Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1894-02-28
NOTHING TO PAWN.
T>IE NEW YORK SAYLOCKS CLAIM TC)
BE STARVING.

Business So DuII-The Effect of Demo-
cratic Tariff TinSering.
Times must indeed be &1rd when even
the pawnbrokers complain of bad busi-
ness. While all other branches of trade
have managed to pull through the holi-
days with at least small but profitable
balance at the last Of the year, the pawn
brokers, probably for the first time in
their recollection, find themselves on the
losing side of the ledger.
A reporter made tour of New York
city, visiting 100 pawnshops scattered
about the east and west sides and Har-
lem. Out of all the shops visited only
two Of the owners admitted that bust
ness was improving, and that they were
doing as we'll as last year. These two
cases may be accounted for by reason Of
their long standing and popularity with
the people that patronize such establish
ments. One is situated on upper Sixth
avenue IN the Tenderloin, and the other
in Chatham square, for generations the
Mecca for those in want Of ready cash.
Neither Of the two places advances
money except on jewelry. They do not,
| therefore, come in contact with the poor
est class of people, who are compelled to
part with even their clothes when ne
cessity compels them to raise money to
buy food.
The pawnbrol1ers, when asked for an
explanation Of the falling off in their
business, with one accord said, "The
poorer classes, with whom we deal,
pawned all they had during the money
panic last summer and now have nothing
left to pawn and no money to redeem
their pledges"
One man in Oliver street said: 81
have been in the pawnbroking business
for 10 years, and [ have never seen bust
ness SO dull. During the summer months
we took in all we could handle, but
money was so tight then that we ad-
! vanced only one-half the loan usually
given. Even this did not stop the bust
ness. Naturally we expected a big boom
this fall, and that the goods would be re-
deemed, but we were mistaken. [ have
never had such a quantity Of goods on
my shelves. If the people could only
pay the interest, | would not complain,
but most of them are Industrious people
out Of work, and the chances OF getting
my money back are very SLIM"
At a pawnshop on the Bowery the
manager said: IF business in our line
continues the same for another month, l
shall be compelled to go to work. The
outside public look upon the pawn
brokers as having money to burn. They
think we are on velvet all our lives, but
if they could look at our books for the
past year they would not think our
game was such a good thing. It may
look very odd for me to make this state
ment, but it is a fact nevertheless that
when times are good with the people
| they are good with us. | can explain
that this way: When, for instance, the
head Of the family is working steadily,
the wife or daughter needs some little
things in the middle Of the week. They
have not the wherewith and won't have
it until Saturday night. They can't wait
until then, but rush off to the pawnshop
with some trinket, and on Saturday night
come in and redeem it. Now things are
different. Even if they have the trinket
(Which, by the way, is very doubtfuD
they do not dare to pawn it, for the IA
ther being out Of work they are not so
sure of getting it out again. The result
is that, instead Of our turning our money
over and over, we simply have to sit
down and grin and bear it."
''Pawnbrokers are starving" said
Grand street proprietor. ''The people
| IL, IT,
We would rather reverse the order of
affairs, but I can see no prospect of such
change. During the past year we had
more goods left with US after the tickets
expire than ever before. With the hard
times and competition we got no prices
at all when we auctioned our unre-
deemed pledges" To prove this asser-
ton the pawnbroker brought out his
books, which showed that at the last
auction sale Of unredeemed goods in De-
cember the pawnbroker lost $500.
eve would prefer to have the people
redeem their pledges" he added, ''for
then we get the interest, and that's what
we are in the business for"
A tour of the pawnshops along Second
avenue found the proprietors all bemoan-
| ing their late anu complaining OF the
hard times. Little or no business was
being transacted at these shops, poor peo-
pie having long since parted with their
clothing, the principal article in trade on
the east side.
Up in Harlem the same condition Of
affairs prevails. One pawnbroker On
One Hundred and Twenty-ffth street
said that he had no more money to loan
on clothing, adding that it did not pay
for the room it occupied, and that the
chance Of its ever being redeemed was
very remote. Along Eighth, Ninth and
Tenth avenues the pawnbrokers said
business was going to the dogs. A pawn
broker on Eighth avenue, near Twentieth
street, who does a fourishing business,
said: "There'sno chance Of improvement
in our business until the people get work.
At present it looks as If we were in bust
/ L