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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Dec 04, 1914
Page
11
A reader quoted Mrs. Hall asserting the matter is as bad as imagined. She notes her husband issued a full statement promising pledges would be safe and redeemable in five minutes if funds were available. The piece also promotes the Sunday Post’s new Personalities page.
The Collateral Loan Company traces its origins to the Pawners Bank founded in 1869 a semi charitable bank that pledged loans and used excess earnings to aid the poor. Legislation from 1875 ended its charitable phase and rewrote its charter establishing private profit focus. By 1914 capital rose to 1.2 million with 15 000 shares while Brown’s 1911 report notes the company offering low rate loans around 1 percent per month to pledged collateral.
Advertises Burrill's Tooth Powder in glass bottles with an economic top and Burrill's Tooth Paste in large tubes. Claims a clean refreshing mouth, thorough enamel cleansing, and dentist endorsement. Priced at 25 cents.
The loan company at 7 Cornhill drew crowds all day as people redeemed watches diamonds rings and other securities. About 180 new loans were issued and 608 redemptions took place with nearly 50000 paid in money due and interest. Many left valuables in vaults after reassurance from officials.
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