The Arizona sentinel., 1889-10-05
A PAWNBROKER'S TALK.
One Fourth of All Gold watches Find
Their Way to ''My Uncle"

One Fourth of All Gold Watches Find
Their Way to 'My Uncle"
"Do you know" said one OF the
most prominent pawnbrokers in the
city to me the other day, THAT over
forty per cent. of all the gold watches
purchased find their way eventually
into a pawnshop? Well, it is so. And
| believe it would be safe to say that
over fifty per cent. of them do OF
high-priced watches the percentage is
much higher. Just 60 around to the
first-class jewelry stores. Find out
how many gold watches they sell in
year, and then come back here. l will
give you some figures that will startle
you. Here you see three large safes.
Every one of those safes is filled to
overfowing with gold watches. Some
of them are almost new. How do |
account for it? will tell you. Most
gold watches are purchased by young
men when they commence to roll high.
They believe that they are not in the
fashion unless they have a fine gold
watch with an elegant chain attached.
The chain, however, is not regarded
as a necessity. The watch shows for
itself. Naturally, as all young men just
commencing to feel their oats do, they
get in with high-rollers and learn to
play poker or become fascinated with
some equally alluring game of cards.
What is the result? In every case
eventual loss. What can be relied up
on to raise some money? They hate to
ask friends; it is too far off until pay
day, so they fall back on the watch.
Repairing to some respectable pawn
shop, they put it up and generally
for good sum. Sometimes they rally
enough to redeem it. Oftentimes they
do not. That is why almost 10000
watches are pawned in Chicago every
year."
"You think the figures 10000 to
high? Listen to me. L average three
watches a day the year around. That
is about LOO watches. Now figure
out the number of pawnshops in the
city, the number of private bankers,
the number of private loan offices,
and the number of sharks engaged in
the business on the quiet, with no Ii
cense, and 10000 is nowhere. Gener-
ally less than half the value is loaned
on good watch, although to person
who is supposed to have abundant
chance to recuperate and who is
looked upon as good more is advanced.
We keep tie watches for two
years and never find much diff
Guilty in disposing of them to good ad-
vantage. Men seeking bargains fire.
quently come here looking for them
and then again we sell a good many to
the trade. We get hold once in awhile
of grand Jurgenson Swiss watch and
can dispose of this class of goods to
high-toned customers at tempting fig
ures. Next to watches, diamonds are
most frequently pawned, but there are
not so many of them in circulation. l
have known the same diamond pin to
be pawned and redeemed by five diff
ferent men inside of twelve months.
But that is nothing. l know of dia-
mond which has been presented to
three different aldermen and two coun-
ty commissioners, in stars. 1t came back
here every time. 1t is out again, now,
and I suppose will be back in time to
figure in another presentation. Do
pawnbrokers get rich? Invariably,
when they take care of themselves and
their money. When they do not, they
fail. One thing that this business has
taught me is the very small amount of
capital possessed by the average man.
But then, how many more have no cap
ital at all Chicago Times.