The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-10-25

tablished, while in others licensed dealers
exist 10 whom deposits OF portable prop
erty can be made. So that an idea of the
volume OF business transacted may be OBJ
tanned the report gives the number aud
value of pledges received during last year
IN the municipal pawnshops of several cit
les Berlin figures in the list with $500
pledges. 10 the value OF $4,000, Municn
~. 500 pledges. valued at $4,000. Leipsic
10i 800 pledges, value $51l 600: Dresden, lST, r.
200, valued a $4,000, and so on. About
one-half OF the pledges were redeemed
within the time fixed for redemption.
TIL business Of pawnshops in tn last
three years appears 10 depend less on gen
eral economic than on local causes. Tie
erection of new sub-ofiioes. as wen as the
decrease of private pawnshopS brings
about an increase of business for the mu-
nicipal shops. The capital for carrying on
the municipal institutions is derived either
from the city treasury or the citN savings
bank. which loans out their deposits in this
manner on portable property. aud derive
therefrom a revenue estimatd at from 20
per cent Personal property is accepted
in pawn if il is not too difficult TO keep,ant
NOT liable TO deterioration in value. The
chief articles pawned are clothes, furni-
ture and jewelry. Registered securities,
such as stocks aud bonds, are not received
as pledges by all pawnshops. The articles
II
praisers, and in no instance can larger
sum be advanced than the appraisement,
including interest and fees, calls for. Thus,
the institution is protected against loss
The fact that the amount advanced IS
less than the amount assessed Is an NJ
ducement for the redemption OF the pledge,
and the institution prefers TO have the
pledges redeemed to their being sold. The
amount loaned on precious metals or jew
els is usually from three-fourthS TO four
fifths, and on other articles from one-half
to three-fourths of their appraised value.
! To make use of anything left IN pawn Is
forbidden, and any losses which may oc-
cur while the goods are in pawn are made
good by the authorities. After the eXpi-
ration of the specified time, the non-re-
deemed pledges are usually sold at public
auction, and if they fail to bring the
amount appraised, or the money loaned
on them, the appraiser must make good
the loss Where more is realized the sur
plus is held at the disposal of the pledger,
who must call for it within a specified
time, otherwise the amount goes to the in
stitution For small loans up to 10 marks
(S2. $50, interest is charged at the rate of
from to "a, and for loans from 10 to 300
marks, from TO L per cent. per annum.
Beside these public, state and municipal
pawnshOps, private business has developed
10 a large extent. Formerly special per
mission was necessary for any one deslr-
Gus of engaging in the business and no
one found guilty of overcharging and of
collecting eXorbitant interest was permit
ted to carry on such business. But these
regulations proved insufficient, and were,
therefore, amended in 1S49 All private
pawnbrokers must now have a license, and
this is refused to any one deemed unfit for
this business. 1t must farther be shown
that necessity exists for a paWnshop,
and then the supervision is very strict.
! The repurchase business is subject to the
same regulations. The Prussian law, be
! sides, determines a maximum rate of in
terest and contains other restrictions All
| pledges uuredeemed must be sold at pub
lie auction, and gold and silver pledges
cannot be sold for less than their intrinsic
value. The Imperial Bank advances
money on raw products such as grain,
sugar alcohol, oil, etc, to one-half and
| tWo-thirds of the apDraised value