New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-05
CREEDS JOIN IN WORK.
TO LEND MONEY TO POOR.
Bill Prouides City Mast Search and
Record Without Fee.

Thomas NJ. Mulry. president Of the ST. Vincent
de Paul Society; the, Rev. DR.. David James
BurreIl Of the Marble Collegiate Church: the
Rev Alexander p. Doyle, of the Paulist Fathers;
Edwin F. Cragin. the banker; Robert B. Miller
and others are backing a phianthropic pawn
broking enterprise, in which they hope TO embark
soon after Mayor Low and Governor Odell sign
q bin now in the hands OF the Mayor incorporat-
ing the Personal Property Loan Company, with
q oapital of $1,000 One hundred thousand dol
lars has been pledged TO start the business.
The corporators aim 20 establish system of
nawnshops, non-sectarian in character. but in
touch with church interests. that the worthy
-oor may be assisted The company is TO charge
only one-half Of i per cent interest a month on
loans. In view Of this low interest charge the
IN saws that the city officials shall record all
cbattel mortgages, bills of sale, and the like
cree n charge. The first pawnshop Will be
established near Fifth-ave. and Thirty-fourth-
= and will be under the watcfful eyes Of DIR.
7s,,-reu and Father Cotton. Some Of the salient
,-ineiples Of the scheme are set forth in the
bin as follows:
The object of this corporation shall be the as
sisfing of people Of small means by loaning them
money at the rate Of not more than per cent in
Ppsnitsi is $1,000 divided into shares Of $50
each and the board Of directors shall be not less
than five IN number The company shall not pay
more than per cent annual dividends on It's capital
When any loan made by the company becomes
s,s +be coTnnerv shall have power TO sell the Sc
ifv given for il on thirty days notice by mail.
addressed TO the borrower, being responsible to the
Sno-tgsSor or pledger for any surplus The COM
pany may charge for storage on pledges deposited
with II such prices as VIII cover 'e actuaI So7t Va
storage and care OF same - ,,u,z -,
An searches and abstracts are 10 oe furnlsheo ny
city officials free OF charge
Ordinary pawnshops charge interest at the
rate Of 3 per cent month for the first six
~-.,s-s ,,s+N = slightly lower rate afterward.
The Provident Loan Association. which aims
- assist people who have to resort to pawn
brokers. lends money on good security at 1 per
cent. St. Bartholomew's Association. connected
with The Rev. DR.. Greers church. lends money
at IL per cent Both these associations find ii
necessary to charge fee for searching records
whenever they advance money on household
goods The promoters of the new company
gave woman instructions to apply for loan
of $50 on household goods. The woman applied
TO the Provident Loan Association. and was
charged 81 for searching the records.
The exemption Of the new company from
charges for fling mortgages and bills of sales
IS criticised in the County Registers Office.
but the friends Of the enterprise say that the
Ilroyision Is justified AInasa Thornton,
friend of Father Doyle. one of the corporators'
said last night:
s.Tt Is doubtful If the company can loan money
at 6 per cent in small sums and get out of II
whole The Provident Loan people charge per
cent q month, and the st. Bartholomew Ia per
cent a month 1t is the intention Of the back
ers of the new enterprise to have the appraisals
OF goods made without charge by some one m
rerested in the work The city viii be divided
into districts. and the managers of the estaD-
the applicants. Under the circumstances the
city ought TO do the little work Of filing the
papers for nothing.
The Mayor viii give q hearing on tne Dill To-
morrow at 80 ?. m.