparel was in
progress. The large salesroom was filled
with women. They are naturally shrewd
buyers, but when their minds are school
ed by many years experience in the art
OF making close bargains, it is extreme
ly difficult to cheat them. The sale began
at 10 o'clock, and by noon five hundred
separate lots Of clothing had been dis
posed of. A casual glance at the major
1ty of the buyers would give one the i'm
preston that they were either beggars or
female tramps, so shabbily were they
dressed. The proprietor pointed out to
Wn1U6n6O
locks proclaimed that she had long since
passed the allotted span of life. She was
dressed In a tattered gown and wore
disreputable hat. This woman, is in the
secondhand clothing business, is esti
mated to be worth from $25O.OOO to
S5OO,OOO. Large fortunes have been
made by buying and selling pawnbrokers'
unredeemed pledges. Much experience
is required to make a success of
the business, as the trade now
transacted is often carried on with but
small margin for profit. Every article
pledged has a market value. These
values are known both by the broker and
buyer, and seldom that great bargains are
to be obtained. Pawnbrokers oftener
lose than gain by their sales Of mems
wearing apparel, jewelry, and miscellane-
Gus lots of goods are attended almost
exclusively by dealers from New York
The men are even closer buyers than the
women. Jewelry experts can in an
instant tell the value of a 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 occasionally |
loan on spurious rings and heavy plated |
watches. These are, of course, unre-
deemed, and in time find their way to the |
sales rooms. They do not, however, pass
the eagleeyed inspection of expert jewel |
ry-buyers. Flaws in diamonds have been
discovered by the expert after they have |
been passed by the broker as perfect
stones.
Credit is the principal factor in the
pawnbrokers sales room: While many
dealers are wealthy the majority do a |
d-to-mouth business. Although the |
sales are chiefly made on credit, the |
pawnbrokers receive the amount due to |
them in cash less the commission charged |
which is per cent The proprietors of |
the salesroom, when at leisure said:
'There is not the money in pawnbrok
ing 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 a sale. Of late I have noticed
that Italians have come into the trade,
which formerly was monopOlized by
Hebrews. Oh yes, [ frequently lose &C
counts by giving credit, but in the ma
jority of cases [ 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 I
been able to close the account. One lot
of goods is paid for when the next pur-
chase is made"
"To whom are pawnbrokers unredeemed
pledges sold?" was asked.
''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 as $25, and
dress suits at 500. Dress suits are a com
parative drug in the market at any time,
but occasionally when an extraordinarily
good one is offered it brings good price.
While all women's apparel offered is
bought by Brooklyn dealers, the jewelry
sold is purchased by dealers from over
the bridge. Silk dresses sometimes bring
as high as $75. One man who does bust
ness in Baxter street, New York, has
practical monopoly Of the fine clothing
business"
''What difference, if any, exists between
Brooklyn and New York pawnshops?"
SIN 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
moderate business could commence on
S25, 900. There are twenty-five brokers
IN Brooklyn, and the big ones think moth
ing Of taking in four hundred pledges a
day. The smaller firms average from
fifty to one hundred pledges. All brokers
have regular customers, and these are
enabled to get much better loans than
strangers. You would be surprised to
see the class of people who wear second
hand women's clothing. [ often recog
nize fur-Hned circulars on Fulton street
which were originally purchased of me.
A large trade is done by Brooklyn dealers
IN renting apparel to ladies'
He Rou0ht a Soft Hat