Bank J. Magnus & Co
J. Magnus & Co. was a foreign trade bank in Hamburg. In 1813 John Magnus founded the foreign trade bank J. Magnus - later J. Magnus & Co. He came from a merchant family. His father Johann Friedrich Magnus owned his own business, which his oldest brother joins. Thus John made independently , but under BC his father. In 1822 the office was in Cremon no. 49, in 1826 in the large Reichenstrasse. no. 98, 1830 in Hüxter no 103.
During Napoleon's continental blockade against English imports, it financed smuggling deliveries from England via Heligoland - this was considered a "patriotic act" against the hated French occupation. Towards the end of the 19th century, there is said to have been a wooden shed on Heligoland - the “Machnusspeicher” - in which goods from England were temporarily stored.
The main focus of the bank's business until its dissolution was the financing of foreign trade. The growing company moved from Jungfernstieg 9 to Paulstraße - initially No. 21 and at the end of the 19th century No. 5–7 - a building from the early days of the company that belonged to J. Magnus & Co.
Since John Magnus had no sons, he bequeathed the company FA Hermann Philippi, who joined the company on January 1, 1846. The official company name was now: John Magnus et Co., Kaufl. B. Cto. JF Magnus and FAH Philippi, Schauenburgerstr. no. 47. The brother Johann Friedrich Magnus left a short time later.
During the Second World War , the bank's buildings on Paulstrasse were largely destroyed by bombs. Only the main entrance and some rooms on the ground floor were preserved. Business continued there after the war until a new building was built in the 1950s. There, the Hamburgische Landesbank was tenant of J. Magnus & Co. until they moved into a larger building.
During the economic miracle in the 1950s, J. Magnus & Co. was not only active as a foreign trade bank, but to a certain extent also in investment banking. During this time J. Magnus & Co. had around 50 employees. Around 1970, in the age of the beginning company concentrations, - J. Magnus & Co. merged with the smaller bank Wilhelm Rée jr. (Securities business). In 1974 the Herstatt Bank in Cologne went bankrupt - the largest bankruptcy of a German private bank at the time after the Second World War. J. Magnus & Co. was not involved financially. The Herstatt bankruptcy, however, meant that the banking supervisory authority increased the minimum reserves of the private banks drastically. Since J. Magnus & Co. had to cope with the bankruptcy of a major customer at the same time, they were so financially weakened by these two events that they could only do larger business with the guarantee of a larger bank. In 1975, BHF-Bank took over the company, which has since had a branch in Hamburg.
The Magnus banking dynasty and the F. Mart banking house. Magnus in Berlin have no relationships with J. Magnus & Co. in Hamburg.
supporting documents
- ↑ Hamburg address book .
- ↑ From ventures. In: zeit.de . April 30, 1976, accessed January 4, 2015 .