Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-05-23
copyright, 1908, by Frank G. Carpen.
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4T EIPsIG.-I spent this morning
In pawnbroker's shop. II be-
longs to the city of Lelpsig and
It loans out hundreds OF thous-
IN ands Of dollars a year 1t has
n capital OF less than hun
- dred thousand dollars, but
II borrows more from the
lefty Savings bank at ga per cent
Interest and charges about per cent
Ito its customers who bring as security
watches, clocks, furniture, old clothes
and everything under the sun Last
year It made about two hundred thous-
end loans, which on the average would
be more than one for every family IN
Leipslg.
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
one side are the Dawnbroklng clerks
and ON the other, at the time OF my
visit, were about 200 men, women and
children, each holding a bundle waiting
10 get money upon It, They were lined
zap like the single file before a theater
window at an opening night, Each
dlckered with the clerks, trying to get
the most for the goods.
As the articles were placed on the
counter their value was estimated by
an appraiser who gave the owner
check for the amount TO be loaned, He
took this a little further on to the
cashier, who paid out the money and
gave him ticket. Another man then
took the goods aud bundled them away
on a shelf. The amounts were gen
orally small, seldom more than a dol
lar. Many were for one, two or three
marks, or twenty fifty and seven
ty-Gve cents, The interest charged was
two pfennigs for each mark, or one
half cent for each twenty-five cents,
per month.
This pawnshop was established sew
enty-eight years ago, and sincesthen II
has loaned out millions, Its loans IN
crease during hard times and decrease
when the times are good The insti-
tuition is worked for the benefit OF the
people. The interest is kept down to
the lowest rate and the articles are so
valued that practically nothing Is lost.
The most Of the articles are redeemed,
less than 10 per cent being left for sale
ut auction,
The auction was going on in another
room during my stay and went in 10
watch II. The room was filled with
bidders, and the auctioneer Knocked
the goods off without delay. l noticed
that they sold for little bit more than
their valuation. A clock which was
marked $3.50 sold for 50, and other
things In proportion.
THE CITY SAVINGS BANK.
This pawnbroklng shop is connected
with the City Savings bank. which has
deposits amounting to about 1900 600,
and new deposits Of something like 49,,
00O, 900 year II pays about per cent
interest, and loans its money out for ~
per cent and upward, the pawnbroking
branch paying 3h per cent.
The bank is not run to make money,
but In the interest Of the people. II
has now about $50, 900 depositors, and Of
these more than 10000 have deposits of
less than SIS, $4,000 have between SIS
Bind sS5, and only $1,000 more than Slt2.
Much OF the deposting is done by
means Of stamps. A man can buy a
Stamp for 10 pfennigs, or less than "a
cents, and deposit this In the penny
favings bank, Such stamps are saved
until they amount to mark or more,
when they are deposited, There are
ptamp Offices all over the city and
one can put away his small change into
The savings bank almost as easily as
Into the beer saloons,
GERMAN SAVINGS BANKS.
Such savings banks are 70 be found
ln nearly all the cities Of Germany.
That Of Berlin has about 100 different
branches; its depositors number more
than half a million, and the deposits
ere about $50 ,O000 900. Dresden has al
most half as much IN her savings bank,