Full resolution (JPEG) - On this page / på denna sida - VIII. Money and Banking
<< prev. page << föreg. sida << >> nästa sida >> next page >>
Below is the raw OCR text
from the above scanned image.
Do you see an error? Proofread the page now!
Här nedan syns maskintolkade texten från faksimilbilden ovan.
Ser du något fel? Korrekturläs sidan nu!
This page has been proofread at least once.
(diff)
(history)
Denna sida har korrekturlästs minst en gång.
(skillnad)
(historik)
new enterprises; and it was largely for this purpose
that out of 12 million marks paid-up capital, or 40
per cent. of the nominal share capital of 30
millions, a sum of 7 millions was used at once to finance a
branch office in St. Petersburg. The banking houses
which promoted the bank, of which the Seligmanns
in Frankfort was the best known, reserved for
themselves an important privilege as to the issue of new
stock. As the speculative period after the Franco-German
war was, however, followed by the crisis of
1873, the capital was decreased to the already
paid-up 12 millions, and the stock was also offered for
subscription in Finland at 102½. In 1876 the
capital was further put down to 8 millions, and
2 millions were written off as loss in Russia. This
bank also, with Herr Eugen Wolff as chairman of
the board of directors and Herr W. Burjam and Herr
Felix Heikel as chief managers, has lately been very
successful. It was able in 1896 to increase its
capital by half a million marks issued at 190, and
in 1898 by 1½ million issued at 200; so that, having
paid out of the profit of the issue 450,000 marks
to the banking houses of Seligmann and Stettheimer,
it could increase its reserve to a total of 3½ millions.
The dividend on its 10 million marks of share capital
has during seven years averaged more than 9 per cent.,
which in later years has been a little less than 4 per
cent. on the price of the stock. Its expenses have
been less than 40 per cent. of the gross profit.
Among other banks, the Bank of Vasa was
established in 1879, with object of taking over the
main part of the banking business in Ostrobothnia;
but as the other banks would not give up their
branch offices in this part of the country, it also
established branches elsewhere. It was able to
<< prev. page << föreg. sida << >> nästa sida >> next page >>
