Friedrich Schmid & Co.

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The Bankhaus Friedrich Schmid & Co. (also Bankhaus Friedr. Schmid & Comp. ) Was an Augsburger private bank , which in 1849 jun by Jacob Friedrich Schmid. Founded. In the second half of the 19th century, the bank developed into one of the most important private banks in southern Germany . In 1931 his grandson Friedrich Schmid sold the economically troubled institute to the Bayerische Hypotheken- und Wechselbank , in whose Augsburg branch it was absorbed.

history

The banker Jacob Friedrich Schmid sen. with his family around 1820

Predecessor institute

The Schmid banking family began with Jacob Friedrich Schmid Sr., who completed a commercial apprenticeship in Switzerland and met Dietrich Erzberger , who came from Basel , there . On November 1, 1804, Erzberger and Schmid founded together with Carl Joseph Wollmuth in Augsburg under the name Erzberger & Comp. a trading business . After Wollmuth left, the banking business was continued under the company Erzberger & Schmid from February 5, 1810 . Little is known about the company's operations in the early years, but the company appears to have flourished. In 1828 the bank had acquired a very good name nationwide, which induced a third party to abuse it. Count Cároly Albert von Festetics from Ödenburg deposited a bond of 2 million guilders, which was not insignificant for the time, with the wholesale house Erzberger & Schmid through a third-party institution and tried to create the impression that he had the bond by enclosing copies of the depository receipt for the partial bonds recorded there. The bank, which had to fear for its reputation, pointed out several times that its name had been used without authorization. In 1830 the private bank was called the exchange house. At that time, Augsburg was considered an excellent place for money and exchange trading with the various German currencies. After Schmid's death on January 11, 1824, his eldest son Jacob Friedrich Benedict Schmid jun. drop out of the law studies that began in 1823 at the Friedrich-Alexander-Universität Erlangen . In preparation for joining the Erzberger & Schmid banking house , he trained as a businessman in Switzerland and Italy .

He then took up work in the banking house which his father co-founded . In 1832 he received power of attorney . In 1849, Schmid left the private bank Erzberger & Schmid , which was then renamed Erzberger & Co. and later Erzberger & Sons . In 1882 this banking institution ran into economic difficulties and had to file for bankruptcy.

The former headquarters of the Friedrich Schmid & Co. bank in Augsburg, Maximilianstrasse 65

Foundation and interim phase

Jacob Friedrich Schmid jun. founded in 1849, Bankhaus Friedrich Schmid & Co. in Augsburg Schaezlerpalais and moved in the same year the opposite head office of the bank in the Maximilianstrasse 65. As part of the establishment, he took some of the customers and employees of the in liquidation of the late banking firm located in 1949 Johann Gottlob Freiherr von Süsskind . In 1851 Schmid was one of the initiators of the Augsburg cotton spinning mill on the Stadtbach . The mechanical cotton spinning and weaving mill in Augsburg , of which he had been a member of the supervisory board since 1837 and as chairman from 1843 , urgently needed a supplier. His bank provided the financing for the newly founded company. After Jacob Friedrich Schmid died suddenly, his brother Paul Johann Carl Schmid sen. (* 1809 in Augsburg; † 1878 ibid) interim management to take over the banking business for his sons Paul Schmid junior. and Ernst Schmid (* 1844 in Augsburg; † 1939 ibid). Paul Schmid Sr. did not succeed in building on the positive development that the company had taken under management.

Influential private bank

Paul Schmid jun. gave up his law studies, which he had begun at the Ludwig Maximilian University of Munich in 1860, after two semesters. Instead, he took up commercial training in Geneva , which he continued in London and Frankfurt . In 1866 he joined the family business. Two years later he took over the management of the bank from his uncle. His brother and closest colleague Ernst Schmid became involved in the bank. Paul Schmid was able to quickly build up a close network of relationships with industrial companies. In close cooperation with the commercial managers of the often troubled or no longer competitive companies due to their small size, the bank worked on the company restructuring or initiated mergers . If the company was not already a stock corporation , it was converted into a stock corporation and restructured through recapitalization via the stock market . Subsequently, one of the two bankers took over a position on the supervisory board, usually that of the chairman of the supervisory board, in order to be able to influence further corporate policy. Paul Schmid expressed this close connection between finance and industry with the following words: "In all businesses in which I have held offices [on the supervisory board], I was always able to take over the management myself."

Paul Schmid had already taken over a supervisory board mandate of the mechanical cotton spinning and weaving mill in Augsburg in 1869, which he held until his death, 46 years of which as chairman of the supervisory board. During this time he supported, among other things, expansions through the weaving mill on Proviantbach, the cotton spinning and weaving mill in Rosenau and the spinning mill and weaving mill Aumühle and accompanied a technical reorganization of the outdated parent company.

The efforts initiated by Schmid, the Augsburg bankers Albert Erzberger, Hugo von Froelich, Franz Frommel, Carl von Stetten, Nathan Wilmersdörffer and the landowner Johann von Stetten, with the cooperation of the Bayerische Vereinsbank, to turn the financial center of Augsburg against the up-and-coming Bavarian mortgage and exchange bank in particular strengthen, but were not crowned with success. The Augsburger Bank, founded in 1871, ceased business after a short time and was liquidated in 1877.

In 1872, Friedrich Schmid & Co. initiated and financed the founding of the Göggingen twisting and sewing thread factory , taking over E. Schiffmacher & Cie. and their extensions. The bank was represented on the Supervisory Board by Ernst Schmid. He also took a corresponding position at the Augsburg cotton spinning mill on the Stadtbach, whose expansion by the cotton spinning mill on the Senkelbach and the Wertach spinning mill accompanied the private bank. When the mechanical cotton weaving on Senkelbach 1880 under the name Augsburger colored weaving LA Riedinger was converted into a public limited company previously, the bank was responsible for the placement of shares, but was also there when the turn of the century, the insolvency of the company averted had. Paul Schmid also succeeded in a fundamental restructuring and the addition of new operating resources at the Neue Augsburger Kattunfabrik . Under his leadership, the United Factories of Agricultural Machinery, formerly Epple and Buxbaum , were created in 1882 through the merger of the companies of the brothers Magnus and Carl Epple and Engelbert Buxbaum. In the same year, Schmid organized the amalgamation of several match and wax factories in Augsburg, Deggendorf, Aalen and Ulm to form the joint stock company Union Vereinigte Zündholz- und Wichsefabriken. Friedrich Schmid & Co. was represented in 1889 as the only bank among the founders of the Augsburg Local Railway , which was supposed to enable industrial companies to be connected to the state railway network. In 1898, the Mechanische Weberei am Mühlbach, founded by the Schnell brothers eleven years earlier, was converted into a stock corporation and launched on the market. In 1907, under the management of the private bank, the Lorenz Stötter brewery was converted into a stock corporation, which, after taking over several smaller breweries in 1924, was renamed to Aktienbrauerei zum Hasen . The Friedrich Schmid & Co. bank was represented on the supervisory boards of these companies by one of the two partners. The importance of the private bank is particularly evident in Paul Schmid's appointment to the supervisory body of the Bayerische Vereinsbank in 1903. From 1926 until his death, he was chairman.

Paul Schmid's services to the domestic economy have been honored with an honorary doctorate from the Technical University of Munich , the title of a secret commercial councilor and the Knight's Cross of the Order of Merit of the Bavarian Crown . The order was associated with the personal nobility.

Decline and sale of the bank

After the death of Paul von Schmid, his son Friedrich Ernst Schmid (* 1878 in Augsburg; † unknown), who already worked in the private bank, took over the management of the company, which had already suffered from the consequences of the First World War on the German economy the Great Depression of 1929 was further affected. In consultation with his uncle and partner Ernst Schmid, he sold the private bank on January 1, 1931 to Bayerische Hypotheken- und Wechselbank, which integrated the banking business into its Augsburg branch. The taking over regional bank did not want to forego the reputation that the Schmid family still enjoyed with the Augsburg economy. Friedrich Schmid was appointed deputy board member of the bank and headed the Augsburg branch of Bayerische Hypotheken- und Wechselbank until 1945.

literature

  • Peter Fassel: The Schmid banking family - financiers of Augsburg industry in the 19th century . In: Marita Krauss (Ed.): The Bavarian Commerzienräte - A German business elite from 1880 to 1928 . Volk Verlag, Munich 2016, pp. 344–351. ISBN 978-3-86222-216-2 .
  • Karl Bosl (Ed.): Bosls Bavarian Biography. 8000 personalities from 15 centuries . Verlag Friedrich Pustet, Regensburg 1983, pp. 683 f, ISBN 3-7917-0792-2 .
  • Peter Fassl: The Schmid banking family . In: Entrepreneurs - Employees. Pictures of life from the early days of industrialization in Bavaria . 2nd edition, Verlag Oldenbourg, Munich 1987, p. 123 ff, ISBN 3-486-52772-X .
  • Friedrich Schmid: Jakob Friedrich and Paul Schmid . In: Life pictures from Bavarian Swabia. Publications of the Swabian Research Association at the Commission for Bavarian State History . Vol. 4. Max Hueber Verlag, Munich 1955, p. 360 ff.
  • Rudolf Vierhaus (Ed.): German Biographical Encyclopedia (DBE). Vol. 9, Schlumberger - Thiersch. 2nd Edition. Verlag KG Saur, Munich 2008, ISBN 978-3-5982-5039-2 , p. 21, 23rd digitized version

Web links

Individual evidence

  1. ↑ Michaela Schmölz-Häberlein: “Full of fiery urge for excellent effectiveness” - The Obwexer brothers, Johann Heinrich von Schüle and the trading town of Augsburg in the 18th century . In: Augsburg trading houses in the course of historical judgment. Colloquia Augustana . tape 3 . Akademie Verlag, Berlin 1996, ISBN 3-05-002653-7 , pp. 137 ff .
  2. ^ Intelligence sheet of the Royal. Bayer. City of Augsburg of February 23, 1850. No. 16. p. 100.
  3. ↑ Allgemeine Zeitung of October 14, 1828. No. 288, p. 1151.
  4. ↑ Allgemeine Zeitung of October 15, 1828. No. 289, p. 1156.
  5. ↑ Allgemeine Zeitung of November 4, 1828. No. 309, p. 2236.
  6. ^ Intelligence Gazette of the Royal Bavarian Upper Danube District of May 31, 1830. No. 22. P. 720 f.
  7. ↑ Amelie Lanier: The partial bonds. Seeligmann's fraudulent bond deals. In: The credit system of Hungary in the pre-March period. 1995, accessed June 1, 2017 .
  8. ^ Intelligence sheet of the Royal. Bayer. City of Augsburg from June 9, 1830. No. 193. S. 213 ff.
  9. ^ Verlag EH Kunstmann (ed.): Personnel level of the Friedrich-Alexanders University Erlangen in its first century . Printing and publishing house EH Kunstmann, Erlangen 1843, p. 214 No. 87 .
  10. ^ A b Karl Bosl (ed.): Bosls Bayerische Biographie. 8000 personalities from 15 centuries . Verlag Friedrich Pustet, Regensburg 1983, ISBN 3-7917-0792-2 , p. 683 .
  11. ^ Frank Möller: Bourgeois rule in Augsburg 1790-1880 . In: City and Bourgeoisie . tape 9 . R. Oldenbourg Verlag, Munich 1998, ISBN 3-486-56387-4 , p. 340 .
  12. ↑ a b c d e f g Friedrich Schmid: Jakob Friedrich and Paul Schmid . In: Life pictures from Bavarian Swabia. Publications of the Swabian Research Association at the Commission for Bavarian State History . tape 4 . Max Hueber Verlag, Munich 1955, p. 360 ff .
  13. ↑ Gunther Gottlieb: History of the city of Augsburg from Roman times to the present . Konrad Theiss Verlag, Stuttgart 1984, ISBN 978-3-8062-0283-0 , p. 596 .
  14. ^ Wolfgang Zorn: Trade and Industrial History of Bavarian Swabia. 1648-1870 . In: Economic, social and cultural history of Swabian entrepreneurship. Publications of the Swabian Research Foundation at the Commission for Bavarian State History. Studies on the history of Bavarian Swabia . tape 6 . Verlag der Schwäbische Forschungsgemeinschaft, Augsburg 1961, p. 160 .
  15. ^ J. Georg Weiss, Universitätsbuchdrucker (Ed.): Official directory of teachers, civil servants and students at the royal Bavarian Ludwig Maximilians University in Munich. Winter semester 1860/61 . J. Georg Weiss, university printer, Munich 1860, p. 45 .
  16. ^ J. Georg Weiss, Universitätsbuchdrucker (Ed.): Official directory of the staff, teachers, civil servants and students at the royal Bavarian Ludwig Maximilians University in Munich. Summer semester 1861 . J. Georg Weiss, university printer, Munich 1861, p. 44 .
  17. ↑ Augsburger Abendzeitung of January 7, 1868. No. 7. Wirth'sche Buchdruckerei, Augsburg 1868, p. 67.
  18. ^ Peter Fassl: Denomination, Economy and Politics. From imperial city to industrial city. Augsburg 1750-1850 . In: Treatises on the history of the city of Augsburg . tape 32 . Verlag Jan Thorbecke, Sigmaringen 1988, ISBN 978-3-7995-6942-2 , p. 229 .
  19. ^ A b Hans Pohl (ed.): History of the Munich financial center . Oldenbourg Wissenschaftsverlag GmbH, Munich 2007, ISBN 978-3-486-56821-9 , p. 107 ff .
  20. ^ History of the HypoVereinsbank Augsburg. Information from UniCredit Bank AG, Corporate History. (PDF) UniCredit Bank AG, accessed on May 28, 2017 .
  21. ^ Horst Möller: Regional banks in the Third Reich: Bayerische Hypotheken- und Wechsel-Bank, Bayerische Vereinsbank, Vereinsbank in Hamburg, Bayerische Staatsbank 1933 to 1945 . Verlag de Gruyter / Oldenbourg, Munich 2015, ISBN 978-3-11-043161-2 , p. 101 .
  22. ↑ Note: The designation as the Secret Consistorial Council is an obvious mistake. Carl Heinrich Becker was with Hedwig, geb. Schmid, a daughter of the Augsburg banker Paul von Schmid, married.

Coordinates: 48 ° 21 '54.4 "  N , 10 ° 53' 59.5"  E