The commonwealth. (Greenwood, Miss.) 1896-1923, 1904-09-10
PAWNsROKERS GET PROFIT
Small Betters at Racetracks Make
Frequent Visits to the
Money Lenders.

"If We could control the matter" said
a pawrbroker n day lately, according
to the New York Sun, I'VE would keep
the races around New York all the year.
When they are here w have a time of
harvest.
Il have a hundred or more customers
whom | see at least once a week when
the races are around here, some OF them
two or three times a week. not counting
the times they come to get Their things
out. This means that the money we
lend at three per cent. a month, the legal
rate for us, doesn't stay away long when
they borrow it-and we never charge
less than a months interest for our mon
ey, no matter how short a time may
elapse between borrowing and return
ing.
You noticed that man who just got
his watch out? Yes. He borrowed $50
on it to go TO the races.
That was yesterday. To-day, less
than "a hours after, he comes back, gets
his watch and pays us 80 cents for the
use of the money. He won on the races
and We didn't lose.
Since a whole lot of men are doing
this, and it is not unusual for many men
to do that twice or three times a week.
our profit is considerable. Just figure for
a minute and see what it means,
Take it by the year Ninety cents for
365 days amounts to $32S.50, and that is
5 per cent. interest on $3.50 for a year.
"You can readily see that if the money
always comes back to us as quickly as
that and we could lend the same $50
every day, that small amount would
capitalist who takes a mortgage on a
house as security.
"Of course, we don't get all our loans
back with such lightning rapidly. If we
did We could retire from business very
soon, But when the races are here there
are so many pikers who play tips at
the tracks that the season is most
profitable.
They pawn their diamonds, watches,
rings or other pieces of jewelry and bet
the money. If they win they come right
back and fit themselves out again with
their good lockers.
IF they don't win they come in with
something else and try as long as they
can for a killing. The men who do this
we see at this time of the year and no
other.
And I'll tell you what may seem a
strange thing to %you-it does to me. We
are likely to laugh at men who, at the
end of the racing season here, say they
came out about even. My experience,
judging from the actions of the class of
customers about whom | have been talk
ing, is that there is a great deal of truth
in this.
Seldom, wien the season closes here,
have we a single piece of iewelry stored
away which has been pawned by a race
goer. The business does not seem to fall
off In the last week. to indicate that thew
were saving their money, either; but
within a few days after the final get
away day out come the pieces; and they
don't get back until the next year.
The poolrooms? Oh, that's a different
class of trade altogether: The racetrack
crowd is made up of good people. The
poolroom players who come to pa W
brokers are not to be compared with
them.
1T doesn't pay any too we'll to lend to
poolroom players, and a great many of
the things they pawn for money to fat
ten the keepers pockets stay with us un-
til they have to be sold at public auction.
They re a cheap class and we have to
scan the articles they offer very care
fully, for they'll stick us If they can.
Cant stick a pawnbroker? Don't
fool yourself. There are people who are
a great deal sharper than we are, and
they get into us too often to make our
life altogether pleasant.
Not a few of the things that are sold
at pawnbrokers' sales go Tor less than
the money lent on them. The pawn-
broker doesn't always have a sure
thing"
HIoH-PoWER MICROSCOPES.