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The Ge r ma n Gr e at Banks 1889. The Deutsch-Asiatische Bank in Shanghai, with 12 branches in Berlin, Hamburg, Tientsin, Tsingtau, Hankow, Hongkong, Cal cutta, Tsinanfu, Peking, Yokohama, K obe (Japan), and Singapore, share capital, 7,500,000 Shanghai taels, fully paid up (jointly with other firms). This bank has the privilege of note issue by its establishments situated within the check districts of Kiauchau and in China. The Bank fur Handel und Industrie is represented on the supervisory board. 1894. The 105.000. Banca Commerciale Italiana in Milan (share capital 000 lire) jointly with other German, Austrian, and Swiss firms. Number of branches 33 (in Italy). The Bank fiir Handel und Industrie is represented on the supervisory board. 1898. The Banque Internationale de Bruxelles in Brussels (share capital 25,000,000 francs, fully paid up) jointly with other German and foreign firms. The Bank fiir Handel und Industrie is represented on the supervisory board. 1900. T he Bankers’ Trading Syndicate in London (capital £100,000). 1904-5. The Banca Marmorosch Blank & Co., Societate anonima in Bucharest, formerly a commandite of the bank (share capital 10.000. 1906. The 000 lei) jointly with the Berliner Handelsgesellschaft. Amerika-Bank Aktien-Gesellschaft (capital 25,000,000 marks in five series, of which 5,000,000 are fully paid up and the remaining 20,000,000 marks to the extent of 25 per cent).6 The Darmstadter Bank has absorbed the following banks and banking firms: 1900. The banking firm Gust. Maier & Co. in Frankfort on-the-Main. 1901. The banking firm H. Oppenheimer in Hannover. 1901. The banking firm O tto Davisson in Hannover. 1901. The banking firm Bernhard Lillienthal in Giistrow. 1902. The Bank fiir Siiddeutschland in Darmstadt (share capital 15,672,300 marks). 1902. The Berlin office of the Breslauer Discontobank. 1904-5. The banking firm Robert Warschauer & Co. in Berlin. 1905. The banking firm Philipp Nicolaus Schmidt in Frankfort-onthe-Main. 1906. The banking firm Hermann Arnold & Co., banking comman dite, in Halle-on-the-Saale. 1907. The banking firm Ed. Loeb & Co. in Neustadt a. d. H. and Landau. 1907. The banking firm M ax K lette in Prenzlau. Through stock ownership the Darmstadter Bank maintains communi ties of interest with the following institutions: 1. Since 1902 with the Breslauer Discontobank in Breslau (share capital 25,000,000 marks) which has 10 branches in G latz, Gleiwitz, Gorlitz, K a t- 983 N a t i on a l M onet a r y Commission towitz, Lauban, M yslowitz (Upper Silesia), Oppeln, Ratibor, Zabrze (Upper Silesia), and Ziegenhals. This bank also has: Three deposit offices in Breslau. One agency in Habelschwerdt. It absorbed the following firms and banks: 1888. Peris & Co. in Gleiwitz. 1900. Landsberger & Co. in K attow itz. 1905. L. Silberberg in Myslowitz. 1905. L. Reym ann in Oppeln. 1905. T he Zabrzer Discontobank Kochmann & Co. in Zabrze. 1908. T he banking firm Karl Schubert Nachf. in Gorlitz. T w o members of the managing board of the Bank fur Handel und Indus trie have seats on the supervisory board of this bank. 2. Since 1902 with the Ostbank fur Handel und Gewerbe in Posen (share capital 18,000,000 marks), which has 9 branches, viz, in Allenstein, Brom berg, Danzig, Graudenz, Konigsberg, Landsberg a. d. W., Memel, Stolp i. P., and Tilsit). One commandite, viz, R . Damme in Danzig. Tw o agencies, viz, in Culm (Western Prussia) and Schwerin a. W. Tw en ty-tw o deposit offices, viz, in Braunsberg, Danzig, Gnesen, Hohensalza, Insterburg, K aukehm enin Eastern Prussia, Konigsberg in Prussia (2), Konitz, Krotoschin, Lissa in Prussia, L y ck in Eastern Prussia, Marienburg, Marienwerder, Osterode, Posen (3), Rastenburg, Rawitsch, and Sehneidemiihl. One exchange office (Wechselstube) in Neu-Skalmierschutz. It absorbed the following banking firms and banks: 1898. The banking firm Heimann Saul in Posen. 1899. T he banking firm C. W. Q uilitz in Landsberg a. d. W. 1905. T he banking firm Ostdeutsche Bank, formerly J. Simon Wwe. & Sohne in Konigsberg (share capital 10,000,000 marks) which in turn had absorbed the banking firms J. Simon Wwe. & Soline in Konigsberg in Prussia, and M. Friedliinder in Bromberg, and had two branches, one in T ilsit and one in Danzig. 1906. T he Bromberger Bank fur Handel und Gewerbe (capital 2,000,000 marks), founded b y the Ostdeutsche Bank The former took over the Bromberg branch of the Ostdeutsche Bank and absorbed the following firms: 1901. Franz Lietz in Inowrazlaw. 1908. Hermann Kiister in Stolp i. P. 3. Since 1903 with the Deutsche Natiemalbank, stock com pany en com mandite (formerly the Nordwestdeutsche Bank, stock com pany en comman dite, in Bremen). Share capital, 33,000,000 marks. This bank has— E ight branches, viz, in Bremen, Bremerhaven, Dortmund, Lehe, Minden, Mulheim-on-the-Ruhr, Oldenburg, and Osnabriick. 984 BTrr-r The G e r m a n - | G r e a t B a n k s Eleven deposit offices, viz, in Bremen-Neustadt, Blumenthal in H an nover, Cloppenburg, Delmenhorst, Hohenkirchen, Jever, Liibbecke, Nordenham, Rinteln, Vechta, and Vegesack. It absorbed the following banking houses and banks: 1901. Georg C. Mecke & Co. in Bremen. 1905. The Vegesacker Bank Schild & Co. in Vegesack, near Bremen, with branch in Blumenthal (Hanover). 1905. The Oldenburger Bank (share capital 2,000,000 marks) with 6 branches in Atens-Nordenham, Cloppenburg, Delmen horst, Hohenkirchen, Jever, and Vechta. 1906. The Deutsche Nationalbank in Bremen (share capital 1,500,000 marks).6 1906. The Mindener Bankverein (share capital 4,500,000 marks), with 2 branches in Liibbecke and Rinteln. 1906. The Leher Bankverein Bischoff & Co. in Lehe. 1908. Gerh. Miihlenbeck in Miilheim-on-the-Ruhr. 4. Since 1905 with the Bayerische Bank fur Handel und Industrie (for merly Bayerische Bank) in Munich (share capital 8,000,000 marks).7 This bank has— Four branches, viz, in Bamberg, Fiirth, Nuremberg, and Wurzburg. One exchange office (Wechselstube) in Nuremberg. T he bank has absorbed the following houses: 1905. The banking firm Gutleben & Weidert in Munich. 1907. The banking firm Erdmann & Frankenau in Nuremberg. 1908. T he banking firm Gerh. Miihlenbeck in Miilheim-on-the-Ruhr. The Darmstadter Bank is represented b y three members of its managing board on the supervisory board of the Bayerische Bank fur Handel und Industrie. Since 1904 the Bank fur Handel und Industrie has maintained contrac tual business connections with the Vereinsbank in Wismar, which took over the former deposit office of the Bank fiir Handel und Industrie in Rostock (share capital 1,500,000 marks, wfith 59 agencies in Mecklenburg); likewise since 1902 with the Wechselstuben-Aktiengesellschaft Merkur in Vienna (share capital in 1908, 20,000,000 kronen, with 9 branches), which took over the clientele of the former commandite of the bank (Dutschka & Co.). The former is represented on the supervisory board of the Vienna institution b y two members of its managing board. II. B e r l in e r H a n d e e s g e s e l l s c h a f t , B e r l in . [Founded in 1856.] Capital en commandite, 1 10,000,000 marks. Surplus (in round figures), 34,500,000 marks, equal to 31.63 per cent of the share capital. Branches.— N one. Commandites.— N one. Deposit offices.— None. 98S N ational Commissio n Monetary Has absorbed— 1901. T he banking firm Breest & Gelpcke in Berlin, which in 1891 had taken over the Internationale Bank (capital 40,000,000 marks). Participated in the founding of the following subsidiary companies (Tochtergesellschaften) :8 1872. The Schweizerischer Bankverein in Basle (share capital 50,000,000 francs). 1889. T he Deutsch-Asiatische Bank. 1894. T h e Banca Commerciale Italiana in Milan. 1898. T he Banque Internationale de Bruxelles, Brussels. 1904-5. T he Banca Marmorosch Blank & Co., Societate anonima in Bucharest (jointly w ith the Bank fur Handel und Industrie). III. COMMERZ- UND DlSCONTO-BANK IN HAMBURG. [Founded in 1870.] Share capital, 85,000,000 marks. Surplus, 12,801,555 marks. Branches.— Three, viz, in Berlin, Hannover, and Kiel. Deposit offices.— Fifty-four, viz, 10 in Hamburg, 1 each in Wandsbeck and Altona-Ottensen, 29 in Berlin, 2 each in Chariottenburg and Schoneberg, 1 each in Wilmersdorf, Friedenau, Rixdorf, Weissensee, Halensee, Neumiinster, Potsdam, Spandau, and Eberswalde. Commandites.— Two, viz, J. Dreyfuss & Co. in Frankfort on-the-Main, S. Kaufm ann & Co. in Berlin. The Commerz- und Disconto-Bank has absorbed the following institutions: 1904-5. The Berliner Bank in Berlin (share capital 42,000,000 marks). T h is bank had 14 deposit offices, viz, Berlin, 9; Charlottenburg, 1, Schoneberg, 1; Spandau, 1; Eberswalde, 1; Neustrelitz, 1 — Commandites, 1 (S. Kaufm ann & Co. in Berlin). I t had absorbed— 1889. The Berliner Handelsbank, E .- G. in Berlin. 1889. The banking firm A. Russ jun. in Berlin. 1907. The banking firm B. Magnus in Hanover. The Commerz- und Disconto-Bank founded as its sub sidiary com pany (Tochtergesellschaft): 1905. Jointly with the Disconto-Gesellschaft, the Revisions- und. Aktiengesellschaft, 1,000,000 , VermogensverwaltungsBerlin marks), with (share capital 4 branches in Hamburg, Hof, Leipzig, and Munich. 986 The G e r m a n G r e a t B a n k s Since 1872 it maintains a community of interest9 through share owner ship (19,302 shares, at £10 paid in, £193,020) with the London and H an seatic Bank, Ltd., in London (total capital is made up of 40,000 shares). Since 1904 it has maintained friendly relations with the Kredit- und Sparbank in Leipzig (share capital 10,350,000 marks) which had ab sorbed— 1888. The Kredit- und Sparbankverein in Leipzig. 1897. The banking firm Franz H. Mdschlers Sohne in Altenburg and had a commandite interest in the banking firm Schirmer & Schlick (in liquidation) in Leipzig. IV . D e u t s c h e B a n k in B e r e in . [Founded in 1870.] Share capital, 200,000,000 marks. Surplus (in round figures), 102,000,000 marks. Branches.— Nine, viz, Bremen since 1871; Hamburg, since 1872; London, since 1873; Frankfort on-the-Main, since 1886, when the Deutsche Bank took over the assets and liabilities of the Frankfurter Bankverein; Munich, since 1889;10 Leipzig and Dresden, since 1900; Nuremberg, since 1905; and Constantinople, since 1909. Commandites.— Two, viz, Rosenfeld & Co., Vienna, and, since 1905, G. E. Heydemann in Bautzen with branches in Lobau and Z itta u .11 Deposit offices, Seventy-seven, viz, Berlin, 27; Charlottenburg, 6; Schoneberg, 2; Rixdorf, 1; Steglitz, 1, Wilmersdorf, 2; 1 each in Friedenau, Weissensee, Spandau, Wiesbaden, Deuben, Meissen, and Augsburg; Hamburg, 14; Leipzig, 7; Dresden, 9; Munich, 1. The Deutsche Bank founded or took part in the founding of the follow ing subsidiary companies (Tochtergesellschaften). 12 1889. The Deutsch-Asiatische Bank (jointly with other domestic and foreign concerns), (See above, p. 983.) 1890. The Deutsche Treuhand-Gesellschaft in Berlin (share capital, 1,500,000 marks) (former firm name: Deutsch-Amerika- nische Treuhand-Gesellschaft). 1890. The Deutsche Ueberseeische Bank in Berlin, which took the place of the Deutsche Ueberseebank, founded in 1886 (share capital 20,000,000 marks.) (See above, p. 433, sub a.) T w en ty-tw o branches, viz, in Santiago de Chile, V a l paraiso, Antofagasta, Concepcion, Iquique, Temuco, V a l divia, Osorno, and Puerto Montt, in Chile; Buenos Aires, Bahia Blanca, Cordoba, and Tucuman, in Argentina; Mexico C ity; Lima, Callao, Trujillo, and Arequipa, in Peru; La Paz and Oruro, in Bolivia; Montevideo, in Uruguay; Madrid and Barcelona, in Spain; Guayaquil, in Ecuador. 1894. The Banca Commerciale Italiana in Milan (jointly with other domestic and foreign concerns). Thirty-three branches in Italy. 987 (See above, p. 983.) N ationa l M on e t a r y Commission 1904-5. The Aktiengesellschaft fur uberseeische Bauuniernehmungen, Berlin, which operated until 1906 under the firm name of the Deutsch-Ostafrikanische Bank (jointly with nine other German firms, including Handelsgesellschaft); share the Deutsch-Ostafrikanische capital, 2,000,000 marks. (See above, p. 438, sub /.) 1905. The Zentralamerika-Bank, Aktiengesellschaft in Berlin (jointly with the Deutsche Uberseeische Bank, the banking house Lazard Speyer-Ellissen in Frankfort-on-the-Main, and the Schweizerische Kreditanstalt). Share capital, 10,000,000 marks, of which for the time being 25 per cent has been paid in. 1906. T he Mexikanische Bank fur Handel und Industrie (Banco Mexicano de Comercio 6 Industria) in Mexico (jointly with the banking house Speyer & Co. in N ew Y ork); share capital, 16,000,000 pesos; the bank took over the business of the Banco-Alemdn T r a n s a tla n tic in M exico; the concession runs for forty years beginning with March 19, 1897. (See above, p. 439, sub m.) T he Deutsche Bank has absorbed the following banks and private bank ing firm s:13 1886. Frankfurter Bankverein. 1901. Menz, Blochmann & Co., Dresden. 1905. H. Chr. Schmidt, Hamburg. 1906. Btihler & Heymann, Munich and Augsburg. Through stock ownership, the Deutsche Bank has communities of inter est w ith the following banks 14 (for which the date of affiliation and share capital are shown): 1897. (1) Share capital (marks). Bergische Markische Bank, E lberfeld......... 75,000,000 (2) Schlesischer Bankverein, B reslau................. 30, 000, 000 (3) Hannoversche Bank, H a n o v e r ..................... 22,500,000 1898. (4) Oberrheinische Bank, M annheim ............... 20,000,000 1902. (5) Duisburg-Ruhrorterbank, D uisburg........... 12,000,000 1903. (6) Essener Kreditanstalt, Essen -on -the-R uh r.. 60,000,000 1904. (7) Siegener Bank fur Handel und Gewerbe, Siegen i. W ........................................................ 4,000, 000 (8) Sachsische Bank, Dresden............................. 30, 000,000 (9) Essener Bankverein, E ssen-on-the-Ruhr. . . 15,000,000 (10) Oldenburgische Spar- und Leihbank, Olden burg ................................................................ (n ) 4, ooo, 000 Privatbank zu G o th a ..................................... 10,000,000 1905. (12) Deutsch-Ostafrikanische Bank, Berlin, with a branch in D ar-es-Salam .......................... 988 2, 000, 000 The G e r m a n G r e a t B a n k s (1) Bergisch-Markische Bank, share capital 75,000,000 marks, has 17 branches, viz, Aix-la-Chapelle, Barmen, Bocholt, Bonn, Coblenz, Diisseldorf (in combination with a deposit office), Duisburg, Hagen, Cologne, K refeld, Maria-Gladbach, Paderborn, Remscheid, R heydt, Solingen, St. JohannSaarbriicken, Trier; 8 deposit offices, viz, Bad Neuenahr, Bernkastel, Cues, Cronenberg, Dusseldorf-Wehrhahn, Goch, Hilden, Schwelm, Warburg; 3 commandites, viz, Hiiser & Co., in Solingen; M ax Gerson & Co., L td., in Hamm and Soest; D. Fleck & Scheuer, in Diisseldorf. I t has absorbed the following banks and private bankers: 1895. R . Jacobi, Cologne; J. H. Brink & Co., Elberfeld; Salomon Philipp, Ruhrort. 1898. T he Remscheider Bank, Ruhrort (capital stock, 2,000,000 marks); Hiiser & Co., Solingen. 1901. A. & C. Sohmann, Krefeld; Goldschmidt & Co., Bonn. In the same year the Bergisch-Markische B ank undertook the liquidation of the firms Beckerath & Heilmann in Krefeld and Rob. Suermondt & Co. in Aix-la-Chapelle. 1902. Barmer Handelsbank, Barmen. 1904. Paderstein’scher Bankverein, Paderborn und (share capital, 5,000,000 marks); Lazard, (Kommanditgesellschaft) in St. Warburg Brach & Co. Johann-Saarbriicken; Trierer Bank, Trier (share capital, 2,000,000 marks); Molenaar & Co. (Kommanditgesellschaft auf A. Aktien, Krefeld (share capital, 1,260,000 marks); this bank dele gates two of its officers to serve on the supervisory board of the Deutsche Bank, and the Deutsche Bank in turn delegates two of its officers to serve on the board of A. Molenaar & Co. (2) The Schlesischer Bankverein of Breslau (capital stock, 30,000,000 marks) has 13 branches, located as follows: Beuthen (in Silesia), Glatz, Gleiwitz, Glogau, Gorlitz, Hirschberg (in Silesia), Konigshiitte, Leob- schiitz, Liegnitz, Neisse, R yb n ik (in Upper Silesia), and Sprottau and Waldenburg (in Lower Silesia). Tw o deposit offices, both in Breslau, and three commandites, Georg Fromberg & Co., Berlin, Richard V o gt & Co., Frankenstein (Silesia), and Hugo Scherzer (Schweidnitz). It absorbed in 1905 the Hirschberg branch of the banking house Abraham Schlesinger, and in 1906 the banking firm Gebriider Herzberg, Breslau. A t the close of 1905 it established friendly relations with the Oberschlesischer Credit-Verein of Ratibor, and the Niederlausitzer Kredit- und Sparbank at Kottbus. wasser O .-L. It has a branch in Guben and an agency in Weiss- T he latter has absorbed the banking house of Wilhelm Wilke in Guben, and earlier the K attow itzer Bankverein. T he Schlesischer Bankverein is represented on the supervisory board of the Deutsche Bank by a member of its own executive board. 989 The Deutsche Bank delegates N at io n a l M on et a r y Commi ssi on two of its executive officers to the supervisory board of the Schlesischer Bankverein (3) T he Hannoversche Bank, Hanover (capital stock, 22,500,000 marks), has 5 branches, located as follows: Celle, Hameln, Harburg a. E., Liineburg, and V erden; 2 deposit offices— one at Linden and the other in Stade. Com- mandites, none.15 The Hannoversche Bank absorbed in 1906 the banking firm of A. Leh mann in Verden. Jointly with the Hildesheimer Bank and the Osnabriicker B ank it established a subsidiary, the Braunschweiger Privatbank, A.-G., with an authorized capital stock of 6,000,000 marks, of which 3,000,000 is paid in. This was formerly the banking firm of Ludw ig Peters Nach- folger of Brunswick, commandite of the Hildesheimer Bank, and was transformed in 1905 under its present name. Through stock ownership it has communities of interest with the (o) Osnabriicker Bank and (b) the Hildesheimer Bank. (а) T he Osnabriicker Bank, in Osnabriick (share capital 14,500,000 marks), which has also founded the Quakenbriicker Bank, has 11 branches, located as follows: Aurich, Emden, Esens, Herford, Leer, Lingen, Meppen, Munster, Norden, Salzuflen, Weener. I t has 13 agencies and has absorbed the following: 1905. T he Ostfriesische Bank, in Leer and Weener; capital stock, 3,000,000 marks. T his institution has been retained as a branch bank of the Osnabriicker Bank under its former name and in 1907 absorbed the banking firm of R. Van Hoorn, of Leer in Ostfriesland. ------- Marcus D. Ganz, a banking firm in Herford which has been continued as a branch of the Osnabriicker Bank under the name of the Herforder Bank. 1906. Harlingerlandische Bank Eyben, Bode & Jansen, in Esens (Ostfriesland). 1907. The Emder Bank, Em den (with a branch in Weener); capital stock, 1,000,350 marks. Carl Krecke, in Salzuflen. 1908. The Volksbank Arenberg-Meppen Langschm idt & Sohn, Lingen. and the banking firm (б) The Hildesheimer Bank, in Hildesheim (capital stock, 8,000,000 marks), has two branches (one in Gottingen and one in Goslar), two deposit offices (Harzburg, Langspringe), and 3 commandites, Joseph Kayser & Co. in Einbeck, M. F alck in Einbeck, and M. K a tz in Duderstadt It has ab sorbed the following: 1886. M. Davidsohn, Hildesheim. 1886. Schiff & Traube, Hildesheim. 1905. Benfey & Co., Gottingen. T he Deutsche Bank is represented on the supervisory board of the Hannoversche Bank. (4) T he Oberrheinische Bank (formerly Koster & Co.) in Mannheim which was merged in 1904 with the Rheinische Kreditbank. 990 It had 9 The G e r m a n branches, located G r e a t as follows: Heidelberg, Karlsruhe, B a n k s Freiburg i. B., R astatt, Bruchsal, Baden-Baden, Strassburg i. E., Miilhausen i. E., Basle. It had a deposit office in Ludvdgshafen; 2 commandites, in Baden-Baden and R astatt, and had absorbed the following banking firms: 1883. Koster & Co., Mannheim. 1896. C. Schwarzmann, Strassburg. 1898. Christian Mez, Freiburg; R . Nicolai & Co., Baden-Baden and R asta tt; F. S. Meyer, Baden-Baden. 1903. Ed. Koelle, Karlsruhe. Through ownership of stock the Oberrheinische Bank and the Deutsche Bank had a community of interest with the Suddeutsche Bank, in Mannheim. (5) The 12.000. Duisburg-Ruhrorter Bank, 000 marks) has 4 branches. 1897 under the name of in Duisburg16 (capital stock, In Diisseldorf it had a branch since the Niederrheinische Bank, Zweiganstalt der Duisburg-Ruhrorter Bank. The other branch was established by taking over the Hoinberger Volksbank, with offices in Oberhausen and Ruhrort. (6) The Essener Kreditanstalt in Essen-on-the-Ruhr (capital stock, 60.000. 000 marks) has 16 branches, located as follows: Bocholt, Bochum, Dortmund, Duisburg, Duisburg-Ruhrort, Gelsenkirchen, Iserlohn, Miilheim (Ruhr), Munster i. W., Oberhausen, Recklinghausen, and Wesel. E ight agencies, as follows: Altenessen, Dorsten, Hamborn, Herne i. W., Homberg, Schalke, Witten, Wanne. Three commandoes, viz, Ernst Osthaus in Hagen, C. Basse in Liidenscheid, and J. A. Holling in Buer. It has absorbed the following: 1895. Levi Hirschland, Essen. 1902. Kreditbank, Recklinghausen. 1903. S. Hanf, Witten. 1905. The Iserlohner Volksbank (capital stock, 1,000,000 marks). 1905. Poppe & Schmoelder, Wesel. 1906. The Westfalischer Bankverein (capital stock, marks), Munster (with a branch in Bocholt). 8,000,000 1908. Albert Heinrich Rost, Munster. 1909. The Duisburg-Ruhrorter Bank, Duisburg. (7) The Siegener Bank fur Handel und Gewerbe in Siegen i. W. (capital stock, 4,000,000 marks). The Deutsche Bank is represented on its super visory board. (8) The Sachsische Bank, Dresden (capital stock, 30,000,000 marks), has 8 branches, located as follows: Annaberg, Chemnitz, Leipzig, Meerane, Plauen i. V., Reichenbach i. V., Zittau, and Zwickau. (9) The Essener Bankverein of E s s e n -o n -th e -R u h r (capital stock 15.000. 000 marks), grew out in 1899 of the banking firm R ebling & Rehn. It has 3 branches, viz, Borbeck, Bottrop i. W., and Oberhausen; 2 deposit offices Liltenessen and Essen-Riittenscheid), and 1 commandite, the bank ing house Ferdinand Klostermann in Hattingen. The Deutsche Bank is represented on the supervisory board of the Essener Bankverein. 991 National (io) Monetary Commission T he Oldenburgische Spar- und Leihbank17 in Oldenburg (capital stock, 4,000,000 marks) has 6 branches, viz, Brake, Delmenhorst, Jever, Lohne, Nordenham, Varel, Wilhelmshaven, and i deposit office at Ovelgonne. ( n ) T h e Privatbank zu G otha (capital stock, 10,000,000 marks) has 3 branches— Erfurt, Leipzig, and Weimar. The Deutsche Bank is repre sented on its supervisory board. (12) T he Deutsch-Ostafrikanische Bank in Berlin has a branch in Dar-es-Salam. The Deutsche Bank is united with (a) the Mecklenburgische Hypothekenu?id IVechselbank and (b) the Rheinische Kreditbank in a com m unity of interest, based on agreements and exchange of representatives on the supervisory boards. (o) Since 1897 it has been allied with the Mecklenburgische Hypothekenund IVechselbank in Schwerin18 (capital stock, 9,000,000 marks). This institution has a branch in Giistrowr and 63 agencies (62 in Mecklenburg and 1 in Ratzeburg). interest with Through ownership of stock it has a com m unity of the Mecklenburgische Sparbank (capital stock, 3,000,000 marks), with a branch in Rostock, an office in Schoneberg, and 79 agencies in Mecklenburg. The Deutsche Bank has, moreover, a direct interest in the Mecklenburgische Sparbank. The latter has an interest in the Meck lenburgische Treuhandgesellschaft m. b. H. in Schwerin. T he Mecklenburgische H ypotheken- und Wechselbank delegates one of its officers to represent it on the supervisory board of the Deutsche Bank, and the latter delegates one of its executive officers to serve on the board of the Mecklenburgische H ypotheken- und Wechselbank. (b) T he com m unity of interest with the Rheinische Kreditbank in Mann heim (capital stock, 75,000,800 marks) dates from 1904. This bank has 13 branches, located as follows: Baden-Baden, Freiburg i. B., Heidelberg, Kaiserslautern, Karlsruhe, Konstanz, Lahr i. B., Miihlhausen i. E., Offenburg, Pforzheim, Speyer, Strassburg i. E., and Zweibrucken. deposit offices (1 in Bruchsal and 2 in Mannheim). It has 3 Since the absorption of the Oberrheinische Bank it has two agencies— 1 in Neunkirehen (district of Trier) and 1 in R asta tt; 2 commandites: G. F. Groh£-Henrich & Co. in Saarbriicken and B. Burger & Co. in Wolfach. It has absorbed the following banks and banking firms: 1871. Joseph Sautier, Freiburg i. B. 1874. Pfalzer Bankverein, Heidelberg. Mannheim; Gebruder Zimmermann, 1897. G . Muller & Kons., Karlsruhe and Baden-Baden, Franz Funck (formerly Gebruder Wolff), Baden-Baden. 1898. T he Kaiserslauterer Bank, formerly Booking, Karcher & Co. 1899. T h e Ortenauer Kreditbank, Offenburg. 1899. Kaufmann, Engelhorn & Co., bank commandite, Strassburg i. E ., Ed. Strohmeyer, Baden-Baden; the Lahrer Kredit bank, Karl Bader & Co. 992 The G e r m a n G r e a t B a n k s 1901. The Mannheimer Bank, A.-G. (capital stock, 6,000,000 marks). 1903. Gebriider Kapferer, Freiburg i. B. 1904. The Kredit- und Depositenbank, Zweibrucken (capital stock, 4,000,000 marks). 1905. The Oberrheinische Bank (capital stock, 20,000,000 marks). with its branches, deposit office, commandites, and commu nities of interest as given on page 990, No. 4. 1906. A. Sulzberger, Konstanz; Julius Kahn & Co., Pforzheim (for merly the commandite of the Wurttembergische Vereinsbank). 1907. The Gewerbebank, Speyer. Through stock ownership the Rheinische Kreditbank has been united in a community of interest since 1901, with the newly organized Mannheimer Bank (capital stock, 1,000,000 marks) and since 1904 with the Siiddeutsche Bank in Mannheim (capital stock, 10,000,000 marks), with a branch in Worms. This community of interest, however, it shares with the Deutsche Bank, both banks being represented on the supervisory board of the Siiddeutsche Bank. T he Rheinische Kreditbank elects two of its officers to serve on the super visory board of the Deutsche Bank, and the latter delegates two members of its executive staff to serve on the supervisory board of the Rheinische Kreditbank. Finally the Deutsche Bank maintains friendly relations with the follow ing institutions: (а) The Anhalt-Dessauische Landesbank, of Dessau. This bank has 6 branches, located as follows: Ballenstedt, Finsterwalde, Kothen, Torgau, Wittenberg, Zerbst, and 6 deposit offices (Coswig, Kirchhain N.-B., Raguhn, and Rosslau in Anhalt). Berlin branch. Dahme, Jessnitz, It has abandoned its In 1908 it took over the Raguhner Gewerbebank, and the deposit office in Jessnitz of the banking firm Paul Schauseil & Co. of Halle. (б) The Braunschweiger Privatbank, of Brunswick. It has deposit offices in Wolfenbiittel and in Braunschweig (the latter took the place of the bank ing house Louis Bremer & Co., of Brunswick, absorbed by the Braunschweiger Privatbank in 1909). (c) 'Flie Braunschweigische Bank und Kreditanstalt, of Brunswick. It has 3 deposit offices, viz, Goslar, Blankenburg, and Oschersleben, and 8 commandites. It absorbed in 1908 the Blankenburger Bank and the banking firm C. Uhl & Co. in Brunswick, and in 1909 the firm F. Heine, of Oschersleben, transforming the latter into a deposit office. (d) The Chemnitzer Bankverein, of Chemnitz, with its branches and 3 agencies. (e) The Danziger Privat-Akiienbank in Danzig, with 3 deposit offices, 7 agencies, and 2 commandites. branches, 6 In 1900 it absorbed the banking firm Ernst Poschmann in Danzig. 9 0 3 1 1 0— 1 1 ----- 64 993 National Monetary Commission (/) The Norddeutsche Kreditanstalt in Kdnigsberg (Prussia); capital stock, 15,000,000 marks. It has a branch in Danzig (which has deposit offices in Langfuhr, Oliva, and Zoppot), Posen (with deposit office), and Stettin (with deposit office); deposit offices in Konigsberg, Briesen i. W., Elbing, Insterburg, Thorn, Culmsee, Gumbinnen, Kolberg, and Tiegenhof, besides a number of agencies. (g) T he Magdeburger Privatbank, M agdeburg (for details, see p. 630). (h) T he Bayerische Handelsbank, Munich (for details, see p. 632). (*) The Bayerische Vereinsbank, Munich (for details, see p. 632). (;) T he Commerzbank, Liibeck. (k) The Lubecker Privatbank, Liibeck. (l ) The Deutsche Vereinsbank, Frankfort-on-the-Main. This bank ab sorbed in 1908 the firm Gebriider Schuster, of the same city. V . T h e D is c o n t o -G e s e l l s c h a f t . (Direktion der Disconto-Gesellschaft, Berlin.) [Founded 1851 (present organization since 1856).] Share capital, 170,000,000 marks. Surplus, 57,592,611 marks, equal to 33.88 per cent of its share capital. Branches.— Four, located as follows; London, 1900; Main, 1901; Frankfort-on-the- Bremen, 1903; and Mainz, 1909. Commandites.— One, Ernesto Tornquist & Co., Buenos Ayres, since 1889. Deposit offices (dating from 1895).— Sixteen, of which 11 are in Berlin, 3 in Chariottenburg, 1 in Friedenau, and 1 in Wiesbaden. It has established or participated in the establishment of the following subsidiary companies;19 1880. The Deutsche Handels- und Plantagengesellschaft der Sudseeinseln, Hamburg, capital stock, 2,750,000 marks (a reorgan ized company). 1883-86. T he Neu-Guinea-Kompagnie, capital stock, 6,000,000 marks. 1887. The Brasilianische Bank fur Deutschland, Hamburg (capital stock, 10,000,000 Bank). marks, jointly with the Norddeutsche The institution has 5 branches, located as follows: Rio de Janeiro, Sao Paulo, Santos, Porto Allegre, and Bahia. 1889. The Deutsch-Asiatische Bank, Shanghai. It was organized b y the Disconto-Gesellschaft jointly with German and foreign concerns, and has a paid-up capital Shanghai taels. stock of 7,500,000 I t has 12 branches, located as follows: Berlin, Hamburg, Tientsin, Tsingtau, Hankow, Hongkong, Calcutta, Tsinanfu, Peking, Yokoham a, Kobe (Japan), and Singapore. 994 The G e r m a n 1894. The Banca G r e a t Commerciale Italiana, B a n k s Milan, capital stock, 105.000. 000 lire (jointly with German and foreign banking firms)— 33 branches in Italy. 1895. The Bank fur Chile und Deutschland, Hamburg, capital stock 10.000. 000 marks, of which 25 per cent or 2,500,000 marks has been paid in (jointly with the Norddeutsche Bank). I t has 9 branches, located as follows: Valparaiso, Santiago, Concepcion, Temuco, Antofagasta, Victoria, and Valdivia, in Chile, and L a Paz and Oruro in Bolivia. 1897. The Banca Generala Romana, Bucharest, capital stock, 10.000. 000 lei. I t has 2 branches, in Braila and Grajova, and an agency in Constantza. 1898. The Banqu£ Internationale de Bruxelles, capital stock, 25,000,000 francs. (See p. 442, letter h.) 1900. The Compagnie Commerciale Beige, anciennement H. Albert de Bary & Co., Society anonyme k Anvers, capital stock, 5.000. 1905. 000 francs. The Bayerische Disconto- und Wechselbank, Nuremberg, capital stock, 12,000,000 marks (jointly w ith the Bayerische H ypo theken- und Wechselbank, Munich). This bank has 15 branches, located in Augsburg, Bam berg, Bayreuth, Kulmbach, Lauf, Hersbruck, Hof, Regensburg, Kempten, Kitzingen, R oth i. B., Schwabach, Schweinfurt, Uffenheim, and Wurzburg; 4 deposit offices, in Neumark (Oberpfalz), Pfaffenhofen-on-the-Iler, R othenburg-on-the-Tauber, and Weissenburg. It has absorbed the following banking firms: 1905. G J. Gutmann, Augsburg; Nuremberg; Friedrich P. C. Giinthert, Bonnet, Wurzburg; Jonas Nordschilds Nachf., Schweinfurt; Con rad Arnold, Lauf and Hersbruck. 1906. Klunk & Gerber, Hof; Jos. S. Schmid, Bam berg; M ax Feichtmeyer, Regensburg; Fried rich Grieninger & Sohn, Uffenheim and Rothenburg; M. Oettinger Sohne, Neumarkt (Oberpfalz). 1907. Julius Leisser, Wurzburg; S. Schwabacher Nachf., Bayreuth and Kulmbach. 1908. G. W. Loos, Weissenburg; Hans Schm itt, B am berg; Siegmund Edenfeld, Wurzburg; Abrell & Deffner, Kem pten; Jonas Nordschild, Schweinfurt-on-the-Main. 1909. August Ahammer & Co., Weissenburg a. D., merged with the bank’s deposit office at the same town. 995 National Monetary Commission 1905. T he Revisions- und Vermogensverualtungs-Aktien-Gesellschaft (A u dit and Trust Com pany)— name changed in 1909 to "Revision,” Treuhand-Aktiengesellschajt, Berlin. Capital stock, 1,000,000 marks, increased to 2,000,000 in 1909. institution has 3 branches jo in tly w ith the T he (Cologne, Dresden, Leipzig,) Commerz- und Disconto - Bank. T he former branch at Munich was in 1907 made a separate in stitution with a capital stock of 400,000 marks under the name of the Bayerische Revisions- und Vermogensverwaltungs-A ktiengesellschaft. 1905. T he Bank fur Thuringen, formerly B. M. Strupp A.-G ., Meiningen; 7,500,000 capital stock, 10,000,000 marks, marks is paid in. in of which T his bank was established jointly w ith the former banking house of B. M. Strupp, the Mitteldeutsche Kreditbank, and Kreditanstalt. It branches, located has 12 the Allgemeine Deutsche as follows: Apolda, Eisenach, Frankenhausen a. Kyffhauser, Gotha, Hildburghausen, Jena, Neustadt on the Orla, Possneck, Ruhla, Saalfeld, Salzungen, and Sonneberg. It has ab sorbed the following firms: 1905. B. M. Strupp, Meiningen, with branch offices in Gotha, Hildburghausen, Salzungen, Ruhla, and Jena. 1906. Hermann Lobe, Meiningen; the Meiningen branch of the Mitteldeutsche Kreditbank; J. G. Bohme & Sohn, Apolda; R ichard Eberlein, Possneck. 1907. Severus Ziegler, Eisenach; Nikol. Martin Scheler & Sohn, Saalfeld. 1909 The Bankverein Frankenhausen. 1906. T he Deutsch-Afrika Bank, capital stock 1,000,000 marks. It has branches in Swakopmund, Windhuk, and Liideritzbucht, and an agency in Santa Cruz. 1906. The Banque de Credit (Kreditna Banka), Sofia, capital stock 3,000,000 gold leva (francs), of which 1,000,000 gold leva has been paid in, jo in tly with S. Bleichroder and the Norddeutsche Bank. -------. The Stahl & stock Federer Aktiengesellschaft, Stuttgart, capital 10,000,000 marks. It has 3 branches, located in Heilbronn, Reutlingen, and Pfullingen. It has absorbed the following firms: 1907. I. Gumbel, Markt in Heilbronn; E m il Ruoff, Reutlingen. 1908. Johannes Rieger, Pfullingen. It has a com m unity of interest with the Geuerbebank in Ulm. 9 96 The G e r m a n G r e a t B a n k s The Disconto-Gesellschaft has absorbed the following firms: 1904. J. Schultze & Wolde, Bremen. 1906. Eugen Schlieper & Co., Berlin; Gebr. Neustadt, Frankfort-onthe-Main. 1907-8. Meyer Cohn, Berlin. 1909. Bamberger & 1908, Co., Mainz. This firm had on November, absorbed the firm Gebruder Oppenheim, of Mainz. Through stock ownership, the Disconto-Gesellschaft has been united in a com m unity of interest w ith the following institutions: 1895. Norddeutsche Bank, Hamburg. 1901. Allgemeine Deutsche K reditanstalt, Leipzig. 1904. Barmer Bankverein, Hinsberg, Fischer & Co., Barmen. 1904-5. Siiddeutsche Disconto-Gesellschaft, Geestemiinder Bank, Geestmiinde. Mannheim; 1. The Norddeutsche Bank, Hamburg, capital stock 50,000,000 marks, cash contributions of “ com plem entary” partners (Komplementare) 1,200,000 marks, ordinary surplus 5,120,000 marks, special reserves 6,235,000 marks. It has 1 branch in Altona; burg and 1 in Harburg; Hanover. 6 deposit (giro) offices, 5 of which are in H am and 1 commandite, Ephraim Meyer & Sohn in It absorbed in 1904 the banking firm of W. S. Warburg, in Altona. 2. T h e A llg e m e in e D e u tsch e K r e d ita n sta lt, Leipzig; capital stock, marks; surplus, 37,850,751 marks. 9 0 ,0 0 0 ,0 0 0 It has 21 branches, located as follows: Altenburg, Annaberg, Bautzen, Bernburg, Chemnitz, Dresden, Freiberg, Gera, Glauchau, Greiz, Grimma, Leopoldshall, Limbach in Saxony, Markranstiidt, Meerane, Oschatz, Pirna, Riesa, Schkeuditz, Schmolln, Zittau, and, since 1909, Meuselwitz. It has 15 deposit offices (9 in Leipzig and suburbs, 6 in Dresden and sub urbs), but no commandites. I t has absorbed the following banks and firms: 1873. Lingke & Co., Altenburg. 1901. Becker & Co., Leipzig and Greiz. Before that time the Dis conto-Gesellschaft had had an interest in this firm. 1902. C. F. Blaufuss, Gera. 1903. Gunther & Rudolph, Dresden. 1905. V e re in sb a n k , Grimma (capital stock, 500,000 marks); Ernst Berndt, Annaberg; C. G. Lochmann, Wwe. & Sohn, Oschatz; K unath & Nieritz, Chemnitz. 1907. Ketzscher & Andreae, Pirna; Bernburger Bankverein W ichm a n n & C o ., B e r n b u r g a n d L e o p o ld s h a ll ( S t a s s f u r t ) ; n a n d H e y n e , G la u c h a u ; L u d w ig & F e r d i C o ., F r e i b e r g ( S a x o n y ) . Through stock ownership the Allgemeine Deutsche K reditanstalt is united in a community of interest with the following banks: The w ith V o g tld n d isch e B a n k , P l a u e n i. V . ( c a p i t a l s t o c k , 5 ,5 0 0 ,0 0 0 m a r k s ) , b r a n c h e s in A u erbach and F a lk e n s te in i. V . , K l i n g e n t h a l i. S . , a n d R e i c h e n b a c h i. V . ; B u s s e & C o . , B e r l i n ; B a y e r i s c h e D i s c o n t o - u n d W e c h s e l b a n k in N u r e m b e r g ; B a n k f u r T h i i r i n g e n , f o r m e r l y B . M . S t r u p p , M e i n i n g e n . 997 N ational Monetary Commission Since 1904-5 the Oberlausitzer Bank, in Z ittau (capital stock, 2,700,000 marks, branch at Neugersdorf), and the Vereinsbank, in Zwickau (capital stock, 4,500,000 marks). The shares of the Allgemeine Deutsche Kredit- anstalt, which had to be given in exchange for the shares of these institu tions, were obtained primarily from the holdings of the Disconto-Gesellschaft. On the supervisory board of the Oberlausitzer Kreditanstalt both the Allgemeine Kreditanstalt and the Disconto-Gesellschaft are represented. 3. T he Banner Bankverein Hinsberg, Fischer & stock, 59,836,200 marks), has Co., Barmen (capital 17 branches, located as follows: Bielefeld, Cologne, Crefeld, Dortmund, Diisseldorf, Hagen, Hamm, Iserlohn, Lennep, Liidenscheid, Maria-Gladbach, Ohligs, Osnabriick, Remscheid, R heydt, Soest, and Solingen. It has 5 deposit offices, located as follows: Barmen-Rittershausen, Hohenlimburg, Uerdingen, and 2 in Diisseldorf. It has absorbed the following banks and firms1898. The Gladbacher Bankverein Quack & Co., Maria-Gladbach. 1900. Leffmann Stern, Hagen. 1902. The Diisseldorfer Bankverein (capital stock, 9,000,000 marks). 1904. The Dortmunder Bankverein, which had a commandite inter est in the banking house Balcke & Co., and had branches in Hamm and Soest. 1905. A. W. Dreyer, Wwe., Bielefeld; Wallach & Emanuel, Iserlohn; N. Blumenfeld, Osnabriick; The Crefelder Gewerbebank, Crefeld (capital stock, 2,000,100 marks); the Liidenscheider Bank, formerly Liidenscheider Volksbank (capital stock, 1,250,000 marks). 1906. Albert Simon & Co., Kommanditgesellschaft, Cologne. 1907. T he Lenneper Volksbank, Lennep. 1908. T he Bonner Privatbank, Bonn. T he Disconto-Gesellschaft delegates one of its managing partners to serve on the supervisory board of the Barmer Bankverein, and the Barmer Bankverein in turn delegates one of its directors to serve on the supervisory board of the Disconto-Gesellschaft. 4. The Suddeutsche 31,250,000 Disconto-Gesellschaft, Mannheim (capital marks), has 4 branches, located as follows Lahr i. B. Landau, and Pforzheim; stock, Freiburg i. Br., 1 deposit office, in Heidelberg. 6 agencies, in Annweiler, Bergzabern, Edenkoben, Germersheim, Mullheim i. B., and N eustadt i. Schw.; and 1 commandite, viz, E. Ladenburg in Frankfort on-the-Main. It has absorbed the following firms: 1904-5. W H. Ladenburg & Sohne, Mannheim. 1906. Weil & Benjamin (Kommanditgesellschaft), Mannheim; Stosser-Fischer, Lahr; J. M. Bemion, Landau. 1908. Jacob Baer, Bruchsal. 998 The G e r m a n G r e a t B a n k s The Disconto-Gesellschaft is represented on the supervisory board of the Siiddeutsohe Disconto-Gesellschaft, and one of the partners of the firm E. Ladenburg, has entered the supervisory board of the Disconto-Gesell schaft. Finally, since 1907, the Disconto-Gesellschaft is on friendly terms with the Magdeburger Bankverein, of Magdeburg (capital stock, marks) (see above, p.629). 15,000,000 This became manifest in the election of a director of the Disconto-Gesellschaft to a place on the supervisory board of the Magdeburger Bankverein. V I. D r e sd n e r B a n k , D r e s d e n . [Founded 1872.] Capital, 180,000,000 marks. (200,000,000 marks since 1910.) Surplus, 51,500,000 marks. The Dresdner Bank has 27 branches, located as follows: Altona, Augs burg, Bautzen, Bremen, Buckeburg, Kassel, Chemnitz, Detmold, Dresden, Emden, Freiburg i. B., Frankfort-on-the-Main, Fiirth, Greiz, Hamburg, Hanover, Heidelberg, Beer, London, Liibeck, Mannheim,20 Meissen, Munich, Nuremberg, Plauen i. V., Wiesbaden, and Zwickau. It has 1 commandite, viz., the exchange office (Wechselstube) Bosse, Keil & Co., Berlin, formerly the commandite of the Deutsche Genossenschaftsbank Sorgel, Parrisius & Co. Since 1895 its deposit offices have grown to 57 in number— 23 in Berlin, 2 each in Charlottenburg, Schoneberg, Friedenau, and Gross-Lichterfelde; 1 each in Pankow, Steglitz, Wilmersdorf, Rixdorf, Tempelhof, and Altona; 4 in Dresden, 1 in Frankfort-on-the-Main, n in Hamburg, 1 in Linden near Hanover, 2 in Nuremberg, and 1 in Wiesbaden. In 1909 there were added branches in Eschwege and Fulda. The Dresdner Bank has cooperated in the establishment of the following subsidiaries'21 1889. The Deutsch-Asiatische Bank (with other firms). (See p. 983.) 1894. T he Banca Commerciale Italiana (with other firms). (See p. 983.) 1904. T he Deuisch-Westafrikanische Bank (established jointly with the Deutsch-Westajrikanische Handelsgesellschaft. (See p. 457, sub 4.) T he capital stock of this company is 1,000,000 marks. The bank is a colonial company, having its office in Berlin, and branches in Hamburg, Lome, and Duala. Its purpose is to regulate the currency circulation and facilitate pay ments both within the German colony of West Africa, and in its relations with foreign countries, and to carry on banking in accordance with its charter. 1904. Speyr & Co., A.-G., Basle (capital stock, 15,000,000 francs). 999 National Monetary Commission 1905.22 The Treuhand Vereinigung, A.-G., Berlin (capital stock, 1,000,000 marks), with a branch in Dresden and an office jointly with the A. Schaaffhausen’scher Bankverein in Cologne. The Deutsche Orientbank, A .-G ., Berlin, capital stock, 16,000,000 marks, established jointly with the National bank fur Deutschland, see pages 446 and 454. 1906. The Deutsch-Siidamerikanische Bank, A .-G ., Berlin, capital stock, 20,000,000 marks, established jointly with the A. SchaafThausen’ scher Bankverein. The Dresdner Bank has absorbed the following banks and firms: 1872. Michael Kaskel, Dresden. 1873. The Sachsischer Bankverein, capital stock, 5,250,000 marks. 1877. T he Sachsische Kreditbank, capital stock, 9,000,000 marks. 1891. R. Thode & Co. 1892. The Anglo-Deutsche Bank, Hamburg, capital stock, 12,300,000 marks. 1895. The Bremer Bank, Bremen, capital stock, 20,000,000 marks. 1896. S. E. Wertheimber, Nuremberg and Fiirth. 1898. Alexander Simon, Hanover; W. J. Gutmann, Nurem berg. 1899. The Niedersachsische Bank, Biickeburg, capital stock, 6,000,000 marks. 1904. The Deutsche Genossenschaftsbank Sorgel, Parrisius & Co., Frankfort on-the-Main and Berlin, capital stock, 30,000,000 marks. Through stock ownership this bank had a com m unity of interest with the Wurttcmbergische Landesbank of Stuttgart, capital stock, 8,000,000 marks, with 2 branches (Ulm and Heilbronn) and 1 deposit office (Cannstatt). The Wurttembergische Landesbank had absorbed thefollowing firms: 1899. Breunig & Fischer, Stuttgart. 1900. Albert Schmidts Nachfolger, Heil bronn, and had a commandite interest in the Wechselstube Bosse, Keil & Co., in Berlin. In taking over and continuing the business of the Genos senschaftsbank (Bank for Cooperative Credit Societies), the Dresdner Bank instituted special cooperative credit de partments with cooperative society advisory councils in Ber- 1000 Th e G e r m a n G r e a t B a n k s lin and Frankfort-on-the-Main in order to minister to the business of the German industrial and agricultural coopera tive societies. 1904. V on Erlanger & Sohne, Frankfort-on-the-Main, ab sorbed b y the Dresdner Bank jointly with the A. Schaaffhausen’scher Bankverein. Through stock ownership, this firm had a community of interest with the following ban ks:23 (a) The Oldenburgische Landesbank, Oldenburg, capital stock, 3,000,000 marks, of which 40 per cent, or 1,200,000 marks, is paid up. This bank has 7 branches and 43 agencies. (ft) The Mecklenburgische Bank, Schwerin, capi tal stock, 5,000,000 marks, of which 40 per cent, or 2.000. 000 marks, is paid in. I t has a branch in Neubrandenburg and 54 agencies and has in turn a community of interest with the following banks: Rostocker Gewerbebank, A.-G., Rostock, capital stock, 980,000 marks, with 26 agencies. N euvorpommersche Spar- und Kreditbank, A.-G., Stralsund, capital stock, 1,000,000 marks, with 26 agencies. The Dresdner Bank and the A. Schaaffhau- sen’scher Bankverein are both represented on the supervisory board of the Mecklenburgische Bank. (c) The La ndgraflick - Hessischc Landesbank, 1.000. Homburg v. konzessionierte d. H., capital stock, 000 marks, with 2 branches (Nauheim and Friedberg). (d) The Schwarzburgische Landesbank, Sondershausen (capital stock, 2,500,000 marks, of which 1.000. 000 marks are paid in), with 6 branches, located as follows: Arnstadt, Ilmenau, Rudolstadt, Saalfeld, Suhl, Weida. The Dresdner Bank and the A. Schaaffhausen’ scher Bankverein are represented on the supervis ory board of this bank. 1906. Ed. Kauffmann & Fehr, Freiburgi. B .24; Ernst Heydemann, Meissen; C. H. Reinhardt, Bautzen. 1907. Paul von Steffen, Augsburg. 1908. M. Kapeller, Munich; Eduard Bauermeister, Zwickau; Kahl & Oelschlagel, Dresden, whose business was then in process of liquidation: Mauer & Plaut, Kassel. 10 0 1 N a t i on a l M on e t a r y 1909. Commission D avid M. Kahn, Eschwege; F. Wallach, Fulda. Through stock ownership25 the Dresdner Bank has a com m unity of interest with the following banks since the dates given: 1903. (1) The Mdrkische Bank, Bochum, capital stock 9.000. 000 marks. (2) T he Rheinische Bank, Essen (formerly Miilheimon-the-Ruhr), capital stock 21,000,000 marks.26 1904. (3) The Oberschlesische Bank, Beuthen, capital stock, 2,500,000 marks. (4) T he Wurttembergische Landesbank, Stuttgart, capi tal stock, 8,000,000 marks. (5) T he Oldenburgische Landesbank, Oldenburg, capi tal stock, 3,000,000 marks, of which 1,200,000 marks are paid in. (6) The Mecklenburgische Bank, Schwerin, capital stock, 5,000,000 marks, of which 2,000,000 marks are paid in. « (7) The Landgraflich Hessische konzessionierie Landes bank in Homburg v. d. H., capital 1.000. stock, 000 marks. (8) T he Schwarzburgische Landesbank,27 Sondershausen, capital stock, 2,500,000 marks, of which 1.000. 000 marks are paid in. (1) The Mdrkische Bank, Bochum, has 9 branches, located as follows: Arnsberg, Beckum, Castrop, Dortmund, Gelsenkirchen, Munster i. W., Recklinghausen, and Witten. and Oelde, and 1 exchange office at Wanne. Langendreer, It has 2 agencies, in Buer I t absorbed in— 1898. The banking firm Albert Lauffs, Bochum. 1899. T he H em er Bank, Herne, capital stock, 1,000,000 marks. (2) T he Rheinische Bank, Essen (formerly in Miilheim-on-the-Ruhr), has 4 branches at Miilheim, Duisburg, Meiderich, and Dinslaken, and 1 exchange office at Hochfeld. 1897. It has absorbed the following firms: Gust. Hanau, Miilheim-on-the-Ruhr. 1905. Herm. Thate, Meiderich. 1906. Dietrich Schroter, Dinslaken. 1907. Fr. H. Moeschlers Sohne, Meerane (i. S.). T he Dresdner Bank is represented on the supervisory board of the Rheinische Bank. ( (3) The Oberschlesische Bank, Beuthen, has 2 deposit offices (exchange offices), 1 in K onigshiitte and 1 in Tarnowitz. (4) The Wurttembergische Landesbank, Stuttgart, has 2 branches (Ulm and Heilbronn) and 1 deposit office (in Kannstadt), had a com m unityof interest with the Deutsche Genossenschaftsbank until 1904, and since then with the banks formerly affiliated with the banking house von Erlanger & Sohne (see^>. 1001), i. e., with the following: 1002 — — The G e r m a n G r e a t B a n k s (5) The Oldenburgische Landesbank, Oldenburg, with 8 branches and 43 agencies. (6) The Mecklenburgische Bank, Schwerin, which has a branch in Neubrandenburg and 50 agencies, and has a community of interest with the (a) Rostocker Gewerbebank, A.-G., Rostock, capital stock, 2,000,000 marks, with 50 agencies, and the (b) Neuvorpommersche Spar- und Kreditbank, Stralsund, capital stock, 1,000,000 marks, with 26 agencies. (7) Landgrdflich Hessische Konzessionierte Landesbank, Homburg v. d. H., w ith two branches (Nauheim and Friedberg in Hesse). (8) Schwarzburgische Landesbank, Sondershausen, with 6 branches. Between 1903 and the end of 1908 the Dresdner Bank was united b y agreement with the A. Schaaffhausen’scher Bankverein in a community of interest. The A. Schaaffhausen’scher Bankverein, of Cologne, has a capital stock of 145,000,000 marks. The contract was in substance as follows: The community of interest was to run from January 1, 1904, for thirty years. The two companies were not merged, but the business of both was conducted jointly, the net profits were pooled, and then divided in proportion to the capital stock of each, including surplus funds as shown b y the balance sheets. O nly such sums as had heen permanently put into the surplus were to be counted— i. e., amounts definitely set aside as surplus, and not funds set aside to cover particular risks. The annual profits were pooled under the following conditions: Each company was to keep its own profit-and-loss account, regardless of its com m unity of interest. From the gross profits each bank was to deduct first all the general expenses and the amounts required to be written off or set aside for surplus funds b y statute or b y the by-laws, and then the amounts of compensation shown b y the books as due to the general managenal staff, the managers of the branches, to other officials and members of the super visory board, the bonuses to employees, and a suitable amount for deprecia tion on bank buildings. The remaining net profits were to go into a com mon fund, to be divided on the basis indicated above. After the share of the profits due to each bank had been determined, each institution was to prepare independently its own final balance sheet and profit-and-loss account, in accordance with statute and its by-laws. W hatever amount one bank might have to pay to the other was to be entered as profit or loss in the profit-and-loss account of either bank, de creasing b y so much the amount of net profits of the bank making payment, and increasing b y so much the net profits of the bank receiving payment. The computation of the actual allowances (Tantifemen) to the members of the managerial staff and of the supervisory board were thus to be based not on the amounts shown b y the provisional profit-and-loss statement, but on the final determination of net profits. The pooling applied only to the annual profits, but not to losses. In this case the accounts of either company showed a net loss for the year, loss, unless made up b y the share in the profits of the other company, 1 00 3 .....it N at ion a l M o n et a r y Commission was to be covered from its surplus or in some other manner, in order that the net profits of the following year might not be reduced b y an y losses carried over from the preceding year’s account. In order to insure unity of management and the pursuance of a common policy, the following pro visions were made and carried into effect: (1) Either bank was to be represented b y two of its executive officers, and three members of its supervisory board on the supervisory board of the other bank. (2) For the preliminary consideration of im portant transactions the supervisory board of either bank was to elect from its midst a standing committee, composed of an equal number of members, who were to be joined b y two persons, normally executive officers, of the other company. (3) These two committees combined were to form a council of delegates (Delegationsrat). Aside from passing upon questions involving differences of opinion, this council was to approve the provisional balance sheet and profit-and-loss statement drawn up b y each bank with the view of arriving a t the joint profits, to pass upon the division of the common fund, and par ticularly to determine what sums were to be written off or set aside for sur plus funds before computing profits. T h e increase of capital b y either com pany was made dependent on the approval of the council in the sense that an y increase of capital stock made b y either bank without such approval was to be disregarded in apportioning the annual profits, and furthermore that such an increase was to give to the other bank the right to withdraw from the agreement. I t was further agreed th at whenever experience showed th at a modifica tion of the terms of the agreement became necessary in an y respect, an y change was to be approved b y at least two-thirds of all the members of either supervisory board, in the same w ay, as when the original agreement was made. T he com m unity of interest, as a m atter of fact, came to an end on Jan uary 1, 1909, although the annual report spoke only of a “ m odification.” “ Provision was however made ” for the continuation of the existing inti mate relations and the mutual representation on both boards under a new agreement. For data regarding the M itteldeutsche Kreditbank, see note28on page 1016. V II. N a t io n a l b a n k f u r D e u t s c h l a n d , in B e r l in . [Founded in 1881.1 Share capital, 80,000,000 marks. Surplus, 13,220 000 marks. Branches.— None. Commandites (2).— Erttel, Freyberg & Co. in Leipzig and, since 1905, Born & Busse in Berlin. Deposit offices (77).— Fourteen in Berlin and 1 each in Charlottenburg, Potsdam, and Steglitz. 1004 The G e r m a n G r e a t B a n k s Jointly with several other concerns the bank founded subsidiary companies (Tochtergesellschaften):29 1889. The Deutsch-Asiatische Bank. 1895. the following (See p. 983.) The Credito Italiano in Rome (share capital, 75,000,000 lire), with 17 branches. Jointly with the Banque Nationale de Gr6ce, it founded: 1904. The Banque d’Orient in Athens (share capital, 10,000,000 francs); branches in Saloniki and Smyrna. 1905. Jointly with the Dresdner Bank and the A. Sehaaff- hausen’scher Bankverein, it founded the Deutsche Orientbank Aktiengesellschaft in Berlin, which took over the former branches of the Banque d’Orient in Hamburg and Con• stantinople.30 Pera. Deposit offices, 3, including Stam boul and Additional branches have been opened in Cairo, Alexandria, Brussa, Kalam ata, Constantinople, Saloniki, Smyrna, Tangier, and Casablanca (share capital, 16,000,000 marks). Has a community of interest since 1905 with the Deutsche Palastinabank in Berlin (share capital, 5,000,000 marks), founded in 1899, with 5 branches in Haifa, Jaffa, Jerusalem, Beirut, and Hamburg; founded in turn as its subsidiary (Tochtergesellschaft) the Levante-Kontor, G. m. b. H., with office in Constantinople. The Nationalbank fur Deutschland absorbed the following banking firms: 1898. Jacob Landau in Berlin. 1904. S. Lange in Berlin. 1907. Born & Busse in Berlin, which since 1905 was conducted as a commandite of the bank in conjunction with other partners.31 V I I I . A. S c h a a f e iia u s e n ’ sc h er B a n k v e r e i n , in C o l o g n e - o n - t h e -R h in e [Founded in 1848.] Share capital, 145,000,000 marks. Surplus, 34,157,125 marks. Branches (/o).32— Berlin (since 1891), Bonn, Cleve, Crefeld, Duisburg( Diisseldorf, Neuss, R heydt, Ruhrort, and Viersen. Commandite— Philipp Elimeyer in Dresden, since 1898. Deposit offices (15).— Cologne (3), Godesberg, Charlottenburg, Schoneberg, Potsdam, Diilken, Emmerich, Grevenbroich, Kempen, Krefeld, Moers, Odenkirchen, Wesel. Founded or took part in the founding of the following subsidiary com panies (Tochtergesellschaften) 33 1889. The Deutsch-Asiatische Bank jointly with other domestic and foreign concerns. (See p. 983.) 1898. The Banque Internationale de Bruxelles jointly with other concerns. (See p. 442, letter h.) 1005 N a t io n a l 1900. The M on e t a r y Westfdlisch-Lippische Commission Vereinsbank, (share capital, 7,000,000 marks). A.-G., in Bielefeld The latter has 4 branches, viz, in Detmold, Herford, Lemgo, Minden; 2 deposit offices, Oeynhausen and Rinteln on the Weser. It absorbed the following banking firms: 1900. Katzenstein & Sohne, Bielefeld. 1900. Gebriider Siekmann in Herford. ------ . Salomon & Oppenheimer in Detmold and Lemgo. 1904. Jointly with the Dresdner Bank, the Stock Com pany Speyr & Co. in Basle (share capital, 15,000,000 francs). 1905. Jointly with the Dresdner Bank, the T reuhand-Vereinigung, A ktiengesellschaft, in Berlin (share captal, 1,000,000 marks). -------. Jointly with the Dresdner Bank and the Nationalbank fur Deutschland, the Deutsche Orientbank, Aktiengesellschaft, in Berlin (share capital, 16,000,000 marks), with branches in Constantinople and Hamburg, taken over from the Banque d ’Orient, and additional branches in Alexandria, Brussa, Cairo, Kalam ata, Saloniki, and Smyrna. 1906. Jointly with the Dresdner Bank, the Deutsch-Sudamerika- nische Bank, Aktiengesellschaft, in Berlin (share capital, 20,000,000 marks). (See p. 446.) The A. Schaaffhausen’scher Bankverein absorbed the following banking firms and institutions: 1903. T he banking firm A. & L. Camphausen in Cologne-on-theRhine. 1904. T he Westdeutsche (share capital, Bank, formerly Jonas 8,000,000 marks). Cahn, in Originated Bonn from the transformation in 1896 of the banking firm Jonas Cahn in Bonn, and took over in 1898 the banking firm Solmitz & Cohen in Cologne-on-the-Rhine. 1904. T he Niederrheinische Kredit-Anstalt, formerly Peters & Co., in Crefeld (share capital, 21,000,000 marks) wfith twelve branches, in Duisburg, R heydt, Ruhrort, Neuss, Emmerich, Mors, Grevenbroich, Odenkirchen, Viersen, Wesel, Cleve, and Kempen-on-the-Rhine. 1904. Jointly with the Dresdner Bank, the banking house von Erlanger & Sohne in Frankfort-on-the-Main. 1908. (See p. 1001.) T he banking firm Blumberg & Gollmick in Berlin. The A. Schaaffhausen’scher Bankverein maintains com m unity of interest relations34 with the following institutions: I. Through ownership of shares: (1) Since 1901 with the Pfdlzische Bank in Ludwigshafen (share capital, 50,000,000 marks). Branches, 16, viz, in Alzey, Bamberg, Bensheim a. d. B., Darkheim a. d. D., Frankenthal, Frankfort-on-the-Main, Kaiserslautern, Landau (Palatinate), Mannheim, Munich, N eustadt a. d. H., Nuremberg, Pirmasens, Speyer, Worms, and Zweibriicken. 1006 Agencies, 4, viz, in Donau- T Th e G e r m a n G r e a t O S - B a n k s eschingen, Gemersheim, Griinstadt, and Osthofen (Rhenish Hesse). Ex change and deposit offices, n , viz, Frankfort-on-the-Main, 4; Munich, 3; Lambrecht, 1; Lampertheim, 1; Landstuhl, 1. Absorbed the following banks and banking firms: 1886. T he Volksbank in Ludwigshafen. 1894. The banking firm Joh. Franck in Worms on-the-R hine; the banking firm Louis Dacqud in Neustadt a. d. H. 1895. The Deutsche Unionbank in Mannheim (founded in 1873 with a capital of 6,000,000 marks) and in Frankfort-on-the-Main, which in turn had absorbed the banking firm Gebr. Sonneberg in Frankfort-on-the-Main. 1896. The banking firm J. F. Haid in Speyer. 1897. The banking firm Muller & W eyland in Landau; the banking firm K arl W eyland in Landau; the banking firm Hermann Menner in Landau; the banking firm Zweibriicker Bank, Lehmann, Muller & Co., in Zweibriicken. 1898. The banking firm Bloch & Co., in Munich and Nuremberg; the banking firm Seb. Pichler’s sel. Erben in Munich; the banking firm Reichard & Glaser in Frankenthal. 1899. The Vorschussverein Alzey. in Bamberg; the Vorschussverein in 1900. The banking firm Markus L e v y in Worms-on-the-Rhine. ------ . The Volksbank in Bensheim. 1908. The banking firm Baruch Bonn in Frankfort-on-the-Main. The Volksbank in Germersheim. (2) Since 1903 with the Mittelrkeinischc Bank in Coblenz (share capital, 20,000,000 marks). Branches, 3, viz, in Duisburg, Meiderich, and Metz. The Mittelrheinische Bank maintains community of interest relations with the following institutions: The Mulheimer Bank in Miilheim-on-the-Ruhr, founded in 1889 with a share capital of 9,000,000 marks (number of branches, 3, viz., in -Hamborn, Oberhausen, and Sterkrade); the Dorstener Bank in Dorsten, and the Markischer Bankverein in Gevelsberg. A director of the A. Schaaffhausen’seller Bankverein and a former direc tor of the Bankverein, at present a director of the Rheinische Bank, have joined the supervisory board of the Mittelrheinische Bank. (3) Since 1905 with the Ostbank fur Handel und Gewerbe in Posen, a con stituent of the Darmstadter Bank group (see p. 984, No. 2), with a share capi tal of 18,000,000 marks, which absorbed in 1905 the Ostdeutsche Bank vorm. J . Simon Ww. & Sohne (share capital, 10,000,000 marks), with which the A. SchaafThausen’scher Bankverein had been maintaining community of interest relations. II. The B y agreement: A. Schaaffhausen ’scher Bankverein maintained a community of interest with the Dresdner Bank from 1903 to January 1, 1909. (The tenor of the earlier agreement is stated above on p. 1003 under the head of 1007 N at i on a l th e D resdn er B a n k .) M on e t a r y Commission S in ce th en as a result o f a n ew u n d ersta n d in g there e x ist m e re ly “ in tim a te business r e la tio n s” w h ich find expression in the fa c t t h a t “ p ro visio n h as been m ad e for th e m u tu a l represen tation on th e su p erviso ry boards o f either in stitu tio n .” APPENDIX VIII. PROGRESS GREAT TH EM OF C O N C E N T R A T IO N BANKS AND W IT H IN W IT H IN THE EACH BANKS OF A L L IE D TH E W IT H (K O N Z E R N B A N K E N ). D a t a fo r the eight B e r l i n great b a n k s T able i. Number of Permanent establish Deposit Command participa ite con ments and ex tions in Sum total nections (main change with German of institu office and offices banking joint tions. branches) in houses in stock in Ger Germany. Germany. banks.M many. End of year— 189s.................................. 1896.................................. 1900.................................. 1902 .................................. i 9 ° S ....................................... 1908.................................. 18 20 23 27 13 2 59 14 2 63 25 53 12 9 33 87 II 149 264 12 l6 34 97 46 69 12 D a t a fo r each of the great b a nks. T a b l e 2.— D a r m s t a d t e r B a n k . 8 1 9 0 2 ........................................................... 5 IO 1 9 0 5 ............................................................ »6 17 21 1908...................................... T able 3.— 8 32 *5 4 B e r lin e r H a n d e lsg e se llsch a ft. 1895 1896 1900 1902 I9 °S 1908 8 1008 4 »4 7 99 147 241 443 Th e G e r m a n G r e a t B a n k s Data for the eight Berlin great hanks— Continued. T a b l e 4.— Commerz- und Disconto-Bank. Number of Permanent establish Deposit Command ite con participa ments and ex nections tions in Sum total (main change with German of institu office and offices banking joint tions. branches) in stock in Ger Germany. houses in Germany. banks.3 5 many. End of year— 8 1908...................................... 4 2 54 6 66 T a b l e 5.— Deutsche Bank. ............ « 8 1 9 0 8 ................................................. IO 1 9 0 5 ..................... 17 35 44 73 3 « 1 4311 64 2 31 Il6 T a b l e 6.— Direktion der Disconto-Gesellschaft. I 46 y 5 10 18 20 42 3 3 1905....................................... 44 8 3 6 (•) T a b l e 7 .- -Dresdner Bank. 1895........................... 1896........................... 1900........................... 1902....................... 1905....................................... 1908........................... 903 n ° —11----- 65 7 6 • «14 28 1009 24 I 57 I 4®9 19 48 ios National Monetary Commission Data for the eight Berlin great banks— Continued. T a b l e 8.— Nationalbank fur Deutschland. End of year— 190s.................................. 1908.................................. Number of Permanent establish Deposit Command ite con participa ments and ex nections tions in Sum total (main change with German of institu office and offices banking tions. joint in branches) stock Germany. houses in in Ger Germany. banks.5 5 many. I I 13 17 2 2 («) l6 2 22 T a b l e 9.— A . Schaaffhausenscher Bankverein,50 I 2 190s................................................................. M 10 13 1 1 9 0 8 ................................................................. II is I 1 9 0 2 ................................................................. 4 3 3 12 In the subsequent table (10) a comprehensive picture of the progress of concentration is given for those provincial banks which are allied with one of the five Berlin great banks, each of which, as we saw, is at the head of a bank group. The 4r banks which are part of the community-of-interest system s of the great banks— the so-called Konzernbanken, exclusive of subsidiary banks (Tochterbanken)— show the following development: xoro G e r m a n G r e a t T able B a n k s io . Commandites. Group (Konzern) of— 2 A U | ci u PQ I. B a n k fur I n d u s t r ie bank) H andel Deposit offices. Have absorbed. .<3 ‘u c it be < c • £§3 0 )^0 + -> 03 *7 > bfl •c.g p^ J2 a oJ PQ und Cd a r m s t a d t k r ,62 10 2. Ostbank A Communities of interest by ownership or ex change of stock. The fur Handel 3 und 6 9 63 2 8 4. Bayerische Bank fur Handel 4 I I . D e u t s c h e B a n k .64 i. Bergisch-Markische Bank. . . . 2. Schlesischer Bankverein....... (a) Osnabriicker Bank. . . (6) Hildesheimer Bank.. 4. Duisburg-Ruhrorter Bank . . . 5. Essener Kreditanstalt.......... 6. Siegener Bank fiir Handel 3 17 13 8 8 2 13 2 3 2 2 3 9 1 6 I 8 13 8 9. Oldenburgische Spar- und 6 12. Mecklenburger Hypotheken63 Mecklenburgische Spar13. Rheinische Kreditbank65. .. . 2 13 I I I . D is c o n t o -G e s e l l s c h a f t .68 1. Norddeutsche Bank............... I io ii 7 2 Monetary T able io Commission — Continued. Communities of interest by ownership or ex change of stock. National Banks. Deposit offices Commandites. Agencies. Branches. Group (Konzem) of— Private bank ing houses. Have absorbed. 2. Allgemeine Deutsche Kredit27 (6) Vogtlandische Bank.. (c) Oberlausitzer Bank. .. ( d ) Vereinsbank in Zwi- II I 5 5 7 1 6 1 I 1 I IS 4 6 * i I 17 4. Siiddeutsche Disconto-Gesell4 6 I I I V . D r b s d n e r B a n k .” 9 2 4 z 2 4. Wurttembergische Landesbank 2 5. Oldenburgische Landesbank . . 8 43 i So 1 2 1 2 (a) Rostocker Gewerbebank, Aktiengesell26 (6) N e uvorpommer’sche Spar- und Kredit26 7. Landgrafl. Hessische konzess. 2 8. Sckwarzburgische Landesbank 6 V. A. S c h a a f f h a u s b n ’ s c h e r B a n k v b r Bi n .5* 16 2. Mittelrheinische Bank, with the XI 4 II 6 ..... 3 3 3 241 K 3 2s 18 102 89 43 » 16 The G e r m a n N O TES TO G r e a t A P P E N D IC E S V I I A N D B a n k s V III. 1. In alphabetical order. The amounts of share capital and surplus, unless otherwise specified, are as per Dec. 31, 1908. 2. In the case of commandites, i. e. firms in which a bank has a silentpartnership interest, account is taken here of the commandite interests in banking firms. 3. No account is taken of institutions such as the Bank fur Brauindustrie (founded in 1899, share capital 7,000,000 marks) which are financing insti tutions, but not banks proper; for the same reason no mention is made of the Siiddeutsche Bodenkreditbank in Munich, founded in 1871 b y the Bank fiir Plandel und Industrie, which is represented on its supervisory board, and of the Siiddeutsche Immobiliengesellsehaft in Mainz, on the supervisory board of which the parent bank is likewise represented. 4. In the beginning of 1906 the two institutions, with the cooperation of the administration of the royal private fortune, transformed the Konigliche Wurttembergische Hofbank, hitherto conducted as a partnership (offene Handelsgesellschaft), into a limited company with an original capital of 10.000. 000 marks. In 1908 the three institutions jointly transformed the banking firm Doertenbachels in Stuttgart into a limited company with an original capital of 4,000,000 marks. In 1908 the Wurttembergische Vereinsbank took over the banking firm Schlack & Fritsch in Aalen. 5. In addition a premium of 10 per cent, equal to 2,500,000 marks, has been paid in, which constitutes part of the legally prescribed surplus. 6. This bank originated from a transformation of the banking firm Hincke, Bliithe & Meininghaus and had branches in Blumenthal (Han nover), Dortmund, Osnabriick, and Vegesack. 7. According to its balance sheet as per Mar. 31, 1905, the Bayerische Bank had a capital of 9,000,000 marks and a surplus of 76,210 marks (13,044 marks of reserve) when the firm was transformed into the Bayer ische Bank fiir Handel und Industrie. The capital was reduced to 8,000,000 marks b y an exchange of stock at the rate of 9 old shares for 8 new ones. The 1,000,000 thus set free, together with the existing surplus and the undivided profits for the period Apr. 1 to Dec. 31, 1905, was used to form the new surplus and to cover losses to be written off. With the change of firm the business year was changed to conform with the calendar year period. In the general meeting of Nov. 20, 1905, the capital was raised by 12.000. 000 marks, so that at present it amounts to 20,000,000 marks. Of the 12,000,000 marks of new shares 1,000,000 were taken over at the rate of 110 per cent b y the Darmstadter Bank, 6,000,000 were used in taking over the good will of the firm Gutleben & Weidert, while 5,000,000 serve to strengthen the operating resources of the bank. 8. No account is taken in this connection of the enterprise founded in 1904-5 under the firm name of the Deutsche-Kolonial-Eisenbalinbau-und Betriebsgesellschaft. Its object is the construction and operation in the German colonies of railroads, minor railways, and harbor facilities. 1013 Since N a t i on a l Monetary Commission Apr. i, 1905, this company has been operating as a lessee the Usambara Railroad in German E ast Africa; in 1905 it commenced, for account of the Imperial Government, the construction of the Liideritzbucht-Kubub Rail w a y (about 130 km.) in German Southwest Africa. Neither is any account taken here of the Bank fur deutsche Eisenbahnwerte, founded in 1906 (capital 10,000,000 marks, of which 25 per cent was paid in; bonds, 5.000. 000 marks). 9. No account is taken here of the Bank fur Bergbau und Industrie, the shares of which are partly owned b y the Commerz-und Disconto-Bank, for the reason that the former is a financing company. 10. The Munich branch opened in 1906 deposit offices in Munich and Augsburg, while taking over the banking firm Bahler & Heymann in Munich and Augsburg; the Dresden branch opened in 1907 a deposit office in Meissen, and in 1908 one in Radeberg (Saxony). 11. The former commandite Guillermo Vogel & Co. in Madrid has been transformed into a branch of the Deutsche Ueberseeische Bank (see supra. P- 43 9)12. No account is taken here of institutions, such as the Bank fur elektrische Unternehmungen in Zurich, founded in 1895 with a capital of 33.000. 000 francs, and the Bank fiir orientalische Eisenbahnen in Zurich, founded in 1896 with a share capital of 50,000,000 francs, both of them being financing institutions and not banks proper. 13. In addition the Deutsche Bank undertook the liquidation of the Berliner Bankverein (1875) and of the Deutsche taking over at the same time their customers. Jan. 27, 1906; vol. 24, No. 1205, p. 35. Unionbank (1876), See Deutscher Oekonomist, W ith reference to the L a Plata Bank, see above pp. 423 and 433. 14. W ith reference to the acquisition of shares, a notable instance is the taking over of about 3,000,000 marks of n ew ly issued shares of the AnhaltDessauische Landesbank of Dessau in 1905, the capital stock of which was increased b y this issue to 12,000,000 marks (see p. 993, sub. a). In 1906 the shares of the Braunschweigische Privatbank and of the Wiirtteinbergische Vereinsbank were newly acquired, while the share holdings in the Niederlausitzer Kredit-und Sparbank were increased. 15. The firm of D avid Daniel, of Celle, which had formerly been a com mandite of the Hannoversche Bank, was made a branch of that bank, which relinquished its commandite interests in the firms of Menz, Blochmann & Co., Dresden; H. J. Kledwig & Reibstein, Gottingen; and Reibstein & Co., Miinden. 16. The Duisburg-Ruhrorter Bank became a branch of the Essener Kreditanstalt in the middle of 1909. 17. T he Deutsche Bank in 1904 (effective Jan. 1, 1905) took over a new stock issue of 1,000,000 marks (nominal) of the Oldenburgische Spar- und Leihbank. Unlike the old shares, these have not thus far been listed on the stock exchange 1014 The G e r m a n 18. Under the direction of G r e a t the B a n k s Mecklenburgische Hypotheken-und Wechselbank, there was founded in 1906 the Mecklenburgische Treuhandgesellschaft m. b. H. (share capital, 1,000,000 marks), with office in Schwerin. 19. Among stock acquisitions for the last few years we mention 300 000 marks nominal of new shares of the Geestenninder Bank, in 1906— an issue b y which the capital of this bank was increased to 1,300,000 marks, and 300,000 marks of shares of the Bayerische Bodenkreditanstalt of Wurzburg. 20. The Mannheim branch in 1906 opened a deposit office in Freiburg i. B., which took the place of the firm of Ed. Kauffmann & Fehr, acquired b y it. 21. We disregard here institutions, which the Dresdner Bank helped to organize, such as the Bank fur orientalische Eisenbahnen in Zurich, or the Zentralbank fiir Eisenbahnwerte in Berlin, capital stock 6,000,000 marks, these being financing institutions, but not banks proper. For the same reason we ignore the General Mining and Finance Corporation Limited, of London, capital £1,250,000, an institution in which the Dresdner Bank is heavily interested. 22. For an account of the Deutsche Orientbank founded jointly by the Dresdner Bank, the A. Schaaffhausen’scher Bankverein, and the Nationalbank, see p. 1005 under the head of Nationalbank fiir Deutschland. 23. The permanent investments in the stock of the Eisenbahnbank, and the Eisenbalmrentenbank of Frankfort-on-the-Main are here ignored, as these are financing institutions, but not banks proper. 24. See above note 20. over all the assets of In addition, the Dresdner Bank in 1906 took the Zwickauer Gewerbebank, which went into liquidation. 25. I assume that there exists at least an agreement of regulating the mutual relations of the Dresdner and the affiliated banks, numbered 5 to 8, inclusive. 26. In 1905 10,000,000 marks additional stock was issued, raising the former capitalization to 21,000,000 marks. O f the new issue the A. Schaaffhausen’scher Bankverein took 6,000,000 at par as a permanent participation. A t the same time on July 1, 1905, it handed over the busi ness of its branch in Essen to the Rheinische Bank. of the A former director A. Schaaffhausen’scher Bankverein took over the management of the Rheinische Bank and members of the board of managers (Vorstandsmitglieder) of the Schaaffhausen’scher Bankverein took seats on the supervisory board of the Rheinische Bank, as did also the chairman of the supervisory board of the Mittelrheinische Bank. The Rheinische Bank in turn took over in 1906 2,000,000 marks nominal of stock of the B an k verein Gelsenkirchen of Gelsenkirchen (with a branch in Wattenscheidt), in the establishment of which it had shared. 27. The banks, numbered 5 to 8, m ay perhaps better be regarded as affiliated with the Dresdner Bank by contract rather than through stock ownership. In the case of these banks the community of interest is based 1015 N at ion a l M on e t a r y Commission •• for the time being on permanent stock holdings of the Dresdner Bank, and not upon the mutual exchange of stock. 28. The Mitteldeutsche 1856, capital stock Kreditbank, (since m ately), 6,400,000 marks. Frankfort-on-the-Main, 1905) 54,000,000 marks; founded surplus (approxi I t has 6 branches, located as follows: Berlin, Essen, Fiirth, Giessen, Nuremberg, Wiesbaden, and 3 commandites— Meyer & Diss, Baden-Baden, the Kommanditgesellschaft Bernard Weinmann, Munich, and Weiss Herz & Co., Mayence. Since 1899 it opened 22 deposit offices (13 in Berlin and Charlottenburg, 1 ?n Pankow, 4 in Frankfort-on-the-Main, 1 in Hochst, 1 each in Marburg, Offenbach, and Wetzlar. It has 2 agencies (in Biidingen and Butzbach). It has absorbed the following firms: 1898, B. Berl6, Wiesbaden. 1899, S. Pflaum & Co., Nuremberg & Furth. 1906, Arthur Andreae & Co., Frankfort-on-the-Main; Aron Heichelheim, Giessen; Moritz Heertz, Wetzlar; Hermann Wertheim, Marburg. 1907, North, Kammeier & Co., Essen (formerly a commandite of the Mitteldeutsche Kreditbank). 1909, O tto Goebel, Fulda (acquired to s e n e as a deposit office). Gebr. Fiirth & Co., Hanau (acquired to serve as a branch). In conjunction with the Disconto-Gesellschaft, the Allgemeine Deutsche Kreditanstalt, and the former banking firm of B. M. Strupp of Meiningen (see p. 996), the Mitteldeutsche K reditanstalt established as a subsidiary the Bank fur Thuringen formerly B. M. Strupp A . G ., Meiningen (share capital 10,000,000 marks, of which 5,000,000 marks were paid in.) T h e latter has tw elve branches (in Eisenach, Franken- hausen, Gotha, Hildburghausen, Jena, N eustadt (Orla), Ruhla, Salzungen, Saalfeld, Sonneberg, Apolda, and Possneck. I t has absorbed the former Meiningen branch of the Mitteldeutsche K reditbank, the banking firms B. M. Strupp and Hermann Lobe at Meiningen (the latter since January 1, 1906), also the banking firms J. G . Bohme & Sohn at A polda, and Richard Eberlein at Possneck. 29. No account is taken here of the Bank fiir elektrische Untemehmungen in Zurich, founded in 1895 with the cooperation of the Nationalbank. 30. In the same year (1905) the Wiener Bankverein opened a branch in Constantinople. 31. In 1907 the Nationalbank took over the clientele of the dissolved firm Strauss, Thalmessinger & Co. in Berlin. 32. The former branch in Essen passed over since July 1, 1905, to the Rheinische Bank (see p. 1015, note 26). 33. N o account is taken here of institutions such as the Bank fur Deutsche Eisenbahnwerte (share capital, 10,000,000 marks), founded by the A. Schaaffhausen’scher Bankverein in conjunction with other concerns, the former being a financing institution, but not a bank proper. 34. See above p. 1015, note 26, regarding the relations of the A. Schaaff hausen’scher Bankverein to the Rheinische Bank. 1016 The G e r m a n G r e a t B a n k s 35. No account is taken here of the German oversea banks, nor of the mortgage and brokers’ banks. Institutions in which several great banks participate are counted in the table only once. 36. Moreover 6 agencies; no branches in foreign countries. 37. The deposit office in Rostock has been taken over b y the Vereinsbank in Wismar. 38. The Bucharest commandite has been transformed (in 1904-5) into a stock company, but does not figure in the table for the reason that it is a foreign bank. A new commandite, Fuld & Co., in Pforzheim, was founded in 1905; the commandite in Dresden, on the other hand, was relinquished in 1905. 39. No account is taken here of the permanent participations in foreign stock companies: The Wechselstuben-Aktiengesellschaft Merkur, in Vienna, the Banca Marmorosch Blank & Co., in Bucharest, and the Bankers’ Trading Syndicate, in London. 40. No account is taken here of the permanent participation in the Lon don and Hanseatic Bank (19,302 shares, at £10, paid in, equal to £193,020), the latter being a foreign company. 41. Moreover an agency in London. 42. Moreover two commandites in foreign countries of which no account is taken here. 43. Account is taken only of participations in the shape of stock owner ship (see above, p. 988 et seq.). No account is taken in this and the other tables of communities of interest, concluded in turn b y each of the 13 allied banks (Konzernbanken). The former are shown on p. i o n and for each of the bank groups in Table 10, last column. Neither is any account taken of the participation in the Zentralamerika-Bank Aktiengesellschaft, although it has its main office in Berlin. 44. Moreover an agency in London. 45. One commandite in a foreign country. 46. No account is taken of the stock participation in the RheinischWestfalische Disconto-Gesellschaft. 47. Moreover an agency in London. 48. No account is taken of the stock participation in the Eisenbahnbank and Eisenbahnren ten bank in Frankfort-on-the-Main, which are financing institutions but not banks proper, nor of the stock participation in the foreign stock company, Speyr & Co., in Basle, etc. Neither do the figures include the stock participations in the Orientbank and in the DeutschSudamerikanische Bank, though the latter has its central office at Berlin. 49. No account is taken of the stock participation in the Deutsche Orientbank, although the latter has its main office in Berlin. 50. The communities of interest entered into b y the absorption of the banking house von Erlanger & Sohne (see above p. 1001, sub. a - d) have been enumerated under the head of the Dresdner Bank, which took them over jointly with the A. Schaaffhausen’seller Bankverein. No account is taken here of the stock ownership in the Deutsche Orientbank and the Deutsch-Sudamerikanische Bank. 1017 N a t io n a l M on et a r y Commission 51. The branch Essen has been dropped (taken over b y the Rheinische Bank). 52. The Darmstader Bank group includes also the domestic subsidiary company, Wurttembergische Bankanstalt vorm. Pflaum & Co., which has a contractual community of interest with the Wurttembergische Vereinsbank. 53. In 1905 the Ostbank fur Handel und Gewerbe absorbed the Ostdeutsche Bank vorm. J. Simon Wwe. & Sohne in Konigsberg. The latter had 2 branches and had absorbed 2 private banking firms. 54. No account is taken here of domestic subsidiary companies (Tochtergesellschaften) doing business within the country and belonging to the Deutsche Bank group, viz, the Deutsche Treuhand Gesellschaft and the Braunschweiger Privatbank Aktiengesellschaft in Brunswick, founded in 1905 b y the Hannoversche (Osnabriicker und Hildesheimer) Bank through the transformation of the banking firm Ludwig Peters Naehf. 55. The Oberrheinische Bank (vorm. Koster & Co.), taken over in 1904 b y the Rheinische Kreditbank, had 9 branches, 2 commandites, one deposit office, had absorbed 6 private banking firms, and jointly with the Deutsche Bank had a community of interest through stock ownership with the Siiddeutsche Bank in Mannheim. 56. The Rheinisch-Westfalische Disconto-Gesellschaft (share capital 80,000,000 marks) is no longer included among the Disconto-Gesellschaft group. A t the end of December, 1905, it had 14 branches, 2 commandites, 3 deposit offices, had absorbed 2 private banking firms and 7 banks, and has communities of interest through stock ownership with 5 other banks. The Disconto-Gesellschaft group has been augmented by the accession of the following domestic subsidiary companies: The Bayerische Discontound Wechselbank in Nuremberg with 3 branches and 4 deposit offices, which has absorbed 5 private banking firms (see p. 995); the Bank fur Thiiringen vorm. B. M. Strupp, Aktiengesellschaft in Meiningen, which has 8 branches and in turn has absorbed 4 private banking firms as well as the Meiningen branch of the Mitteldeutsche Kreditbank (see p. 996); and the Revisions- und Vermogens-Verwaltungs-Aktiengesellschaft in Berlin with 2 branches (see ibid.). 57. The Dresdner Bank group comprises also the domestic subsidiary company: Treuhand-Vereinigung, Aktiengesellschaft, in Berlin (see p. 1000). The Deutsche Genossenschaftsbank Sorgel, Parrisius & Co., taken over by the Dresdner Bank, had absorbed 2 private banking firms (see above, p. 1000 j 58. The Ostdeutsche Bank vorm. J. Simon Wwe. & Sohne in Kdnigsberg (which had 2 branches and had absorbed 2 banking firms), taken over in 1905 b y the Ostbank fur Handel und Gewerbe in Posen (which belongs to the Darmstadter Bank group) no longer belongs to the A. Schaaffhausen’scher Bankverein group. The Ostbank fur Handel und Gewerbe belongs now simultaneously to the Darmstadter Bank and to the Bankverein groups. 59- The smaller number of communities of interest (16 instead of 20, given as per Dec., 19041 on P- 2 1 1 of the first edition of this work) is accounted for b y the elimination of the 6 communities of interest of the RheinischWestfalische Disconto-Gesellschaft and the accession of two new ones. 1018 INDEX. A . Schaaffhausen’scher Bankverein. Bankverein. See Schaaffhausen’scher Aachener H iitten-Aktienverein Rote E rd e................................ Page. 483, 733-734 Absorption of provincial banking concerns b y the great banks, causes.................................................................................................... 658-660 Acceptances: Amounts for all the larger credit banks and share of the total bill circulation of these ban ks................................................... 289 Amounts for each of the great banks............................................ 285 Amounts held b y German ban ks................................................... 279 In wholesale trade and indu stry................................................... 277 Per cent share of total loans of the larger credit banks............. 285 Renewal of industrial acceptances, and dangers to the b an k s. 283 Speculative, used b y bankers for stock exchange operations. . 284 Replaced b y cash dealings............................................................ 277 Use in over-sea trade..................................................................... 287 Accommodation b ills.............................................................................. 213, 214 Actiengesellschaft der Orientalischen Eisenbahnen.................. 434, 445, 494 Agencies of ban ks: Disadvantages..'......................................................................... 696 et seq. Distinguished from branches......................................................... 696 Num ber............................................................... 697, and A ppen dix V I I I Agreements among German shipping companies.............................. 139 Agreements, international, between German and American ship ping companies................................................................................ 137 et seq. Agreements, international, for the mutual clearing of postal checks and transfers....................................................................................... 147 Agricultural credit and the R eichsbank....................................................... 107 Agricultural credit, special organizations for the granting o f.......... 224 Agricultural population, relative decrease o f............................ 104,105, 108 A griculture: Growth of population, and deficit in agricultural production .. 109, n o Improvement and growth o f.......................................................... 105, 106 Protection o f..................................................................................... Aktiengesellschaft fur Anilinfabrikation in Treptow ........................ 106 y2i Aktiengesellschaft fur uberseeische B au u n tem ehm un gen............. 438 Aktiengesellschaft fur Verkehrswesen................................................. ^13, 525 Allgemeine Deutsche Kreditanstalt, c a p it a l..................................... 64I Allgem eine Elektrizitatsgesellschaft group......................................... 7IS Allgem eine Elektrizitatsgesellschaft group, affiliated ban ks........... 416,717 Allgemeine Elektrizitatsgesellchaft absorbs]the Union Electric Co. 1019 N a t io n a l M onet ary Commission Allgem eine Elektrizitatsgesellschaft, form ation................................ Page. 714 Allgem eine Lokal- und Strassenbahngesellschaft.............................. 524 A m erika-B ank.......................................................................................... 448, 507 Amsterdamsche B a n k ................................................................................449,503 Anatolian R ailw ay C o .............................................................. 434,445,474,494 Andreevics & Co. in Belgrade.............................................................. 451, 526 Arbitrage business................................................................................... 621 Assets, quick, proper proportion to liab ilities.................................... 13 A va le (surety b ills )................................................................................. 262, 265 Badische A nilin-und Sodafab rik.......................................................... 721 Bagdad R ailw ay: Participation of the great banks........................... 437, 474 Balance of payments: Credit item s................................................................................. 532 et seq. Credits granted to foreign traders.................................................. 536 Earnings from oversea shipping..................................................... 540 Investm ents in foreign securities and enterprises.. 534, 536, 541 et seq. Minor credit item s............................................................................ 541 Oversea ban kin g............................................................................... 538 Tourists’ expenditures............................................................ 541 Improvement of, main causes......................................................... 113 Banca Commerciale Ita lia n a .... 436,441, 445, 451,453, 456, 487, 494, 511, 525 Banca Commerciale Italiana, branches................................................ 687 Banca Commerciale Tunisiana.............................................................. 456 Banca Generala Romana: Capital, dividends, and branches.......... 442, 487 Banca Marmorosch Blank & C o...................................... 449, 450, 451, 506, 526 Banco Mejicano de Comercio e Industria. See M exikanische Bank fur Handel und Industrie. Bank acceptances. See Acceptances. Bank checks: Inquiry of the Central Association of German Banks and Bankers.......................................................................................... Means of concentration of credit at the banks............................ 218 215, 216 Use o f................................................................................................. 217 Bank clearances in principal financial centers, 1884 and 1907....... 148 Bank employees as affected b y concentration in ban kin g.......... 765 et seq. Bank employees, num ber....................................................................... 765-766 Bank employees, salaries........................................................................ 769-770 Bank employees, social insurance......................................................... 768-769 Bank employees, standing and prospects............................................. Bank fur Chile und Deutschland. Capital, branches, 766-768 and d iv i dends...................................................................................................... 441, 487 Bank fur Deutsche Eisenbahnwerte..................................................... 5 ^ 524 Bank fur H andel und Industrie. See Darmstadter Bank. Bank fiir Orientalische E isenbahnen........................................... B ank fiir Siiddeutschland (Hessian 436, 445, 474 B a n k )................................ 1020 504 mmmmmm The G e r m a n G r e a t B a n k s Bank fiir Thiiringen............................................................................... Page. 671 Bank notes: Average circulation of leading banks........................................... I ^o Note reserves of leading banks of issue........................................ 1^1 Bank of England discounts at the market rate, to meet the com petition of the joint-stock banks.................. ................................... 574~575 Bank statements, periodic publication m ay lead to more uniform methods in then- compilation............................................................ 594 Bank syndicates: Definition and origin...................................................................... 408 For the underwriting of domestic and foreign loans.................. 4x4 Group for Asiatic business.............................................................. 4I2 Group for Russian loans................................................................. 414 Industrial groups............................................................................. 415 Prussian syndicate, history and presentcomposition................. 409 Rothschild syndicate, history and present composition............. 412 For underwriting the loans of the Empire, composition o f__ 410 Bankers’ Trading Syndicate (London)............................................... 447, 506 Banking business, regular or current, definition of........................... 2 Banking, private, in Germany before 1870......................................... 39,40 Banks: Advisers of the investing p u b lic................................................... 9 Functions of public or national character, performed b y ......... n Issue of securities............................................................................ 10 Leading functions.......................................................................... 2 e ts e q . Part p layed in the industrial progress of the nation................. 221 Regulators of credit......................................................................... Transforming private concerns into stock companies............. 9 10 Of issue, in G erm any...................................................................... 141-142 Banque de Credit at Sophia, Bulgaria................................................ 443, 487 Banque d ’O rien t.................................................................................... 454 Banque Internationale de Bruxelles..................... 442, 450, 451, 453, 506, 511 Barmer Bankverein: C apital............................................................................................... 641 Concentration................................................................................... 633 Bayerische Bank fiir H andel und Industrie...................................... 506 Bayerische Disconto- und W echselbank............................................ 670 Bayerische Handelsbank, concentration............................................. 632-633 Bayerische Vereinsbank, concentration.............................................. 632 Bergisch-Markische B a n k ....................................................... 473, 616, 641, 646 Berliner Handelsgesellschaft, founding.............................................. 47 Amount of acceptances held at the end of 1895 to 1908........... 286 Business operations prior to 1870............................ ................. 75 et seq. C apital......................................................................................... 5x7 et seq. Connections in New York and Amsterdam................................. 451 D ividends................................................................................... 1021 77, 518-521 N at ion a l M on e t a r y Commission. Berliner Handelsgesellschaft— Continued. Page. Foreign participations..................................................................... 525,526 Increase of capital sto ck ................................................................. 657 Industrial connections............... 374 Industrial issues effected....................................... '. ...................... Losses........................................................................ 525 344,518,519,520 Participations.................................................................................... 450,451 R ailw ay business.............................................................................. 519, 524 Ratio of own resources to liab ilities.............................................. 560 Relations to the electro-technical industry................................. 522 Relations to the “ h e a v y ” industries (coal, iron, e tc .).............. 523 Scope of activities, as defined in its constitution....................... 517 Berufsgenossenschaften. See Trade insurance associations. Bills: Am ount held b y the R eich sb an k.................................................. 158, 297 Am ount held b y all credit banks.................................................. 295 Am ount held b y the larger credit banks...................................... 296 Am ount held b y the six great Berlin banks, 1898 to 1908........ 296 Am ount outstanding and relation to the resources of the eight Berlin great banks, 1883 to 1908................................................ 288 Decline in the amount of bills discounted b y English b a n k s .. 297, 298 Num ber increases during boom periods....................................... 282 Per cent share of the assets of the credit banks invested in b ills . 274-275 “ Boarding-out” of finance b ills .......................................................... 213, 278 Bochumer V erein..................................................................................... Bohemian Industrial B a n k .................................................................... 510 253 Borsig works.............................................................................................. 7 3 7 >7 3 8 Bourse: Importance of a strong bourse for the security busin ess... 406 Brasilianische Bank fur Deutschland: Capital, dividends, and branches................................................................................................. 440, 441 Braunschweiger Privatban k................................................................... 671 Branch banking: Differences between Germ any and other countries................... 687-688 Difficulties of effective supervision............................................... 693 In England and W ales..................................................................... 684-685 In F ran ce.......................................................................................... 686 In Germany— A dvantages and draw backs.............................................. 688 et seq. Causes of slow developm ent.................................................... 695 General instructions b y the home office............................... 692-693 In Scotland........................................................................................ 686,688 Branch banks. Relations to the central office............................ 689 et seq. Brokerage: Lowering of rates due to legislation................................. 620 Brokerage business: Definition of, in the German Commercial C o d e ......................... E x t e n t ................................................................................................ 1 02 2 323 334 The G e r m a n G r e a t B a n k s Brokerage business— Continued. Page General rules followed b y the banks............................................ 328 Of German banks. Important instances.................................... R ight of pledge or retention....................................................... 323 329 Waiver of itemized statement....................................................... 33! Cable and Telegraph Companies: Participation of the great banks. 437, 442, 448, 450, 453, 459, 494, 507, 511, 526 Call m o n ey.............................................................................................. Capital invested in banking during the period 1851-1870......... 310 187 Capital of the large banks in 1870........................................................ 188 Capital, per capita distribution in Prussia and England about 1845, estim ated.................................................................................... Capital, popular conception o f ............................................................. 28 1-2 Capital power of the great banks............................................... 642 et seq. Cartel inquiry, 1902-1905................................................................. 170 et seq. Cartels: Causes of formation......................................................................... 168 Criticism of price p o lic y ........................................................... 172 et seq. Definition......................................................................................... Distinction from trusts................................................................... 167 167 Number of, b y industries.............................................................. 169 Cassella & C o .: Fusion with the Hochst D ye Works............. 708, 721 et seq. Cash on hand at German credit banks................................................ Census of occupations, 1882 and 1895. Comparative results........... 569 102 Central-Amerika B a n k ........................................................................... 474 Centralbank fur Eisenbahnwerte......................................................... 495 Central bank for foreign commandites proposed................................ 502, 680 Central credit bureau: Difficulties in the w ay of organizing such an institution....................................................................................... 2 44 Central institution for long-term credit: Objections t o ............. 251 et seq. Check accounts........................................................................................ 264 Chemical industry: Combinations in th e .................................................................. 7 21 seclGeneral scheme of developm ent................................................... 752—753 Growth o f.......................................................................................... 125,126 Cities, population of principal, about 1850......................................... 34 C ity of Glasgow B a n k ............................................................................. 214, 215 Coal output, growth of, in principal countries................................... 122 Coal, production of, in 1850 and 1900.................................................. 32 Coal syndicate, renewal through the influence of the banks........... 735 Coinage, systems of, in Germany, before 1870.................................... 39 Combination of iron and steel works with mining concerns, instances................................................................. ....................... 706 et seq. Commandites, advantages and disadvantages............................... 681 et seq. Commercial treaties: Favorable effect upon domestic agriculture.. 1023 185 National Monetary Commission Commerz- und Disconto-Bank: Page. C ap ital................................................................................................ 641 Increase of capital sto c k ................................................................. 658 R atio of own resources to liab ilitie s.............................................. 560 Commissions earned b y the larger banks, and ratio to gross p rofits.. 335 Communities of interest— Among German b a n k s ............................................................... 664 et seq. Between banks in R hineland-W estphalia................................... 666 Between banks in Upper Silesia................................................... 666 Means of effectin g....................................................................... 667 et seq. Com m unity of interest through exchange of stock: A d v a n ta g e s .. 678 Companies, joint stock: Average dividends of shareholders during 1870-1900................ 120 Distribution b y industries, of companies founded during 18701874................................................................................................. 116, 117 Flotations 1871-1908........................................................................ 118-119 Growth o f........................................................................................... 115-118 In Prussia before 1850 and afte r.................................................... 38 Comptoir National d ’Escompte: Agencies and branches................... 686 Concentration movem ent: Harm lik e ly to be done b y legislative interference................... 778 Importance of the joint-stock-company form of organization. 605 et seq. O f provincial banks......................................................................... Universal aspects........................................................................ 628 602 et seq. Successive stages......................................................................... 751 et seq. Concentration of b an kin g: A d van tages........................................................................................ B y agreement. Disadvantages..................................................... 754 674-677 B y means of fu s io n ..................................................................... 660 et seq. B y means of increase of c a p it a l................................................ 656 et seq. Causes........................................................................................... 606 et seq. Commandites............................................................................... 680 et seq. Dangers..........................•*.................................................................. Disadvantages................................................................................... 7 5 8 ,7 5 9 764 Drift toward Berlin of provincial b a n k s ................................. 653 et seq. Effects of commercial crises...................................................... 635 et seq. Effe.cts on the bank em ployees................................................ 765 et seq. Effects on the stock ex ch a n ge....................................................... Formation of cartels in the n in eties............................................. 77i~772 614 Fostered b y legislation .............................................................. 618 et seq. Importance of bank fusions in British b a n k in g ......................... 662-663 Importance of the flotation business....................................... 608 et seq. In F ran ce.......................................................................................... 664 In Germany has not reduced cost of operation........................... 757—758 In the United S ta tes....................................................................... 664 Inherent tendency toward concentration in banking ca p ita l. 613 et seq. 1024 The G e r m a n G r e a t B a n k s Concentration of banking— Continued. Page> Limitations to the increase of capital sto ck ................................ 607 Liquidations of banks after the panic of 1873................. 614, 636 et seq. Local at B e r lin ........................................................................... 653 et seq. Prospective developm ent............................................................... 75 3 ~ 75 4 Through absorption of banking firms and fusion...................658 et seq., A ppen dix V I I I Through acquisition of shares....................................................... 672 Through agreement......................................................................... 673 Through communities of interest............................................. 664 et seq. Through exchange of s to c k .......................................................... 677 Through the founding of branches............ 684 et seq., A ppen dix V I I I Through the founding of deposit offices................................. 699 et seq. Through the opening of agencies.................................................. 696 “ Concern ” ban ks................................................................................... Consuming power, growth o f................................................................. 658-659 113 Corporation, factor in the concentration m ovem ent......................... 751 Credit: Amount of, granted on rural and urban real estate in Prussia.. 224 Central institution for long-term credit, as proposed b y F e lix H e c h t...................................................................................... 240 Discrimination b y the banks in favor of trade and industry, et seq. as against agriculture................................................................... 223 Excessive demand for, preceding a crisis.................................... 17 Lack of general principles shown b y the banks in the granting o f............................................................................................. 222,229,230 Long-time industrial................................................................. Secured versus unsecured...................................................... 241 et seq. 269, 270,271 Credit banks: Aggregate capital in 1872............................................................... 188 Amounts written off, 1883 to 1908.................................................. 468 A nd industrial cred it...................................................................... 24 2 A ttitu de toward the small traders................................................ 225 Coefficient of liq u id ity ................................................................... 5^5 Commissions..................................................................................... 465 Credit extended to agriculture b y ................................................ 224, 225 Dividends, 1885-1908................................................................ 460 Expenses of operations, 1883-1908............................................... Gross and net earnings, 1885-1908........................................ et seq. 467 460, 461,465 Opposition to their business p o lic y .............................................. 547-548 Ratio of liabilities to own resources........................................ 559 et se(L R eview of adverse criticism of t h e .......................................... 232 et seq. Surplus funds, 1885-1908.......................... Credit Lyonnais, agencies and branches............................................. 90311°—11-----66 1025 469 686 National Monetary Commission Credit mobilier: Page. A ttitu de toward subsidiary com panies......................................... 53-54 Causes of failure.............................. 52 Character of business reports.......................................................... 53 D ividend p o lic y .................................................. 52 Governm ent control........................... .......................................... 54 et seq. Origin and program...................................................................... 49 et seq. Credito Italian o ........................................................................................ 453,687 Creditor industries................................................................................... 712-713 Crises: Effects of commercial crises on concentration of b a n k in g .. . . 635 et seq. Definition o f...................................................................................... 16 Intervention of banks after the outbreak o f................................ 20-21 Prognostication o f............................................................................. 16 Sym ptom s of ap proach ing.......................................................... i 7 e t s e q . Of 1 8 5 7 .............................................................................................. O f 1857, attitude of b a n k s ......................................................... 59 81 et seq. Of 1 8 7 3 Failures and liquidation of com panies.................................. 116 Failures and liquidation of b an ks......................................... 188, 636 Current account business: Advantages to the b an k s........................................................... 271 et seq. Calculation of in terest..................................................................... 266 Commissions charged b y German b a n k s...................................... 266 Importance in the general banking business......................... 259 et seq. In d ex of business conditions.......................................................... 272 Leading fe a tu r e s .............................................................................. 261 Leading to concentration in ban kin g............................................ 273 Methods of the credit banks in securing an approximate equi and d e b its......................................... 267, 268 Num ber of accounts at the Deutsche Bank in 1908................... librium between credits 268 Num ber of accounts at the Dresdner Bank in 1907 and 1908. . 268-269 Current account credit, security for..................................................... Customs Union, German. 269 See Zollverein. Darmstadter Bank: Absorption of provincial banking concerns................................. 660 Am ount of acceptances held 1895 to 1908.................................... 286 Am ount of loans on collateral, including reports........................ 322 Business p o li c y ..................................................................... 67 et seq., 498 C ap ital...................................................................................: ........... 66,645 Classification of securities h e ld ...................................................... 403 Commandites.......................................................... 60-61, 448, 449, 503, 680 Commandites in N ew York, Paris, and V ien n a......................... Communities of interest................................................................... 502 506 Deposits.......................................................................................... 69,71,208 1026 The G e r m a n G r e a t B a n k s Darmstadter Bank— Continued. Page Distinguished from the Credit Mobilier............................. 56 et seq., 68 D ividends........................................................................ 67-68, 503 et seq. E arly flotations and transformations............................................ 340 E arly program o f............................................................................. 48,49 Increase of capital stock................................................................. 657 Foreign business.............................................................................. 501 Foreign connections........................................................................ 506 Industrial connections.................................................................... 3 7 5 , 4 9 ") Interest receipts from commandite investments........................ 683 Losses from foreign business.......................................................... 504-505 Member of the Rothschild syndicate........................................... 412, 4SO Offices in Frankfort-on-the-Main and M ainz............................... 501 O rigin................................................................................................ Participation in African mining business.................................... 46 450 Participation in railway transactions before the seventies......... R ailw ay business during recent y e a r s ........................................ 64, 65 503 Ratio of o wn resources to liabilities.............................................. 560 Subsidiary banks............................................................................. 503-504 Underwriting of State and municipal loans before 1870............. 62 Group, capital power...................................................................... 645 Debtor industries.................................................................................... 712-713 “ Deports” ................................................................................................ 3 I3 , 3 I 4 Deposit bank, central: Im practicability of the scheme proposed b y Caesar Straus.................................................................................. 573 Deposit banks, imperial and State: Criticism of the Warschauer et seq. proposal........................................................................................... 574 et seq. Deposit business: Obstacles to growth in Germ any................................................... 193 Rules of the Deutsche B a n k ......................................................... 206 Deposit offices: A dvantages....................................................................................... 700 Growth o f.................................................... .............. 699, A ppendix V I I I Organization..................................................................................... 699 Promotion of speculative dealings in securities.......................... 325 Depositen. See Deposits. Deposits: Alleged unsafety of............................................................... 549 Deposits at— A ll Berlin banks, 1889-1908.......................................................... 209 Cooperative credit associations...................................................... 199 Credit banks, character and composition of........................... 236 Credit banks, growth o f..................................................... English banks............................................................................. German cooperative credit societies, annual increase German savings banks, character and composition of. German savings banks, growth of.............................. 1027 et seq. 101,198 et seq. 202 et seq. N at i on a l M one t ary Commissi on Deposits at— ~ Page. T he Darmstadter Bank, 1870-1908................................................ 208 T h e Deutsche Bank, 1871-1908..................................................... 205 T h e Discontogesellschaft, 1871-1908............................................. 207 T he Dresdner Bank, 1875-1908...................................................... 207 Deposits: Central deposit bank proposed b y Caesar Straus........................ 550 Character of funds intrusted to the credit ban ks....................... 197, 198 Com parative growth of, at German and foreign ban ks.............. 200 (Depositen.) D ifficulty of definition .......................................... 196 Fostering of, b y the Deutsche B a n k ............................................. 192 Granting of a prior lien to depositors dangerous to the credit of the ban ks........................................................................................ 577 H eiligen stad t’s proposal of the maintenance of a minumum cash reserve at the Reichsbank b y the deposit banks....................... 553 In the U n ited States........................................................................ 203 Lack of uniform classification b y the great banks...................... 197 Losses of, through failure of b an k s................................................ 570 Management b y the credit banks (Lansburgh’s criticism )....... 233 Objections to H eiligen stadt’s proposal of an “ iron reserve ” at the R e ic h s b a n k ...................................................................... Objections to legal regulation of the 580 et seq. modes of investing deposits........................................................................................... 579 O bjections to the requirement of a fixed ratio between de posits and the share c a p ita l................................................... 578 et seq. Proposals regarding greater p u b lic ity ...................................... 551 et seq. Proposed lim itation of deposits...................................................... 551 Proposed m onthly or quarterly bank statem ents........................ 552 Proposed separation between the ;deposit and the flotation and issue business......................................................................... 550 Reform proposals in the field o f ............................................... 549 et seq. Reichsdepositenbank proposed b y Warschauer.......................... Solicitation o f.............................................................................. 550 597 et seq. Deutsch-Amerikanische Treuhand-G esellschaft................................. 435,474 Deutsch-Asiatische B a n k ........................................................................ Deutsch-Luxem burgische 476, 4 4 L 445, 448, 45° , 453, 455, 4 8 7 ,494, 506, 5” , 525 Bergwerks- und H iittenaktiengesell- schaft.-.................................................................................................... 729 Deutsch-Ost-Afrikanische B a n k ..................................... 438,443,457,474, 487 Deutsch-Sudamerikanische B a n k .......................................... 446,453,494,512 Deutsch-Westafrikanische B a n k .................................................... 445,457,494 Deutsche Bank: Absorption of provincial banking concerns................................. 660 Am ount of acceptances, 1895 to 1908............................................ 286 Am ount of deposits, 1871-1908....................................................... 205 Am ount of loans on collateral, including reports....................... 321 1028 J The G e r m a n G r e a t B a n k s Deutsche Bank—Continued. Page Branches, business o f............................................................. 691 Branches in Bremen and Hamburg......................................... 42^ Branches in Yokohama and Shanghai..................................... 422 Character of management........................................................ 472 Commandite in New York...................................................... 423, 435 Commandites in Paris, Vienna, and Madrid........................... 439 Deposits at the central office and at the branches................... 692 Classification of securities held............................................... 404 Communities of interest.......................................................... 473, 616 Early criticism of its business policy................................. 423 et seq. Efforts to introduce foreign bills of exchange in terms of Ger man currency............................................................................... Experience with its commandites in New York and P aris. . . . 422 682 Export p o lic y ................................................................................... Fostering of the deposit business.................................................. 473 473 Increase of capital sto ck ................................................................ 658 Industrial connections.................................................................... 373 Industrial p o lic y ............................................................................. 473 Liquidation of banks...................................................................... 637 Losses................................................................................................ Losses from the founding business and participations............. 478 344 Number and amount of syndicate participations....................... 400 Number of current accounts in 1908............................................ 268 Number of deposit offices............................................................... 206 Opening of deposit offices.............................................................. 192 Ratio of own resources to liabilities............................................. 560 Participation in African mining business.................................... 440 Paym ent of the indem nity to Spain for the cession of the Philippines to the United States.............................................. 323 Permanent participations in 1899 and 1903................................. 638 P olicy of promoting oversea trade................................................ R ecent practice of discounting outstanding accounts of its 4 21 customers...................................................................................... 263 Relations to the petroleum industry............................................ 417 Reorganization of the Northern Pacific Railroad C o ................. 435, 478 Representation in London............................................................. 422, 423 Rules regarding the deposit business........................................... Statistical view of development, 1870 to1908............................. 206 480-481 Group. Capital power................................................................... 643-644 Deutsche A frika-B ank............................................................................ 443, 487 Deutsche Handels- und Plantagen-Gesellschaft der Siidseeinseln.. 440, 486 Deutsche Orientbank............................................... 446, 4 5 3 - 4 5 4 , 4 9 4, 511, 512 Deutsche P a la stin a-B an k..................................................................... 454 Deutsche Treuhand-Gesellschaft.......................................................... ^5 Deutsche Ueberseebank, founded b y the Deutsche B a n k ............... 444 1029 N at i on a l M o n et a r y Commission Page. Deutsche Ueberseeische Bank, dividends and branches........... 433 et seq. Discon to-Gesellschaft: Absorption of provincial banking concerns................................. 660 Am ount of acceptances, 1895 to 1908............................................ 286 Am ount of deposits, 1871-1908....................................................... 207 Am ount of foreign b ills.................................................................... 262 Am ount of loans on collateral, including reports........................ 321 Branches in London and Brem en................................................. 444 Capital during the first period........................................................ 67 Commandites in Buenos Aires and A n tw erp ............................... 441 Com m unity of interest w ith the Norddeutsche B a n k ................ 664 Current-account business................................................................ 488 Deposits prior to 1870...................................................................... 70 Deposit business............................................................................... 489 D ivid en d s....................................................................................... 67,68,490 E arly flotations.................................................................................. 340 Financing of the Great Venezuelan R ailroad.............................. 444 General business p o lic y .............................................................. 482 et seq. Growth of deposit offices................................................................. 208 Increase of capital stock.................................................................. 657 Industrial connections..................................................................... 374 Industrial p o lic y ............................................................................... 482 Losses from the founding business and participations............... 343 Member of the Rothschild syn d icate............................................ 445,482 Mortgage credit................................................................................. 486 O rigin.................................................................................................. 46 Participations in railway transactions before the seventies----- 65,66 Relations to the petroleum in du stry............................................. 4x8 R atio of own resources to liab ilities.............................................. 560 Underwriting of State and municipal loans prior to 1870......... 62, 63 Disconto-Gesellschaft group: Capital p ow er....................................... 644 Discount p olicy of the Bank of England thwarted b y the compe tition of the joint-stock b a n k s .......................................................... 575 Discount rates: Causes of the relatively large margin between the German official and private rates.......................... ............................. 301 et seq. Connection between the official rates and the rates of exch an ge. 305,306 Differences between official and private rates at leading money markets 18 7 6 -19 0 7 .......................................................... 300 H igh rates and gold imports........................................................... 304, 305 Movement during the years 1852-1857.......................................... 58-59 Official and private at Berlin, Paris, and London 1876-1908. 155,156,157 Rise of, a symptom of an approaching crisis............................... 17 Discounting of outstanding accounts b y the Deutsche B a n k .......... 263 Distribution of risk, principle o f ........................................................ 12 et seq. Domestic public securities: Investm ents of the German public i n . . 228, 239 The G e r m a n G r e a t B a n k s Page. Dortmunder Union.......................................................................... 7 3 7 3 6 , 737 Dresdner Bank: Absorptions of provincial banking concerns and their trans formation into branches.............................................................. 660 Agreement with the A . Schaaffhausenscher Bankverein........ 674, 1003 Alliance with J. P. Morgan & C o ............................................. 446 Amount of acceptances held at the end of 1895 to 1908......... 286 Amount of deposits 1875-1908....................................................... 207 Amount of foreign bills held b y th e ............................................. 261, 262 Amount of loans on collateral, including reports....................... 321 Branches in Hamburg, Bremen, and London......................... 4 4 5 ,4 9 3 Capital.............................................................................................. Classification of securities h e ld ..................................................... 497 404 Community of interest with the A . Schaaffhausen’scher Bank verein .................................................................................. 494, 674,1003 Deposit business.............................................................................. 492 D ivid en d s........................................................................................ 496-497 Growth through establishment of branches and absorption of banking firms............................................................................... 492-493 Increase of capital sto ck ................................................................ Industrial connections................................................................... 658 374 Issues of industrial securities........................................................ 495 Liquidation of ban ks...................................................................... 636 Losses................................................................................................ Losses from the founding business and participations................. 496 344 Number and amount of syndicate participations....................... 401 Number of current accounts.......................................................... 268, 269 Ratio of own resources to liabilities............................................. 560 Real estate business....................................................................... 496 Relations to the electrotechnical in dustry................................. 49 5 , 496 Relations to the petroleum in du stry........................................... 419 Dresdner Bank G roup: Capital power................................................ 644-645 Dresdner Kreditanstalt: Cause of failure............................................ 231 Duisburg-Ruhrorter B a n k ..................................................................... 677 Dutch-South African R. R . C o............................................................. 451 Electro-technical industry: Dependence on the banks........................................................ 713 et seq. General scheme of developm ent................................................... 732 Groups in 1900................................................................................. 713 Growth o f............................................................. 123,124, 125, 713 et seq. Value of o u tp u t............................................................................... 7^ Elektro-Treuhand-Gesellschaft............................................................. ^ English banks: Drift of provincial banks toward London............... Essener Bankverein................................................................................ 1031 633 N at i o n a l M o n et a r y Commi ssi on Page. Essener K reditanstalt............................................................................. 641,646 Exchanges in Germany before 1870..................................................... 38 E xport capitalism, limitations o f.......................................................... 115 E xport trade: Bank cre d it..................................................................... 426 Exports of German capital necessary to improve the national balance of p aym ents............................................................................ 531 Exports of industrial products: Necessary' to compensate in part for the imports of food stuffs and raw materials......................... n o , 111,528 Farbenfabriken vormals Friedrich Bayer & Co.................................. 721 Farbwerke vormals Meister, Lucius & B riin ing................................. 721 (See also Hochst D y e Works.) Finance b ills........................................................................................ 278 et seq. Fiscal agencies for industrial companies.............................................. 370 Flotation business: E arly abuses...................................................................................... 341 P o licy of the great b a n k s................................................................ 343 Flotation of stock companies before 1870 and after........................... 338 Foreign banking business: Chief operations in vo lve d ...................... 540 Foreign banks of England and the acceptance business................... 299 Foreign bills: Am ount held b y the Disconto-Gesellschaft................................. 262 Am ount held b y the Dresdner B a n k ............................................ 261, 262 Foreign investm ents of British capital................................................. 533 Foreign investm ents of French capital................................................ 533- 534 Foreign investm ents of German capital: Estim ated am ount............................................................................ 545 L im itation s........................................................................................ 534~53S N ecessity for constant increase o f.................................................. 537 Foreign participations of the great banks............................................ 532 Foreign securities owned in Germany, estimated am ount............... 546 Foreign trade: Growth o f .......................................................................................... 102,111 Larger growth of imports than of exp o rts.................................... 112 Freight traffic in Germ any in 1840 and 1900....................................... 31 “ Fremde G eld er” (outsiders’ funds): Composition o f...................... 190 Fusions among English banks................................................................ 662-663 Fusions among Scotch ban ks................................................................. 662 Fusions forced, cases o f........................................................................... 661, 662 Fusions of banking concerns: Reasons for........................................... 661 “ Futu res,” dealing in, legal restrictions of......................................... 622 Gelsenkirchener Bergwerksgesellschaft......................... 483, 617, 729, 734, 745 Combination with the Rote Erde and the Schalker Gruben- und H xittenverein................................................................................ 712 Increase of capital............................................................................ 747-749 1032 The G e r ma n G r e a t B a n k s Page. General Electric Co. (Allgemeine Elektrizitatsgesellschaft)........... 522 General Mining & Finance Corporation (L td .)........................... 443, 444, 447 German banking: View of, in the Bankers’ M agazine...................... 576—577 German Luxemburg Mine & Smelting C o .: Suit against the coal syn dicate.................................................................................................... 735 Great banks: Coefficient of liq u id ity ................................................................... 565 D evelopm ent........................................................... A pp en dix V II, p. 982 Expansion toward the P rovin ces................................................. 655 Ratio of liabilities to own resources............................................. Representation of industrial interests on the boards of the 560 banks............................................................................................. Representation on the supervisory boards of stock companies. 617 366 (A ppendix IV , p. 897) Hamburg-American Steamship C o ....................................................... 135,136 Haniel fam ily, mine ownership............................................................ 743, 744 Hannoversche B an k............................................................................... 643, 646 Harpener Bergbaugesellschaft........... ........................................... 510, 523, 617 “ H eavy Term s” (Schwere Term ine)................................................... 161 Helios group: Affiliated b a n k s ............................................................. 7 I 5 - 7 I 7 Hendschel works...................................................................... 707, 710-711, 737 Hibernia Mining Co.: Acquisition of stock for the Prussian Gov ernment b y Great B a n k s........................................... 3 23 . 3 24 . 523. 7 2 9 -7 3 0 Hoechst D ye Works: Community of interest with Leopold Cassella & C o ............................................................................... 708,721 etse q . Hoerder Bergwerks-und H iittenverein................................................ 509 Fuses with the Phoenix................................................................. 707-708 Hoesch Iron & Steel W o r k s ................................................................. 5 IO>73 4 Combination with the Westfalia M ines....................................... 7°6 Import duties on iron and steel, and the independent producers. 176 et seq. Import trade, bank credit..................................................................... 42& Incomes in Prussia................................................................................. 93 Income, national, estimates o f...................................... 92 Incomes, private, distribution of, in Prussia.................................. 96 et seq. Incomes, private, distribution of, in Saxo n y..................................... Industrial concentration fostered b y cartels.................................... 99 709 Forms.......................................................................................... 704 et seq. Influence on concentration in b a n k in g .................................. 703 et seq. Industrial credit: Distinct from commercial cred it............................................. 241 et seq. In A u stria........................................................................................ Leading to involuntary reorganization of the borrowing concern 254 b y the lending b an k ................................................................... 24g Organic development b y the credit b an ks................................ 2^g Purposes for which sou gh t............................................................. Secured b y mortgage................................................................ io 33 244 et seq. N at i on a l M onetary Commi ssi on Page. Industrial export p olicy supported b y the great b a n k s ................. 529 Industrial flotations b y the joint-stock banks before 1870................. 63 Industrial production: Growth of, since 1882.................................... 112 Industrial relations of the great banks................................................. 373 Industrialization and growth of population...................................... Industrialization of Germany, causes of rap id ................................... in 239, 240 Industrials: Num ber of issues of industrial securities b y the great b a n k s ...................................................................................................... 515 Industry and the credit b a n k s ... * ....................................................... 230 Interest: Calculation of, on current accoun ts................................... 266 Interest and commissions: Per cent share of total profits of the great ban ks...................................................................................................... 272 International Mercantile Marine Co..................................................... 136, 137 Internationale Bohr-Gesellschaft (E rkelen z)...................................... 512, 736 Investm ents in foreign securities: Financial and political advan tages................................................................................................... 541 et seq. Iron and steel: Import duties on, and the independent pro ducers............................................................................................... 176 et seq. “ Iron reserve” at the Reichsbank, proposed b y H eiligen stalt.. 580 et seq. Issues of industrial shares, 1892-1908................................................... 371—372 Issues of industrial bonds, 1900-1908................................................... 372 Joint-stock banks in E n glan d : Business p olicy criticized ............................................................... 555 Inadequate cash reserve.................................................................. 558 Promote speculation........................................................................ 556 Small c a p ita l..................................................................................... 557 Joint-stock banks in Germany, origin due to the general industrial developm ent......................................................................................... 5 Joint-stock companies floated before 1870 and after......................... 338 Kamerun Railroad C o ........................ 444, 447,448, 451, 453, 458,494, 507, 526 Konigs-und Laurahiitte........................................................................... 6^ Konsolidation Bergwerks-Aktiengesellschaft at S ch alke................... 617 Kontinentale Eisenbahnbau-und Betriebsgesellschaft Kreditna Banka. See Banque de Credit at Sophia. Kum m er group: Affiliated banks.................................... La Plata B a n k .................................................................... Lahm eyer grou p ................................................................ Affiliated ban ks......................................................... Landschaften..................................................................... Leerwechsel (nominal bills). 4 23, 4 4 0 715 717 224 See Finance bills. Leipziger Bank: Causes of failure.................................. 231 Liabilities, composition o f ............................................... 563 Liqu id assets of banks, composition of.......................... Liquidation of banks as the result of the crisis of 1873 563 636 1034 9 The G e r m a n G r e a t B a n k s Page. Liqu id ity, coefficient of.................................................................... 561 et seq. 565 L iqu id ity, coefficient of, for all German credit b an ks..................... L iqu id ity of assets, principle of........................................................ 12 et seq. L iq u id ity of resources of the credit banks, causes of the decrease o f. 565 Listing of securities, minimum issues, listed at leading bourses.. . Lloyds Bank: B ran ch es................................................................. 248 663,685-686 Loewe group............................................................................................ Loans: Carried b y the larger credit banks, and ratio to their c a p ita l.. 416, 485 274 Of German States and municipalities, amount of, 1894-1908. . 381-383 Per cent share of the assets of the larger credit banks invested in loans.......................................................................................... Per cent share of the assets of the (Berlin) great banks 274 invested in loan s........................................................................ 275 Loans on collateral: Amount and distribution of, granted b y the Reichsbank in 1908................................................................................................ Customary terms................................ 319 318 For fixed term, granted b y the Seehandlung............................. 311 Kinds of security.............................................................................. 307,308 Not part of the note reserves of the banks of issue.................... 309 Loans on collateral including reports: Amount of— Outstanding at all the larger credit ban ks.......................... 322 Outstanding at the Darmstadter B a n k ................................. 322 Outstanding at the Deutsche B a n k ...................................... 321 Outstanding at the Disconto-Gesellschaft............................ 321 Outstanding at the Dresdner B a n k ....................................... 321 Outstanding at the six great Berlin banks......................... 322 Ratio to total assets of the great banks........................................ 322 Lombard business. See Loans on collateral. London & County Banking Co. (Ltd.): Fuses with the London & Westminster Bank ( L t d . ) ............................................................ London & Westminster Bank (Ltd.): Fuses with the London & 663 County Banking Co. (L td .)............................................................... 663 London C ity & Midland B a n k .............................................................. 662-663 Branches........................................................................................... London County & Westminster Bank ( L t d . ) ................................... 685 663 Lorraine-Luxemburg district, increasing importance.................. 740 et seq. Luxemburg-Lorraine Pig Iron Syn d ica te............................................. 729,730 Magdeburger B an kverein ...................................................................... 6-,^ Concentration................................................................................... Magdeburger Privatbank, concentration............................................. Fusion with the Dresdner B an kverein .................................. ^ 1 Mecklenburgische H ypotheken-und Wechselbank, check business. 218 io35 National Monetary Commission Merchant bankers in England, and the acceptance b u s in e s s .... Page. 299 Merchant marine, growth o f................................................................... 133, 134 Principal shipping com panies.................................................. 135 et seq. Ship subsidies................................................................................... M exikanische B ank fur Handel und Industrie............. 134, 135 434, 438, 439, 474 M itteldeutsche K reditbank, business operations prior to 1870.. 77 et seq. C ap ital................................................................................................ 641 D ividends, 1857-1869...................................................................... 80 E arly flotations and transformations.............................................. 340 Increase of capital s to c k ................................................................. 657 O rig in ................................................................................................. 46-47 M itteldeutsche P riv a tb a n k .................................................................... 631-632 M ittelrheinische B a n k ............................................................................ “ M ix e d ” versus “ p ure” works in the steel in dustry............... 677 175 et seq. “ M ix e d ” versus “ pure” works, struggle between the, and attitude of the b a n k s.......................................................................................... 728 Moselle C an al: Opposition b y the iron interests in the Saar district. 732 Nationalbank fur Deutschland, ca p ita l.............................................. 641 Increase of capital stock.................................................................. 658 Participations.................................................................................... 453 Ratio of own resources to liab ilities.............................................. 560 Nationalization of industry as a whole im practicable................. 776—777 N avigation, in la n d .................................................................................. 141 N eu G uinea K o m pagn ie......................................................................... 440,487 Norddeutsche B a n k ....................................................................................... 444,644 North German L lo y d ............................................................................... 136 Oberschlesische Eisenbahnsbedarfs-Gesellschaft................................ 739 Oberschlesische Eisenindustrie Aktiengesellschaft Caro-Hegen- s c h e i d t ......................... «■ ....................................................................... Occupations, distribution of population b y ................................... 524 103 et seq. Oldenburgische Landesbank, check business..................................... 219 Oldenburgische Spar- und Leihbank, check b u sin e ss..................... 219 Organic matter, displacement b y inorganic matter (Sombart)__ Osnabriicker B a n k ................................................................................... 646 h i Ostafrikanische G esellsch aft......................................................................... 4^8)443 Ostbank fur H andel und G ew erb e....................................................... 646 O ta vi Mining & Railroad C o .......................................................... 443, 443, 487 Over-sea business, profits of the banks fr o m ...................................... 538-539 O ver sea shipping, earnings of the merchant m arine....................... 540 Participations: Im possibility of foretelling assessments due on account o f .............................................................................................. eg3 Patent laws, British and German in d u stry......................................... 127,128 Petroleum industry: Financial relations to the great b an ks__ 417 et seq. P h o en ix............................. ................................................................ 510,617, 734 Acquisition of coal m in es................................................................ Combination with the Nordstem mines....................................... 1036 706 The G e r m a n G r e a t B a n k s Phoenix— Continued. 1 aj,c. Fusion with the Hoerder Mining & Smelting C o ....................... 707-708 Induced to join the Steel Works’ Union b y the ban ks............. 727 Pig iron: Consumption and exports, growth o f........................................... I22 Consumption in the Zollverein during 1847 and 1899............... 32 Growth of output in principal countries........................................ 120,121 Production of 1850 and 1875......................................................... 32 89-90 Population, distribution b y c ity and co u n try................................. Growth, in Germany between 1816 and 1895........................ 43, 44, 89 Growth, in large c it ie s .................................................................. 90, 91 Growth, in the industrial and rural districts, respectively__ 44 O f France about 1848..................................................................... 28 Of Germany about 1848.................................................................. Of Prussia, distribution b y principal occupations in 1843----- 28 33 Part engaged in gainful occupations............................................ 90 Postal facilities, development of.......................................................... Postal transfer and check system, benefits to the small traders----- 36, 131 226 Joined b y the R e ic h sb a n k ............................................................ 146 Prime discounts....... .............................................................................. 277, 289 Private bankers, smaller: Existence threatened b y concentration in banking................. 759 Legitimate economic functions..................................................... 760 Private banking, decline o f ............................................................ 623 et seq. Private banking business: Transformation into joint-stock concerns. 762-763 Private discount r a te............................................................................. 289, 290 Property assessed for taxation, value o f ............................................ 93 Prosperity, growth of, evidence o f ....................................................... 775—776 Provincial bankers, adverse legislation................................................ 619 Provincial ban ks............................................................................... 668 et seq. Drift toward B e rlin ................................................................... 653 et seq. Prussian syn d icate................................................................................. 378, 409 Prussian war loans of 1870-71............................................................. 379, 380 Public ownership and operation of industry as a whole undesirable. 776-777 R ailw ay, first German............................................................................ 3x Railways: Capital invested in up to 1870...................................................... 35 Construction of, and demand for iron.......................................... Developm ent o f............................................................................... 130,131 Extension of, 1835 to 1875................................................................. Secondary. Bank groups.............................................................. 3 4 ,35 Raw materials: Necessity of increasing imports................................ IIO Regatul Rom ana..................................................................................... ^I2 Reichsbank and the postal transfer and check system ................. Average amount of bills h e ld ........................................................ 1037 I4g 226 ’~ National Monetary Co mmi s s i o n Reichsbank and the postal transfer and check system— Continued. Page. Business operations, permitted b y the bank a c t ........................ 144 Capital and surplus.......................................................................... 142 Clearance system .............................................................................. 148 Criticism of its discount p o lic y .............................................. 160,161,163 Giro-transactions....................................................................... 145,146,147 Gold reserve...................................................................................... 152 Holdings of foreign b ills ................................................................. 161,162 Increase of the tax-free “ contin gen t” of unsecured notes__ 166 Issue of unsecured notes................................................................. 153,154 Loans on collateral........................................................................... 159 M anagem ent...................................................................................... 142 M etallic reserve, 1876-1908............................................................ 155 Note issues........................................................................................ 143,144 Notes declared legal tender............................................................ 165 Reports of condition s...................................................................... 145 Strengthening of the resources b y increasing the surplus.......... 588 Turnover............................................................................................ 149 Rembours-credit in export trade........................................................... 427 In import tra d e................................................................................. 430 ‘ ‘ Reports. ’ ’ See Loans on collateral. Representation of industrial interests on the boards of the great banks...................................................................................................... 617 Rheinisch-W estfalische Disconto-Gesellschaft.................................... 654, 673 C apital................................................................................................ Concentration....................................................... 641 633-635 Rheinische Kreditbank: C ap ital........................................................... 641 Rheinische Stahlwerke: Combination w ith the Zentrum m in e s ... 706 Rhenisch-W estphalian coal syn d icate.................................................. 483 Reorganizations of distressed concerns b y banks............................... 365 Report business: Taxation o f................................................................. 316 Report m oney........................................................................................... 313 Report transactions: Increase of— in dex of increased speculation. . . 315 Reserve fund, legal provisions........................................................ 347 Rohbilanzen. (See Summary bank statements.) Rombacher H iittenw erke............................................................................. 523 Roumanian petroleum business.................................................................. Ruhr district: Purchase of coal mines b y iron w orks....................... 512 734 Saar district: Industrial conditions....................................................... 740 Sachsische Discont-Bank, fused with the Dresdner B a n k v e re in .. . 661 Savings, annual, estim ates..................................................................... 92 Savings banks, deposits in German, growth o f......................................... 100 Schalker Gruben- und H iitten-V erein................................................... 483, 484 Schaaffhausen’scher Bankverein: Am ount of acceptances held at the end of 1895 to 1908............ 286 Branch in Berlin ............................................................................... roo, cio 1038 The G e r m a n G r e a t B a n k s Schaaffhausen ’scher Bankverein— Continued. Page. Community of interest with the Dresdner B a n k ......... 494, 511, 674, 1003 Communities of interest, other...................................................... 511 Concentration through the opening of branches and the estab lishment of subsidiary ban ks........................ 511 Connections w ith the mining and smelting industries.............. 515 Deposits during early period......................................................... 73 Dividends, 1848-1870...................................................................... 74 Early developm ent...................................................................... 71 et seq. E arly flotations............... 339 General business p o lic y .................................................................. Increase of capital................................................................... 508 510,511,657 Industrial business and reorganizations....................................... 514 Industrial connections.................................................................... 3 74 Issues of industrial securities........................................................ 5I 5 4*5 O rigin................................................................................................ Participations............................................................................. 452 Participations in the common foreign business of the great banks............................................................................................. R ailw ay business............................................................................. Ratio of own resources to liabilities............................................. Schaaffhausen’scher Bankverein group, capital p o w e r ................... se(l* 5 11 5I 3 560 645 Schlesische H andelsbank...................................................................... 671 Sclilesischer Bankverein....................................................................... 4 7 3 >616 Schuckert Electric C o ........................................................................... 5 12 Schuckert group: Affiliated ban ks...................................................... 7 X5 >7 * 7 Schweizerisclier Bankverein................................................................. 4 5 B 526 “ Schwere Termine ” (heavy terms)..................................................... Seehandlung: Loans on collateral for fixed terms............................. 161 3 11 Securities held b y German investors in 1907: Estim ate............... 95 et seq. Securities: International movement o f............................................................ 534~53S Value of, listed at the Berlin E xchan ge................................... 93 et seqSecurity account: Classification adopted b y the great banks. . . 403 et seq. Security business: Am ount of securities owned b y the great banks, classed b y principal groups........................................................................... 405 Voluntary or in voluntary............................................................... 402 Security issues: Amount, 1889-1908.......................................................................... 358 Amount of foreign securities issued in Germany, 1894-1908. 392 et seq. ‘ ‘ Concert subscribers” .................................................................... 355 Distribution b y principal classes............................................ 359 et seq. B y the banks, factor in causing industrial consolidations and combinations.......................................................................... 368 et seq. B y the banks, preliminary work and negotiations................ 348 et seq. i °3 9 N a t io n a l M o n et a r y Commission Secu rity issues— Continued. B y the banks, special legal features of co n tract........................ 351 B y the great banks, listed at all German stock exchanges. A p p en d ix VI-959 B y the great banks listed at the Berlin Stock Exchange. A p p en d ix V-921 “ E x o t i c ” v a lu e s ..................................................................................... 390 Fo reign loans, issued in E n g la n d , 18 22-18 2 5 ................................. 391 P r in c ip le s to go ve rn fin an cin g o f foreign is s u e s ........................... 384 S ta te a n d m u n ic ip a l loans, fin a n ce d b y th e great b a n k s . . . 378 e t seq. U n d e rw r ite r s ’ s y n d ic a te s ..................................................................... 356 U p p e r a n d low er lim its o f issue p r ic e .............................................. 353 W a lte rsh a u se n ’s reform proposals regardin g foreign business, a n d c r itic ism o f th ese proposals............................................... 387 e t seq. S h a n tu n g M in in g a n d R a ilw a y co m p an ies: P a rtic ip a tio n o f th e great b a n k s ......... 437 - 442 , 445 »448 , 450, 453, 454, 459,487, 494, 507, 5 11, 526 S h ip b u ild in g , grow th o f ................................................................................ S h ip su b sid ies. 140 S e e M erch a n t m arin e. S ie g d is tr ic t: In flu e n c e o f th e b a n k s on th e iron i n d u s t r y ............... S ie m e n s & H a ls k e group, affilia te d b a n k s ...................................... 732 416, 715, 716 S ie m e n s-S c h u c k e r t c o m b in a tio n ................................................................ S ile n t p artn ersh ips. 718 S e e C o m m an d ites. S o ci6 t6 gen erate: A g e n c ie s a n d b r a n c h e s ................................................ 686 S o v e re ig n B a n k o f C a n a d a ........................................................................... 446 S p a e te r & C o .................................................................................................... 747 S p e c ia liz a tio n in G erm an b a n k i n g .............................................................. 649-650 S p e c u la tio n , e x c e s s iv e , p re ce d in g a crisis............................................... S ta h lw e r k s v e rb a n d . 17 S e e S te e l W o rk s’ U n io n . S ta m p -ta x le g isla tio n fo sterin g c o n c e n tr a tio n ................................. 618 e t seq. S te a m en gin es, n u m b e r an d horsepow er of, e m p lo y e d in in d u s t r y . 103 S te a m en g in e s a n d motors, a b o u t 1850 an d in 1895........................... 30 S te e l W o rk s’ U n io n a n d th e In te rn a tio n a l G ird er C artel a n d the In te rn a tio n a l R a il C a r t e l ............................................................... 182,183 B u sin ess p o l i c y .................................................................................. 174 e t seq . F o r m a tio n ........................................................................................ 640 M em orials p resen ted b y th e “ p ure ” w orks a g a in s t t h e ___ 175 e t seq. O rg a n iz a tio n ................................................................................... P a r t o f th e A . S c h a a ffh a u se n ’scher B a n k v e r e in 174 in form in g t h e . 516 S tin n e s, H u g o : In d u str ia l a ffilia tio n s ...................................................*................... 742 e t seq. R e la tio n s to th e b a n k s ................................................................ S to c k exchange: W e a k e n in g of, as resu lt o f c o n ce n tra tio n 745-746 of b a n k in g ................................................................................................. 7 7 1 -7 7 2 S to c k -e x c h a n g e le g isla tio n fosterin g c o n c e n tra tio n 1040 o f b a n k i n g . .618 e t seq. The G e r m a n G r e a t B a n k s Page. Subsidiary banking establishments, disadvantages.......................... 671 Subsidiary companies, in Germany, of German b a n k s ................... 667-668 Siiddeutsche Eisenbahngesellschaft..................................................... Summary bank statements: According to a prescribed scheme, criticism o f............. 505 590, 594 et seq. For all deposit banks, proposed b y Count Arnim -M uskau.. . 589 Voluntary, beneficial effect o f....................................................... 593 Of the Berlin great ban ks.............................................................. 597 Supervisory board: Governmental supervision of banking opposed. 599-601 Surplus funds in banking and industry................................................... 47° “ S yn d ica te” account lumped with “ securities” .................................... 399 Syndicate participations of the great banks....................................... 4 ° ° , 4 ° i Syndicates: Early in stan ces.................................................................................... 39^ Subsidiary participations............................................................... 397 Syndikatskontor des A. Schaaffhausen’schen Bankvereins........... 616,726 Telegraph service, growth o f...................................................................... Telegraphs in Germany, beginnings o f................................................ *3 2 37 Telephone service, growth o f................................................................ I3 2>*3 3 Terlinden C o................................................................................................ 244 T extile industries, recent development o f.................................... 128, 129, 130 Thyssen, August: Industrial a c tiv ity and affiliations.......................................... 7 4 * et seq. Industrial operations...................................................................... 711 Relations to the banks.................................................................... Trade insurance associations (Berufsgenossenschaften), growth of 745 membership......................................................................................... 102, 103 Transformation of existing concerns b y the banks............................... 345 Treuhand-Bank fur die elektrische Industrie, A. G ........................ 719 Trust companies...................................................................................... 672 Ultimo loans............................................................................................ 311 Ungarische Escompte- und Wechselbank in Budapest........... 449, 503-504 Unification of Germany in the commercial fie ld ........................... . . 36 In the economic field....................... '.......................................... 87 et seq. Union Elektrizitatsgesellschaft group................................................. 7x5 Affiliated ban ks............................................................................... 416,717 United States Steel Corporation, effect on the concentration move ment in G erm an y................................................................................ 639-640 Joins the International Rail Cartel.............................................. Upper Silesian coal convention............................................................ Upper Silesian district: Part taken b y the banks in forming indus trial combinations.................................................................. ....... Upper Silesian Steel Works Union, formation................................... ^g et ^ g National Monetary Commission Page. V ere in ig te W e std e u tsch e K le in b a h n -A k tie n g e s e lls c h a ft.................... 525 W ages in G erm an in d u stry , m o ve m e n t o f .............................................. 773—774 War, business p o lic y of th e b a n k s im m e d ia te ly p re ce d in g an d d u r in g ........................................................................ „•.............................. 22 e t seq. W ar clau se in issue c o n tr a c ts ...................................................................... 351 W ar, fin an cial preparation an d readiness fo r ......................................... 24 M ain ten an ce of th e G erm an cu rre n cy an d c r e d it system s d u r in g .............................. 25 T re a su re ..................................................................................................... 24 W ars, E uropean , effe ct u pon th e eco n om ic d e v e lo p m e n t of G er m a n y ............................................................................................................... W e a lth , n ation a l, e stim a te s..................................................................... 27 91 e t seq. W e ch selstu b en (ex ch a n g e o ffices).............................................................. 195 W e std e u tsch e E ise n b a h n g e s e llsc h a ft........................................................ 513, 524 W e stfa lis c h -L ip p isc h e V e re in sb a n k (B ie le fe ld ) .................................... 5 11,6 7 0 W estfa lisch e U n io n ......................................................................................... 737 W orkm en , n u m b er of, en gaged in m in in g an d s m eltin g ab o u t 1850 a n d 1895......................................................................................................... 30 W iirttem b ergisch e B a n k a n sta lt, S t u t t g a r t .............................................. 449 C o m m u n ity of in terest w ith th e W iirtte m b ergisch e V erein s b a n k ........................................................................................................ 664 Z e n tr a l-A m e r ik a -B a n k .................................................................................. 438 Z o llve re in : E sta b lis h m e n t o f ..................................................................................... Foreign trade, 1842 to 1846.................................................... 9 1042 29 29-30
@FedFRASER