The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-05-22
MILLIONAIRES' PAWNSHOP
Opened For the Benefit of the "Worshy
Poor In New York.


Opened For the Benefit of the "sWorshy
Poor" In New York.
NEW YORK, May 22.-One hundred
and fifty loans upon nearly one hundred
and fifty varieties of collateral were
made yesterday, the inaugural of that
much discussed charity, the Provident
Loan Association Fully that number
United Charities at Twenty second street
and Fourth avenue and left without
trausacting any business. This class
were shrewd lot who went to the new
pawn shop under the impression
that they would meet lot
pie engaged in a business requiring
great sagacity, and in which they would
be unable to protect themselves. They
went with worthless pledges, and NOV
ing tales of distress. but discovered the
motto of the establishment was ebusi-
ness is business" Peering over the
counter they found Leopold Hecht, an
experienced pawnbroker from Ninth
avenue Several gentlemen of the spa
per collar Joe" stamp, took one glance
at Hecht and went without Offering the
bogus jewellery they had concealed upon
their persons. One smart youth offered
watch. Hecht took it, tested it and
said:
"Ill let you have 80"
''Give me the watch, it is worth $780,"
said the youth.
He departed and presumably visited
another pawn shop. In an hour he re-
turned and said meekly: s.I'll take SO"
~ e don't want the watch at all now,"
said the superintendent.
"Why?"
Because your action shows you want
to sell 1t and not pledge it. We are not
here to buy second hand jewelry and
clothes, but to relieve people in tempo
rary distress who we believe will redeem
their pledges"
There was quite rush during the
early hours of the day by people
who thought a bonanza had been
opened. Plated silver ware and dia-
mond jewelry in which a portion
of the stones were spurious were freely
offered, but with no more success than
would have attended visit to the benev-
olent Mr.. Isaacs of the Bowery or philan-
thropic Mr. Solomon of Upper Eighth
avenue.
The Provident Loan association is an
experiment of thirty wealthy men who
believe in the existence of the ''worthy
poor" They have put 100000 into the
enterprise Money will be loaned on
jewelry, clothing and furniture at one
per cent per month, and there are fic-
titious charges for storage, insurance,
ETC.. to swell the dues to a usuriOus rate.
If the venture at Twenty second
street and Fourth avenue proves sue
a dividend of per cent annually upon
the 100000 advanced), branches will be
established in other parts of the city.
The enterprise is viewed with much
disfavor by the pawnbrOkers of the city,
who resent the fact the act of the legis-
lature exempts this association from the
payment of the 800 annual license
which they are obliged to pay in addi-
ton to giving $4,000 bond.
The gentlemen interested in the
American limitation of the "Mont de
Pete" of Paris are Robert w. De Forest,
James Speyer and Otto L. Barnard,
president, treasurer and secretary re-
spectively; Frederick Ii. Coudert. John |
Z T. 6 GrlmmI ms X; F1it9n cutting, William
Abram S. Hewitt, Adrien Iselin. Jr, D. i
Willis James, John S. Kennedy. Seth |
Low, j. Pierpont Morgan. Oswald Often
dorder, Jacob Ii. Schiff, Gustav II. |
Schwab, Charles S. Smith and Walter