The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-01-16
4 MUNICIPAL PAHBSHOP
Chicago Institution Chartered by
the State Legislature.
Managed by a BOard Of Directors
Partly Appointed by the Governor
and the Hayor-0nIy Legal Interest
Charged Upon Loans-ResuIts Ex-
coed the Most SanEuine Hopes.

CHICAGO, Jan 16--The city Of Chicago
is doing more toward reconciIing the
American public 10 the pawnshop than any
other city in the United States. It is a
fact that in spite OF its utility the pawn
shop has been forced 10 brave a more vio-
lent storm of antagonisn than any other
commercial institution. Men who have
established such business with most
honorable motives and with genuine de-
sire to help unfortunate individuals, while
earning a legitimate interest Oh money
loaned have been unjustly hampered by
the dealings OF constituencies brokers.
The latter. taking advantage Of their Gus
toners need for ready money, have ex-
acted exorbitant interest on sums ad-
yanced on articles of real value, and. in
this way, created against the institution
a prejudice as involuntary as it is IN
reasonable.
And yet the establishment. with all IFS
drawbacks, is too provident to ever fan
into disuse. It is truth that any insti-
tuition which affords means Of relief fer
vast number of people will be supported
by them. Many man argues that it is
bNNNSA ~ CoS4I 70 TINS ALSt4ACu u Le~AS-A45
money than to ask personal loan OF a
friend. All sorts and conditions of men
are included among the patrons of the
pawnshop; from the cry rich, with nu-
merous pawna;-Ie articles and no ready
money, to the very poor. with few belong
ings to pledge and no chance of earning
money.
BY the organization of The Pawners' So
ciety Of Chicago this evil viii be obViated
TO great extent in that city. The mod
ern Shylock has found 2 competitor in
this institution which threatens to Ender-
mine his business of preying upon the IN
fortunate in his hour Of greatest need for
it is being talked OF in other cities. \ few
years ago one OF the churches Of Roches-
ter conducted pawnshop upon a smaller
scale and without the idea OF making
profit in the business Il was not long
successful. and he secret Of its failure
perhaps, may be found in thevery fact that
II vas OF a seDi-chariJable character
While tie Chicago pawnshop makes gen
erouS concessions as TO time, valuation
and Is not permitted to ask more than the
legal rate of Interest yet II IS managed
with he purpose Of making a profit upon
the money INFESTED, and il has succeeded.
The institution was created by an act
OF the Legislature which. with the high
standing Of its board of directors, two
OF whom are appointed by the Governor
Of the State and the mayor of the city
respectively, gives II a respectability and
prestige that is impossible for the oTdi-
nary paWnshOp TO obtain. The society be-
gan Its business operations a little over
year ago, and from the very first was at
tended with success. After the first six
months it was found necessary TO increase
ha feyfrs avlFe ~1 oF- = n m
IN order to meet the growing demands Of
the business Quite recently this sum had
to be augmented by a temporary loan Of
$4,000. IN order 10 carry on the work IN
til the next meeting Of the stockholders.
Although many Of the ventures Of the
society have been experimental, the re
suits have exceeded the most sanguine
expectations OF the directors. This is
true Of not only the actual profits real
lied but of the number and value of the
articles which have been pledged. and the
amount Of money which has been ad-
vanced upon them. The final opi2ion Of
those who have taken q conservative view
of the venture IS that such an organiza-
ton can be made not only business sue
cess, but that q large number of indepen-
dent. seIf-respe persons in need Of
temporary financial assistance will gladly
patrOniZe it.
In a recent communication to the MI
FarweIl. il, who is president Of the board
of directors, said; More money is needed
at once if the society is to increase its
business and its Usefulness in the com
munity-
considering the results achieved. the
directors have no hesitation in saying
that the stock VIII undoubtedly earn 10
per cent per anrum. and that semi-annual
dividends at the rate OF 6 per cent per an
nun 1.-THE maximum allowed by law, can
be regularly and safely declared. Al
though the required year has not yet
elapsed on delinquent loans, before sale
by auction is allowed. such a large per
centage of the first loans hare been re-
deemed. and so many expert appraise-
ments have been secured. that the direc-
tors feel sure that all probable losses
from such sales have been more than pro-
vided for In the above statement.
From present experience It is quite
probable that 100000 viii in a few years
be needed to carry thu idea OF the society
10 its full and complete development |
with its central Office and branches IL the
various thickly-settled and needy districts
Of the city.
The municipal pawnshOp is not an
American institution by right OF discovery.
for II has been in existence on the other
side of the Atlantic for many years. For
more than a century the municipal pawn
shop has been one OF the recognized feat
ure5 of Paris, Berlin, and later Of Leipzig
The Leipzig paWnshop was started for the
benefit Of the Iaboring people and it has
loaned hundreds OF millions of marks.
In connection with and as part of the
city pawnshOp is carried on a savings in
s.itution which is guaranteed by the city
and naturally conducts an enormous bust
ness.
Now that the idea has taken root in
American soil its rapid adoption. in some
form or another, may be looked for in all
the leading cities of the United States
within the next decade.
aurned His Wife. to Death
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