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Business / Finance

"Nobody believed that Bank money could be lost"

Banki.ru: themes of the day 07.11.2017 at 21:00

Banking and financial news on the website Banki.ru

The Question of how to preserve and multiply their savings, we care in any era. Especially scary to be left without a livelihood during times of turmoil. Banks.ru figured out how in 1917 the Russians were trying to preserve their capital and why is it almost no one has. Heroes of our text become the banker, the artist, the dancer and industrialist.

In 2017, we talk about how to get high interest rates on their savings, in 1917, to keep though something was tantamount to heroism. Banks.ru turned to the memories of our compatriots, to learn how they saved their savings during the war and two revolutions.

to Place capital in real values

Wealthy and financially literate people was an obvious connection between war and impairment savings. It is from this, and they tried to protect their money. One strategy was to diversify assets, to acquire definite values and shares of those enterprises which are likely to "go to grow".

"From the beginning of the war, I pondered over how to protect against devaluation that little capital, which then possessed. I had to put it in these real values in the world quote will not be prone to falling," recalls a former branch Manager of the Volga-Kama Bank in Yekaterinburg Vladimir Anichkov. The first thing that came to mind — to buy platinum, but this plan had to be abandoned because shortly before the outbreak of the First world war, introduced a special law against speculation, providing for the requisition of platinum and criminal liability for its violation. "Gold was freely in circulation. When our Bank was the refinery, and I decided on part of their savings to buy gold, good it can be lay in our Bank. It cost before the war, five and a half roubles per Zolotnik. My annual salary was at that time very large — not less than sixty thousand rubles a year, but I lived greatly and saved a little. However, buying gold also was associated with the risk associated with the introduction of a monopoly. About buying pounds of gold and putting it in the Bank, I decided not better in case of a Declaration of a monopoly to start buying up mines. Part of their capital I held in shares of our Bank in the calculation to go to the Board members why it was necessary to present the eighty shares. In addition to these papers, I believed in the action of the Ural mountain plants, having an enormous land space," writes Anichkov.

"All advised as the best place to hide money and property"

After the February revolution it became clear that to protect your savings should not only from inflation but also from expropriation. Wealthy people began to buy large quantities of value and populate the cell Bank.

"My largest and most valuable things were kept... from Faberge, but after the coup, he asked me to take them to himself, as he feared search and seizure of the valuables in his safes, in fact soon happened. These jewels, along with handed down me personally from home, I put in a special box set size and deposited in state Treasury loan on the Fontanka and gave them a rating, intentionally reducing it in comparison with actual cost, not to pay a large sum for their storage. It was hard for me financially, and pay a lot, I could not. Director Loan Treasury was very surprised such a low rating. "After all, they are here for a few million", — he noticed me when I took your things," wrote Mathilde Kschessinska.

also wrote About this in his memoirs the cousin of Nicholas II — Grand Duchess Maria Pavlovna. "At the beginning of the summer I went to Moscow. At this time, all each other advised as the best place to hide the jewels and property. Our money and papers were confiscated at the beginning of the revolution, and we had only what little was in private banks. I also had enough jewelry, which themselves constituted a large capital, and I had to figure out what place to put them where they would be safe. One friend recommended me the Moscow loan Bank. I took that advice and took their boxes with jewelry, went to Moscow..." wrote the Princess.

the Public get used to the thought of losing your capital

Any well thought out investment strategy of the Ural banker nor dictated by the uncertainty, the desire to hide everything in a Bank safe did not help to save the capital.

14 December 1917, the Bolsheviks adopted a Decree on the state monopoly on banking, and after that, on December 27, 1917, closed down private banks and nationalization. This was accompanied by the opening of safety Deposit boxes and confiscated in favor of the state stored values.

"I belonged to All of the action by decree of Lenin was cancelled and to me from the Bolsheviks received a request for payment of the debt, totaling about one hundred thousand rubles. Fortunately, in Petrograd, the Bolsheviks found these claims incorrect and the payment canceled, but all of my condition, placed in stocks, lost. All mines were also selected, and I still have on hand about thirty pounds of gold, buried in the forests of the Urals, Yes steel, kept Schmidt in the warehouse", — sums up Vladimir Anichkov. Purchased steel, in the end, were also requisitioned. "So I have — talked I — not speculari". However, I felt bad, because by the time the banks were nationalized, and I was left without a job, lost their source of livelihood," writes Anichkov.

"In "news" the decree on the nationalization of private banks and on the audit of safes. What is it — the greater amateurism, the crisis of insanity, provocation or preparation of the collapse before the complete return of the state the Germans?" — asked the artist Alexander Benois. "When we heard the news of the Bolshevik revolution and in this connection about the first measures taken, the confiscation of banks, safes and all property of the "bourgeois" selected by the government, we realized that one day all become beggars," wrote Kshesinskaya.

Bank Customers for a long time did not believe that their money could be lost and took the news of nationalization quietly, writes in his memoirs, Vladimir Anichkov. "I was surprised at the calmness and even indifference. At least, there was no reproach, no cases of protest and demands money. How to explain this? Rottenness of our intelligentsia and the bourgeoisie, as Lenin explained it? No, with this opinion I quite agree. Here, I think, acted different factors. Many assumed that all this is temporary. No one believed that Bank money could be lost. On the other hand, that the public is resigned to the peculiarities of the falling credit of the currency, inevitably doomed to death and get used to the thought of losing their capital. However, many treated it with tranquility arising from the characteristic features of the Russian people, called humility.

I was amazed at the humility of the part of the customers, which in former times was particularly arrogant and intolerant to any delay in the work of the employees. Sometimes a check will delay for 2-3 minutes, and "dear" as a storm enters the office and high tone expressed his displeasure. And now, my God, what humility! How humiliated by the request, spoke these former eagles to the commissioners:

— Sir, be so kind as not to come into the city every week, give me a month in advance six hundred rubles.

— can Not — rude is responsible Commissioner. — Betray you every day for a quarter, so you would every day on all fours crawling.

— Yes, Mr Commissioner, Yes...

the ladies had tears when they were not given knick-knacks, stored in the vaults. There were pleas, reaching to the humiliation," he recalls.

Anichkov says to check the safes were appointed a Commission, which according to the decree confiscated all gold items weighing more than 16 spools. "The Commission absolutely could not give a satisfactory answer to the question, whether free from the confiscation of silver, that led to the plating of gold items. One of my doveritelnyi was a gold chain weighing 25 spools, which I broke into two parts and thus saved from confiscation, because each piece was less than 16 spools," recalls Anichkov.

the Events left a feeling of robbery, wrote to the artist Alexander Benois.

"at dinner Akiza (the artist's wife. — Approx. ed.) tells about his secondary visit to the Bank. The Bolshevik Commissar with a confused look, was extremely helpful -- her bag with silver even unfolded. Very cried one woman who took her Imperial gold, which was she put in the hood for the wedding.

Encountered there Shmakov said it in Finland before the search local Bolsheviks buried the night five pounds of flour in a large way; the same operation was busy and all of its neighbors — Finns, and Russian. Resent my wife only guard soldiers in the Bank, the bivouac located in the lower lobby: part eating, part in the middle of the day sleeping on the floor, debate is abuse. The servants of the Bank in horror. In General, Akici left with the impression of some vile, mean robbery. And indeed, there is something nasty, creeping in the system, with which our new rulers are rocking the institution of private property," wrote Benoit.

Where to get edible and how to hide money?

one could say that the winners are those who prefer to keep their savings to themselves. But they had to deal with the arbitrariness of the new government, which during the searches took away all valuable.

"Three questions in that blissful time, when the real terror didn't particularly occupied with the thoughts of the bourgeoisie, and these issues were the subject of all conversations. Where can I get edible, where to hide the money. how to get rid of seals? Was still burning question: how and where to escape?" — wrote in his memoirs, the Chairman of the Board of Russian gold-mining companies Nikolai Wrangel (father white General Peter Wrangel).

And then it had to compete in ingenuity to those who wish to profit by the soldiers.

"Searches are usually accompanied by taking away all valuable that the soldiers were caught by hands, and it began to hide money and jewelry. There are, of course, everyone showed their talent and resourcefulness. But often had to change places, as of course were all hiding about the same, and once the soldiers had found things in one apartment in a certain place, they searched the same. For example, pinned the money under the drawer, that when opened it, there was no money. But then they opened it and climbed right under the boxes. The money I hid in the downstairs of the cottages, between the Windows, in the top part where the window did not open, and I had to remove the frame. The jewels I'd hidden in the hollow foot of the bed, dangling them on a string so you can pull back. Many people initially hid the ring in banks with lipstick, but soldiers soon found it and climbed right in there with your fingers. Many ladies loved to brag about where they hid their stuff, and of course, someone overheard, and the mystery was issued. This boast came across a" wrote Mathilde Kschessinska.

Ex-millionaires didn't know where to get food the next day

the Russians sought refuge abroad, where they were position — people without any savings- turned out to be extremely disastrous.

"Former millionaires now did not know where to get food the next day. Duchess of B., who until recently had enormous wealth, were now forced to wash for the money linen. The other lady sold her wedding ring to buy food for her hungry daughter. Senator G did tube for sale. Many people simply starved," — writes in his memoirs Nikolai Vrangel.

"the Provisional government replaced the Tsar, a simple decree ceased to exist the State Council, the composition of which I belonged to for over 12 years. I shared, therefore, shared the fate turned out to be just thrown overboard, wondering how and all that to decide what to do. Six months later, subject to General inheritance, I lost all my modest savings and all my property and, a year later, in November 1918, saving the life of my wife and I left home without any hope of ever seeing it," wrote the former Minister of Finance Vladimir Kokovtsov.

Heroes of our article left the country. In some ways they were luckier than many other immigrants. Matilda Kshesinskaya in 1920 he emigrated to France via Constantinople. She immediately went to the Villa belonging to her "Alam" in cap d'ail.

"I Arrived penniless, and had to lay Villa to pay a servant and the old gardener Botan that six years patiently waited for my return and took care of the house and garden. We also had to dress up as, except for two old dresses, nothing more I had, not to mention my son, who literally nowhere to not seem like he could," she wrote. Later, Kschessinska moved to Paris, where he opened a private ballet Studio.

the structure in 1919 he moved to Vladivostok, where for three years a succession of alternated government. In 1923 he left Russia and in Shanghai came to America. In 1932 he settled in San Francisco, where he opened the first Russian book store "Russian book".

Nikolai Wrangel at the end of 1918 paid a "entrepreneur" to Board the train with the German wounded, and drove to Tallinn, portraying mentally retarded. His wife was able to leave the country and reunite with her husband only two years later. They lived with the family of his son — Peter Wrangel in the Serbian town of Sremski Karlovci.

Alexander Benois emigrated to Paris in 1926. He went to the French capital for registration of the performance at the Grand Opera house and home have not returned.

If you list what helped them get on their feet after all the endured losses, it will be the talent, resourcefulness, family support and... time made investments in foreign real estate.

you got from the ancestors who lived in 1917?

Why, in 1917, private capital has not fled from the country, as is happening in today's world, where political instability becomes a catalyst for the outflow of money from the country?

According to doctor of economic Sciences, Professor of the chair of economic history Institute of social Sciences (ION) Ranhigs Alexander Bessolitsyn, until February, 1917, the discussion about what we need to withdraw capital from the country in General was not conducted. Business owners, on the contrary, invested in their production, as the military orders contributed to the stable operation of the industry. "On the eve of February 1917, the industry as a whole were quite stable and showed a profit. And this applies not only to those firms that received from the state military orders, but also those who worked in a free market. Evidence of this is the growth of the main and the reserve capital and payment of interest on dividends starting in 1915, as a rule, showed a steady tendency to growth. Situation worsens after February 1917, in connection with the introduction of spur of the moment in most enterprises the eight-hour day and the emergence of workers ' control. This leads to disruption of production, a sharp drop in productivity in the face of uncontrolled wage increases. But in these conditions of mass conclusion of money abroad out of the question. And this applies not only Industrialists, but also leading financiers," says Bessolitsyn.

for Example, the head of the Banking house of Lazar Polyakov Mikhail Polyakov on account of the debt his father 18 September 1917, introduced by the State Bank 100 thousand rubles, and then was obliged to repay the entire debt, which amounted to more than 1 million rubles. Practically there is only one case when a well-known financier brought large amounts of abroad. The owner of the Banking house Gregory Lessin the autumn of 1917 brought to Sweden via Finland a few tens of millions of rubles.

According to the Professor, doctor of economic Sciences, head of division of international capital markets, National research Institute of world economy and international relations, Russian Academy of Sciences (IMEMO ran) Yakov Mirkin, strategies for the management of capital then was not discussed in the public space. It occurred rather in the format of family group and choice of strategy depended on how the family felt risks.

"the Culture of public discussion of where to invest their money, came later and was tied to America and the rapid development of their stock market. A tutorial on how to invest in 1917, you will find. Of course, the strategy for managing capital was discussed, but it was a family discussion, and the choice of strategy depended on whether the family knew the risks. After all, there have been examples of emigration and the withdrawal of capital after the revolution of 1905, when it became clearly evident the attitude and mood of the peasants, for some it has become an occasion to think about the risks," says Yakov Mirkin.

After the decree, the Bolsheviks had withdrawn savings from banks, savings strategy of the Russians did not come to save anything. "Basically, it was possible to make those who bought little jewels and decorations, which are then sold, exported, etc. it just felt like those families who managed to emigrate and who had property abroad", says Mirkin.

"on To the next generation of Russians went 1-2% of the assets accumulated by previous generations.

Ask yourself what passed to you from your ancestors who lived in 1917, and, most likely, the answer is "nothing," says Mirkin. "This is a lesson for us, the answer to the question of why we live as we live" — sums up the expert.

Anna PONOMAREVA, Banki.ru

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