New-York tribune., 1902-01-12
PAWNBROKERS KEPT BUSY,
MANY PLEDGES MADE BEFORE CHRIST
MAS To BE REDEEMED AFTER-EF-
Feet OF POOLROOM CLOSING.

This has been merry Yuetide for US" said
the pawnhroker. and We have been doing business
hand over FIST. as the saying goes. We always
make special preparation for the holiday season
but this year had draw on all our resources
Every pawnbrOker in New-York City had 10 use
AL the money he could command for loans. and
III guarantee that the safes in every pawnshop
IN the town are running with jewelry OF
every description. It's a good class Of trade that
comes to US at this time too, and the goods will
not remain with iong. Men who do not save
money against the time when extra demands will
De made when Christmas is approaching want TO
buy presents for friends and relatives and have
TO raise 1t somewhere. The easiest thing 70 do is
TO pledge something. and get it back again as
soon as they can So they come to us and hand
over rings watches. sCarfpins and other valuable
goods, on which we let them have all we can. il
they ask for II. II Is generally known. but 1t
Is true. that we will loan a larger than usual
on piece of property at this time of NEAR
What we pawnbrokers want is interest.
and Of course. the principal Ordinarily
not even fairly certain, except with regular
toners. that the goods will be redeemed. and
have to be careful not to loan too much. for fear
we will rot get principal and interest back again,
when it comes to the auction. But people who
pledge their goods for money buy holiday pres
ents all come back In January. and make
quick turn of money.
THE real rush to pawn things began about De-
cember 10. Between that day and Christmas the
greater part of business was done. BY the
pledges call them. will be redeemed. The
law allows us 10 charge interest at the rate of
per cent month any part thereof. The average
time that the Christmas pledges remain in
safes is only a little more than month. but we
charge. always under the law, for two months
You didn't think there would be much doing
in these prosperous times2 Why. that Is Just when
we do our best business-in prosperous times.
We don't care TO loan money to people who are
not going to get their things our again. Ii is too
much trouble to care for them for thirteen months
and then have to advertise them and sell them
auction and take chances coming
whole. We want the people to get them out again
and pay US the interest. The sooner they get them
out the better pleased, because
then turn our capital over many times within
year. Now. when times prosperous. people get
their things out. II man is making money, and
wants little more than he has handy. he
and we loan il to him. provided he has that
which will secure US against loss. he reasons that
he get his pledge out again in week or two.
and therefore is willing part with IL for a time
and pay for taking Of il.
Now, take IL when times hard People
pledge their goods because they want the money
for bread rent some other necessity; and
II they get them out again IL is hard work
for them. and means much pinChng. They
not profitable because the loans long. when
the goods redeemed at all, and If they are not