New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-24
FOR A MODEL PAWNSHOP
WELL-KNOWN WEALTHY MEN WHO ARE
SUPPORTING THE SCHEME.
AN APPLICATION FOR THE INCORPORATION OF
THE PROvIDBNT LOAN SOCIETY-THE PR
POSE TO GIVE TEMPORARY HELP
TO THOSE OF THE POOR WHO
ARE WORTHY.

ARE WORTHY.
t. lend money on reasonable and safe terms to
worthy persons who in temporary distress Is the
aim Of the PrOvIdent Loan Society OF Ne"-1orh'
for which the Legislature has been asked TO grant
n charter The bill TO incorporate the new society
has been introduced In the State Senate by Sena tor
Saxton and in the Assembly by Joseph r Sheffe d.
and has been referred 10 committees AS me
measure has ev, rything to commend 1t. ana conld
be opposed by nobody with reason II j. Nkey 20 De
passed by both branches Of the LEGISLATURE anu
receive the signature Of the Governor without much
delay.
The frs, .ection Of the bill 10 incorporate the
society provides that Otto T. Barnard. Charles c.
Beaman. Henry II. Beekman. William J." Bull
Frederic r Couder Charles +. Fox. John -
Crimmins r. Fulton Cutting. Robert w. De Forest
William T. Dodge Charles :. Farchild David H.
Greer Abram S. Hewitt James J. Higginson'
Adrian Isen. .jr. u. Wills James. John > Ken
nedv Seth Low. Solomon Loeb. Alfred t. Mason
Victor Morawetz j. PerpOnt Morgan Oswald Ot-
tendorfer Jacob II. Schn Gustav II. Schwab.
Charles S. Smith. James Speyer. Walter Stanton
J. Kennedy Tod. Abraham Wolff ana CorneHus
Vanderbilt together with such persons they may
associate with themselves. and their successors are
hereby constituted a body corporate by the name
Of .The Provident Loan Society OF Newly ork for
the purpose OF aiding such persons as said society
shall deem in need of pecuniary assistance, by
loans of money at interest. upon the pledge or
mortgage Of personal property
PROVISIONS OF INCORPORATION.
IN the second section 1t is provided that ;he society
snail have all the powers and BE- subject TO all the
restrictions provided by the General Corporation
law so far as applicable thereto 1t may borrow
money for its rpcrate purposes at rae of IN
terest not exceeding the lawful rate. The persons
named in the first section Of this act. or majority
Of them, shall hold meeting and organize the So
ciety and adopt a constitution and bylaws not In
i..,ffp nd law ~
State. The constitution stall prescribe the qlalif-
cations Of members f the society; the manner OF
electng members: &c number Of members who
shall eonsue quorum IN ir the ir r %Tr Of
trustees by whom me business ana affairs Il TIE So
ciey shall be managed; the qualifications. powers
and the manner Of selection Il the trustees and Off
GERS Of the soci";v ana It may contain any otned
provisions for the In'nagenent OF the properly ana
regulation of the affairs # me ciety No member
CT trustee Of tie society shall receive any compensa,
tion for his services or any profit otner than lawful
interest on money loaned 70 H. ner snail any , memneT
A thrill section provides that the society shall be
entitled to act uawnbrOker. and shall be subject
10 and entitled to all the benefits c all the prcySon
Of the laws f this State concerning pawnbr, kers,
except that T. shall not be required TO obtain license
file bond.
ORIGIN or THE PLAN
temporary organization of the society has been
effected by the appointment of an executive com
inittee of which Robert w. De Forest is chairman
and James Speyer is treasurer. 1t is expected that
a pawnshop will he set in operation by tho society
soon after the charter is obtained. and that other
shops VII WI, be 0pcneT beore ne Of b
did not spring from the reccn; establishment Of
House in East Fortysecond-st. but had been talked
of a year ago. The prevailing distress caused me
hasten the work Of Organization The plan is to
run pawnshops for the benefit OF the general pub
lie but give loans the most reasonable terms
possible to persons in distress who may be vouched
for as worthy 10 receive such aid. and at the same
time to conduct the business on self-supportng
THE PURPOSES EXPLAINED.
Robert W. De Forest the lawyer at No G. Will
iamst.. who has taken an active part In the or
ganzation of the society and in preparing the bill
for Incorporation. said yesterday
THE object of the society is to establish pawn
shop on humane PTncipes 1t VIII lend nd, money at
principles and give the greatest possible encourage
nen 10 OF me h p 1a o sgcS soev
has been long felt by those engaged In benevolent
na ar loan nv on 't e ie Of YIN nes S or
loss Of work. and save them from the loss OF self
respect which application for charity entails
loan relief on a small scale has been practsed
by many benevolent agencies. This new society
Business ess' system Eu' The CHARITY Organization society
recently made careful study OF this subject
Alfred 3. Mason and Otto T, Barnard, and the or
eors aided H By President sT Seth low and Other
members Of the Committee for Relief by Work and
eade HaSGr % caens Of evdy RELIGIOUS fah
Protestants CATHOLICS , and H,brews and reIye,
cety but other benevolent institutions of the city
which cooperate with it. including the Chdren's
Aid Society, the United Hebrew Charities the AS
ISOLATION for Improving TOE Condition CT the Poor
the Society of st. Vino MT dc Paul. the City Mis-
sion. the German S1c,ety and ST. Andrew Society.
PROSPECTS For SUCCESS
ut has the earnest a?2coyal Of the Mayor and
OF Archbishop Corrigan Ne than half Of the
100000 needed has been already secured. 1t Will
be ready TO begin operations its
charter is granted by the Legislature and its
izQt no "a lis Cbar &c
with 10 prevent any diversion of its
resources from benevolent purposes. None OF its
members can receive any compensation for their
services. Its resources will be derived from gifts
and from loans upon which no more than lawful
interest can be charged. Preference Gan be given
TO applicants satisfactorily recommended by chart
table societies and individuals. careful study Of
similar institutions abroad has been made. with a
view TO details Of organization. by Messrs. Speyer
and Mason. and ii has at command the example
and experience of the successful WOrkingnan's
Loan Society, Of Boston, OF which Robert Treat
Paine is president"