Berlin banking scandal (1891)
Berlin banking scandal is the name given to a banking scandal in Berlin in 1891.
During the economic downturn of 1891, cases of misappropriation of securities accounts, forgeries and abuses in commodity futures trading became known in Berlin . The bankruptcy of the CW Schnöckel jr. in September 1891 resulted in the collapse of other Berlin banks. Schnöckel suffered losses due to failed contracts for difference and had to stop his payments. The liabilities of 2 million marks could not repay Schnöckel and then took his own life. The Hirschfeld & Anton Wolf bank ceased payments on November 3, 1891, after a loss of 5 million marks. The exchange bank Hermann Friedländer & Sommerfeld began to embezzle securities accounts by illegally using the securities belonging to their customers for the purpose of proprietary trading in differential transactions. Partner Sommerfeld also committed suicide. The collapse of the Eduard Maass banking house followed . This resulted in a bank run on the deposits of most private banks, which did not spare the FW Krause & Co. bank either. On November 9, 1891, the customers stormed the bank and demanded the payment of their deposits, whereby the police had to maintain order. In December 1894, the public criticism of differential deals also led the Reichsgericht to reject these deals.
literature
- Mathew D. Rose: Berlin, capital of felt and corruption . Transit Buchverlag, Berlin 1999, ISBN 3-426269309
Individual evidence
- ↑ Bankhistorisches Archiv, supplement, 1976, p. 23
- ^ Frankfurter Zeitung. History of the Frankfurter Zeitung 1856 to 1906. 1906, p. 615.
- ^ Hazell, Watson & Viney Ltd., Hazell's Annual , 1892, p. 310.
- ↑ Christof Biggeleben, The "Bollwerk des Bürgerertums ": Die Berliner Kaufmannschaft 1870-1920 , 2006, p. 239
- ↑ Morten Reitmayer, Bankiers im Kaiserreich: Social Profile and Habitus of German High Finance , 2011, p. 85
- ↑ RGZ 34, 82, 83