The Washington times., 1895-06-22
SAFE PLACE FOR MONEY
Peoples Loan Association Is to
Be Formed To-day.
SHYLOCKS ARE PANNBROKERS
Their System of Doing Business Is
Said TO Bring Them Within the
Act-Subject TO Heavy Fine for
Violations-Field for Authorities.

They are nothing more or less than
pawnbrokers, said lawyer yesterday,
speaking of the various species of Shy
locks in Washington. This was stated in
the course of conversation on the subject
of the necessity for the Peoples Loan As
sociauon, as urged by The Times, in which
he stated his Intention To attend the con-
ference of those interested in the subject,
which VIII be held to-day at / p. M at the
office OF Messrs. Ralston & Siddons, on
F street
This conference, Judging from the inter
est shown in the undertaking, Will be well
attended. In this connection the following
letter 10 The Times Will be read With
pleasure:
Editor Times: 1t is 10 be hoped that the
meeting, which is to take place Saturday
afternoon, for the purpose OF organizing
a loan association, as has been suggested
in The Times, viii be well attended Quite
aside from the philanthropic aspect of the
case, the suggestion appeals to persons
seeking legitimate investment for their
money.
Competent business men, TO my Il,owl-
edge, figure out that by charging the con-
tract rate of interest allowed in this
District aud small apprisal fee, 6 per
cent. per annum can be assured investors
all the year around.
BEST OF OPPORTUNITIES.
with so much idle money seeking safe
investment this scheme offers to those
having idle capital and those of philan-
thrOpic nature the best of opportunities:
THE Times iscertainly to be congratulated
| for the zeal aud energy it has displayed in at
is not to be expected that efforts so wen
! directed shah fan of their commendab!e OBJ
/ jects. An the shrewd business investors
/ aud philant hropists should attend the
/ meeting without fail. / Will lie there my
| self"
The lawyer who holds that these Shy
] locks are doing business as pawnbrokers had
! this further TO say:
There is an act of 1889 on the subject
/ of pawnbrokers, which says: ANY per
4 son, corporation, member or members of
/ corporations or firm who loans money ON
/ deposits or pledge of personal property
/ or other valuable thing other than secur-
ities OF printed evidence of Indebtedness, or
] who deals in the purchasing OF personal
! property or other valuable thing on condi-
/ tion Of sale, selling the same back again
\ at stipulated price is hereby declared
| and defined 10 be pawnbroker.'
You viii see that the business of these
/ companies and persons come within that
| definition. The act further provides that
! persons engaged IN such business shall
pay therefor a license OF S100 year and
shall give bond. They shall also keep
/ book of entries, and the act fixes their
| rate Of interest In my Judgment Mr..
| Newman especially is liable under this
! act"
INTEREST FOR PAwNBROKERs.
The provision OF law regulating the rate
OF interest for pawnbrokers is as follows:
mo pawnbroker shall ask, demand, or
receive a greater rate OF interest than 3
percentum per month on any loan secured
! by pledge of the personal property under
| penalty Of 500 for every such offense
to be recovered for the use of the District
! ofColumbia; Provided, however, that where
the loan is secured by pledge of personal
| property requiring extra care TO prevent
INJURY pawnbroker may cherge such rea-
| Eonable sum for storing or taking care of
the same as the District Commissioners
may from time to time prescribe -
1T is clear,'' said the lawyer, 'that If
! they are held TO be pawnbrokers under this
! law, whether they have paid a license or
| not, they are liable for the Overcharges
all the same, and it might possibly be
the duty of the District authorities to take
a band in this Investigation
A gentleman who has had practical
/ knowledge OF the business Ut is proposed to
establish said last night that il should be
the aim of the association not to lend money
TO those who merely wanted money, and
could put up the personal property col
lateral, but only 10 those whom il was
| found really needed it. As far as a bust
ness enterprise was concerned, there wasn't
a shadow of doubt that the present scheme
would be a great success. This gentle
man, by the way, will apply for the
managership of the concern.
WANTED-A new or secondhand 45-
horse power boiler Call at this office.