The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-05-24
Especial Correspondence Of The Times
Dispatch)

Especial Correspondence Of The Times-
Dispatch)
LFIPSIG May Al spent this morning
IN a pnwnbrokers shop. II belongs
10 the city OF 1eipsig and IL loans Out
h,,ndreds Of thousands of dollars year.
1t has n capital OF less than a hundred
thousand dollars, but 1t borrows more
from the City Savings Bank Mt three and
cne.half per cent. interest and charges
about eight per cent TO IT'S customers
who bring as security watches. clocks,
furniture, old clothes and everything TN.
der the sun. Last year 1t made about
two hundred thousand loans, which on
,he average would be moro than one for
very family In LelpsIg.
In the Loaning Rooms.
spent some time watching the pawn
brokers take In the goods and give out
The money. The loaning room is large
and divided In half by counters. On ono
bide are the pawnbroking clerks. and on
the other, at tho time OF my visit. were
pbout 200 mon. women and children. each
holding n bundle waiting to get money
upon 1t. They were lined up like the sim
gle file before theatre window at an
opening night. Each dlckercd with the
clerks, trying to get the most for his
goods.
As the articles werc placed on the
counter their value was estimated by an
appraiser. who gave the owner check
for the amount to be loanel. He took this
n little further on to the cashier. who
paid out the money and gave him
n ticket Another man then took the
goods and bundled them away on a shelf.
Tho amounts were generally small. sell
dom more than n dollar. Many were for
one, two or three marks, or twenty-five,
fifty and seventy-hye cents. The interest
charged was two pfennigs for each mark.
or onc-half cent for each twenty-five
cents, per month.
This pawnshop was established scvcn-
ty-elght years ngo and since then 1t has
loaned out millions. Its loans increase
during hard times and decrease a,hen the
times nre good. The institution Is worked
for the benefit OF the people. The interest
Is kept down to the lowest rate and the
articles are 30 valued that practically
nothing is lost. The most OF the articles
are redeemed, less than ten per cent. be-
Ing left for sale at auction.
The auction was going on In another
room during my stay. and went In to
watch It. Tho room was filled with bid
ders. and the nuctoneer Knocked the
goods or without delay, noticed that
they sold for little bit more than their
valuation. a clock which was marked
Rbo sold Tor IS. ana other Things IN pro-
portion.
The City Savings Bank.
This pawnbokers shops Is connected with
.hc City Savings Bank, which has deposits
amounting to about 3l7.00O.000. and new
deposits of something Ike 33.0O0.0O) a year.
II pays about three per cent. interest
and loans It's money out for three and
one-half per cent. and upward. the pawn
brokng branch paying three and one
half per cent.
The bank is not run to make money.
but In the interests OF the people. It has
now about 10000 dcpostors. and OF these
more than 10000 have deposits OF less
than SIC: 28,0o0 have between SIS and s35.
and only $500 more than sli2
Much OF the depositlng is done by
mems of stamps. man can buy n stamp
Tor ten prennigs. or less than 2 IL cents.
4 md deposit this in the penny savings
,ank. Such stamps are saved until they