SMALL LOANS FOR POOR PEOPLE. LTo THE EDITOR Of THE
"SPECTATOR."] SIR,—Reading your articles and correspondence on "Small Loans" suggested that I should call your attention to the Provi- dent Loan Society of New York, a philanthropic pawnshop organised at the instance of the Charity Organisation Society of New York in 1894, to lend money on pledge of personal property at lower rates than those required by professional pawnbrokers, and without other exactions. We charge 1 per cent. a month, or 4 per cent. for less than fifteen days. Our shareholders are limited to 6 per cent, for the use of their money, and no trustees receive compensation. After fourteen years' experience, we have five million dollars capital employed, and have accumulated a surplus of nearly half-a-million dollars. Under separate cover I have mailed you our annual report.—I am, Sir, &c., OTTO T. BANNARD, Treasurer, Provident Loan Society of New York. 26 Broad Street, New York.
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