The Minneapolis journal., 1904-07-16
Correspondence Of The Journal.

Correspondence Of The Journal.
Christiania, Norway, June 3o.-Since
the boom in Christiania real estate
collapsed, In 1899, the money market
has been depressed. Ever since every
body has been anxiously waiting for
the return of normal conditions. But
the situation has been getting worse
all the time. Last year "Industri &
Vexelbanken" was forced to the wall,
after it's capital stock Of 100000
kroner had all been used up, and the
had to lend aid in order to keep the
depositors from loss. In other words,
the taxpayers had to pay the deficit.
Last week two banks stopped pay
ment, and neither will be likely to
| resume. This time it was "Handels-
banker" and "Christiania Privat
banken" (the Commercial bank) was
established in 1881, and since 1898 its
J capital has been 100000 kroner OF
which only 100000 was paid up
| The business transacted by the bank
! in 1895 amounted to 188, 100000 kro-
ener, and in later years was as high
as 370,000,000.
| . l.
down to 47,000,000, and the profit in
1903 was only 100000 kroner. The
directors applied to other banks fol
assistance, which, owing to its con.
dition, was refused.
The actual loss is said to be about
| 100000 kroner beside the paid-uI
capital. The depositors will, no doubt
! all get their money in course Of time
but then, there always follows upor
a bank failure so much trouble an6
disasters that are sure to touch the
business men more or less.
The day after "Handelsbanken'
had closed, the Christiania Private
bank followed its example for feal
The Christiania Private bank wa.
established in 1897 and it's capita
stock was 100000 kroner, of which
24O,0OO kroner. was paid up. It Il
expected that the depositors will lose
nothing, while the shareholders will
lose all their holdings. Thus abou
twelve to fourteen million krone
| have been lost in bank failures II
| Norway since 1893.
Summer and Summer Life.
| Judging by the last few days, It Il
safe to say that we have real sum
mer. Little used to warm weather
/ the people find the prevailing hea
oppressive. The evenings have beer
chilly till last Sunday, when warn
wave came along.
"St. Hansaften' midsummer night
was fine, but not too warm. Half o
Christiania's people spent the bes
part Of the night in the country. Bon
fires were numerous and birch-brancl
decoration could be seen everywhere
in doorways, on cabhorses, streetcars
steamers and railroad engines. TIL
bay was dotted with pleasure Graf
of all sizes and shapes. All tn
{ amusement resorts were full to over
: flowing. One inclined to study tn
Norwegian people would have bee
. in the right place If he had foun
himself at Fredriksborg TivoH. O
Bygdoe, about midnight.
The Student Rowing club had
unique entertainment arranged q
their clubhouse at Bygdoe. They ha
built a fort of canvas walls. whic
they had christened Port Arthur.
had to be taken-by the publican
they took It, AS many as the er
4 closure could hold were there, an
t the means of taking" the fort we
! simple All you had to do was
: pay krone CIT cents) for admission
!, Once on the inside, you had chane
s to enjoy a theatrical performanc
: which was not so bad, and for
n proper consideration you could get a
: most anything in the line of refresh
: ments.
e Thus the Norwegian students mad
money for their rowing club just bt