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Provident Loan Society : ウィキペディア英語版
Provident Loan Society

The Provident Loan Society is a not-for-profit organization created in the 19th century by a group of influential New Yorkers as an alternative to loan sharks of the day. Founders include J.P. Morgan, Jacob H. Schiff, August Belmont, Jr. and Cornelius Vanderbilt. Today Provident Loan provides short-term cash loans for gold and jewelry and is the last remaining of the many not-for-profit loan societies created during the economic crisis of the late 19th and early 20th centuries.〔John P. Caskey, ''Fringe Banking'', p. 24.〕
==History==

The Provident Loan Society was created during the financial panic of 1893. In an uncertain economic environment amid foreclosures and bank failures, people sought cash from unregulated loan sharks and pawnbrokers.〔John P. Caskey, ''Fringe Banking'', p. 24.〕 As a result, a group of powerful New York bankers and financiers pooled money together, pledging $35,000 each to establish a not-for-profit organization to provide short term loans at a lower rate than the loan sharks. The organization was modeled on European financial institutions known as mont de piété or mount of piety. The contributors included such famous powerbrokers as: Solomon Loeb, Alfred B. Mason, J.P. Morgan, Gustav H. Schwab, Jacob H. Schiff, James Speyer and Cornelius Vanderbilt among others.
The New York State Legislature passed a special act in 1894 incorporating The Provident Loan Society of New York. At its peak in 1962, the Society had 17 locations around New York. As of 2009, there are 5 remaining locations.

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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