The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-09-03
Plan Borrowed
from Europe Has
Been A dopted
Widely Here, the
Membership In
New York Alone
Being Over TO-
600.

century. Up to the year 1916 the
business was let by the municipality
to private company. but since that
company violated it's agreement with
the authorities, the city annulled the
contract took over the business it.
self and has operated it ever since.
There was originally but one office
for conducting the city's loaning bust
ness, but now many branches are
distributed over different sections OF
the metropolis, providing facilities for
almost every district of the munich
pality. The institution Is we'll patron
lied by all classes of people. barring
the opulent, who have no need OF IT..
and the utterly profligate, who have
no belongings at all. In 1920 adj
vanoes We're made on a collection of
$780, 900 articles valued at 100000.
Like college men here pawn their
dress suits when they don't need them.
1t is the custom of certain classes Of
Dutch working people to pawn their
best clothes on Monday mornings. re-
deem them again on the Saturday
night following. and then repawn
them on the next Monday. thus al
lowing them the use thereof on a
Sunday. In other words. at an in
terest rate of about 6 per cent and
small margin invested in finer toys.
trest trate of about per cent, and a
they are able to dress up on the Sab
bath day. 1t is stated by authorities
that 40 per cent. of the business of the
pawnshop consists OF such pledges.
| Under the rules Of the pawnshop
loans will not be made on ornaments
or other articles belonging to a relig-
| ious or charitable institution, NUM-
lions of war. or for articles damaged
by moths. wet laundry. articles sus-
pected Of having been stolen (Which
are Immediately attachable by the off,
cial pawnbrokers in any of the
shops). or other things coming within
the same class. The pawnbrokers be-
ing ex-officio policemen and detectives
is a commendable feature of the sys-
tenn, as stolen articles are usually
pawned
All goods offered as pledges are ap-
praised by officials. The minimum
amount advanced on any article is
sixteen American cents. The interest
paid on loans averages about 6 per
cent. plus a small administration
charge.
Articles of Every Sort
Offered as Loan Pledge
AS high as 1,146,S3S articles, more
than two items for each resident of
Amsterdam, have been pawned with
/ this institution In one year. Among
the articles pledged are old clothing
and bedding. $500 sewing machines,
1900 bicycles. pianos. organs. shoes,
diamonds, anything OF any value what
soever.
The first article pledged at the
municipal pawnshop Of Amsterdam
was silver snuffbox by Van den
Vondel. the father OF one of Hollands
great poets. and the bard himself
worked for ten years as a clerk in the
institution where some of his finest
literary gems were produced. One
thing, however. on which the bank will
lent no money is the manuscripts of
hopeful authors. Rusty coffee pots,
used handkerchiefs, pillow slips. COR
sets. nightgowns, bootjacks and pa
| jamas are taken as security for loans
so small that the proceeds thereof will
scarcely buy nights lodging. but the
unpublished works of ambitious writ
ers have no value in the eyes of those
practical money lenders of the Dutch
metropolis.
Respectable people patronize the
municipal pawnshop of Amsterdam.
Merchants also avail themselves of its
unusual facilities. The small diamond
dealers of Amsterdam are steady GUS
toners of the institution, finding there
good place 10 obtain money at rea-
sonable rates as well as a safe vault In
which to store their precious stones.
Moreover. the character or financial
standing of the applicants for such
loans is not generally considered at
all unless the article offered as a
pledge is thought to be stolen. Rich
and poor. proud and humble. all get
the same proportionate advance on the
appraised value of the collateral which
they offer as security.