MILLIONAIRES AS PAWMNBROKERS.

Waikato Times, Volume XLV, Issue 3647, 16 November 1895, Page 4

MILLIONAIRES AS PAWMNBROKERS.

Really, the enterprises of the American Billionaire knows no bounds. Then latest development of this thirst for fresh industural fields has been furnished by Mr Cornelius Vahderbilt and a few millionaire friends, who have recently embarked in the bawnbroking business, and become " uncles" to thousands of impecunious individuals. But. unlike the regular " uncles," they are net in the business to make money, and they charge nothing .for storage. The regular " uncles" are their deadly enemies, but the tranctions of the new establishment are continually increasing. Some tiu e ago these kind-hearted citizens saw how the poor suffer from the greed of pawnbroker who squeeze every penny possible out of their victims, and the result was that the Provideut Loan Association of New York was organised. The society announced that its rate of interest would be 1 per cent, a monthjust one-third of what the regular pawnbroker charge-and the old "uncles" laughed and said the charity pawnshop would soon comes to grief. Immediately the millionaires opened, the old "uncles" tried to play little games on them. They sent men and women there with bogus jewellery, paste diamonds, filled gold watches, and tales of woe. It would be such a fine thing to fool the amateurs who were running the Provident. The people behind the Provident, however, were shiewd men. When its doors were opened for business they appointed as manager an old "undo" himself. There was not a smarter or keener man in the trade. He was well posted in tricks of the bogus costomers. So when people with damaged lace and filled gold jewellery poured their tales of woe ir.te his ears, he. smiled and informed then gently that it "did not go," and in a few days they ceased their visits, and legitimate customers began to come in crowds. The treatment they received surprised them. They were ushered into a nicelyfurnished office, with no sign of the three brass balls about it, waited pleasantly and rapidly, and went away feeling as if they had been doing, a, business transaction with .business' people, instead of being iound in a common pop shop 1 ' haggling over the price of. some article with a shark. Business grew;, so rapidly thpt the society was soon compelled to move into larger quarters. Then the society needed more capital. It asked tor more, and tie promoters were so well pleased with 'the Huccess of the society that the money was at once handed over to the treasurer, who was tolpjhe could ha?e a much more if he wanted it, . , •; ■•-. 1 The new office oi society resembles a finely furnished banking establishment more than anything else, and is arranged and conducted'differently from any other pawnshop, II is a model office in every respect, and every thing, is provided for the eoinfort and convenience of customers, and the'rapid and accural transaction of business. ' One customer is waited on at time, and. na one knows the business of another.' The' officers are spacious anil well-lighted; hbsbmeT/ railings the pjlnhed } counters; is used in large quantities'"foir j partitions; there is a private examination room with the'best of light; the cashier's officois so arranged that, he can pay male customers oni the other aide, without , either catching a glimpse of. the,other i When a customer come in he steps up to the clerk.'his pledge' israpidly examined, the, amount the society' is willing to 'ad. Vance, stated, and tben clerk writes the details do wn on the . 'duplicating machine, which makes three copies. One copy serves as an order on the "cashier, another goes with the pledge, and the other is retained by the customer, who gives his name and address to the cashier for bis own protection. He also leaves his signature as an extra precaution, Some months ago a man pawned a pair of trousers for 4s, They weretaken downstairs, oarefully brushed, an electric fan driving the dust away ; thon they are redeemed, all the man will be required to pay will be 3d. On the main office floor are large safes'for the keeping of gold watches and diamonds. The floor below is used as a storeroom for other goods. Under-ground immense vaults have been built—fire-proof in very particular —in which are stored silver-ware, jewellery, and other precious articles. Thousands and thousands of dollars' worth of goods are stored in these vaults, and they are absolutely safe. By an ingenious system an article can be found in an stant, no matter how long it has been in pawn, ho no time whatever is wasied in the transaction of business.