FINANCIAL 
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FINANCIAL NOTES 
The Danske Laxdmandsbank Reorganization 
With the Danish Government taking a hand in 
the reorganization of the Danske Landmandsbank, 
the new board of directors will consist of nine 
members, five of whom are to be appointed by the 
Government. There will also be five managers. 
The new capital to be supplied is as follows: The 
Danish Treasury, 40,000,000 kroner; National- 
banken, 35,000,000 kroner, of which amount 30,000,- 
000 kroner goes to the reserve fund; East Asiatic 
Company, 20,000,000 kroner; Great Northern Tele¬ 
graph Company, 5,000,000 kroner. This stock is all 
preferred. The closing of the Copenhagen Bors 
on September 19-21 was made necessary because 
of the many industrial companies affiliated with 
the Danske Landmandsbank. The financial situ¬ 
ation in Denmark is sound throughout, and it 
is believed that with the aid of the Government 
the affairs of the Landmandsbank will quickly be 
adjusted satisfactorily. 
Note Circulation of Sweden 
At the end of July the amount of notes in cir¬ 
culation in Sweden stood at 432,000,000 kronor, 
compared with 442,000,000 kronor the month be¬ 
fore. The July figure compares with 482,000,000 
kronor in circulation at the same time a year ago. 
The note reserve of about 54 per cent remained 
unchanged. 
Growth of Centralbanken in Norway 
The history of Centralbanken of Norway is 
related graphically by Ben Blessum in Nordisk 
Tidende, where it is stated that the bank, which 
started in 1899 with a capital of about 8,000,000 
kroner, distributed among 32 shareholders, has 
developed into an institution with a capital of 
69,000,000 kroner and affiliated with 50 Norwegian 
and foreign banking institutions. The American 
section of Centralbanken is especially well 
equipped for the conducting of foreign business. 
At the time of the organization, 27 Norwegian and 
5 foreign banks participated, with N. Kielland- 
Torkildsen taking the initiative. Kielland-Torkild- 
sen was head of the Skiensfjord Kreditbank. He 
was chosen chief of the new institution. 
Scandinavian Banking Society of New York 
At a recent meeting of the Scandinavian Bank¬ 
ing Society of New York, William H. Draper, Jr., 
head of the foreign department of Knauth, Nachod 
& Kuhne, spoke on “The Present Conditions of the 
Foreign Exchange Market.” There was a large 
attendance and the subject was such as to appeal 
especially to the members of the society, which 
is making steady progress. 
Swedish Bank Loans to Finland 
The Skandinaviska Kreditaktiebolag and the 
Stockholm Enskilda Bank have concluded an 
agreement with the Finnish Government to place 
a Finnish loan of 200,000,000 Finnish marks at 7 
per cent interest, offered at 98 y 2 and convertible 
after ten years. There has been a steady increase 
of trade between Sweden and Finland, and there 
is reason to believe that the transaction will prove 
entirely satisfactory to both sides interested. 
Bergen Ship Mortgage Bank Gets Loan 
Through a syndicate composed of Andresens and 
Bergens Kreditbank, the Norske Handelsbank, and 
the Norwegian Shipowners’ Association, a loan for 
10,000,000 kroner has been extended to Bergen’s 
Ship Mortgage Bank. Of this amount 5,000,000 
kroner will be offered at public subscription. 
Swedish Postal Savings Bank Deposits 
The Swedish Postal Savings Bank report for the 
past year shows an increase of 20,000,000 de¬ 
positors over 1920, increasing the amounts of de¬ 
posits by 2,500,000 kronor and making the total for 
the year 38,500,000 kronor. The grand total at 
the beginning of 1922 was 100,000,000 kronor, an 
average of more than 17,000 kronor per one thou¬ 
sand inhabitants. 
Profit and Loss Account of Norwegian Banks 
For 1920 the gross profits of the Norwegian 
banks were about 180,000,000 kroner and the net 
profits about 109,000,000 kroner. Of this amount 
43,200,000 kroner were declared dividends to share¬ 
holders, 30,000,000 kroner were written off as loss, 
and little over 7,000,000 kroner were added to 
funds and 10,600,000 kroner were transferred to 
new account. For 1920 the profit of the sharehold¬ 
ers was 8.49 per cent of the deposited capital as 
compared with 10.44 per cent in 1919. 
Scandinavian Bonds Show Increased Strength 
According to the well known financial publica¬ 
tion, Barron’s, the action of Swedish Government 
6% bonds in making a new high record during the 
week of August 21 at 105, drew attention to the 
investment position of the bonds of Scandinavian 
countries as a group. Sweden has sold only one 
issue of bonds in the United States, the $25,000,000 
6s, 1939, offered in June, 1919. American loans to 
Norway have been floated four times, while Den¬ 
mark has resorted to this country even more freely 
than Norway. Save those nations comprising the 
British Commonwealth, says Barron’s, no foreign 
Government bonds sell on a higher level than the 
bonds of the three Scandinavian countries. 
American Bankers Association 
In connection with the 48th annual convention of 
the American Bankers Association, held in New 
York City, October 2-6, considerable interest cen¬ 
tered around the possibility of making the meet¬ 
ing two years hence the occasion for a half-cen¬ 
tury jubilee that should take full account of this 
important organization. The association was 
started in 1875, when 17 bankers met at Barnum’s 
Hotel, in New York, at the request of James T. 
Hovenstein, of the Valley National Bank of St. 
Louis. The first convention was held July 20-22 
of that year with about 300 bankers in attendance. 
To-day the organization has a membership of ap¬ 
proximately 23,000. At the second convention, 
held in Philadelphia in 1876, the aim of the asso¬ 
ciation was definitely formulated. Its subsequent 
history is the history of American banking at its 
best, and the service rendered by the Ameri¬ 
can Bankers Association has been invaluable. 
Throughout its career the association has stood for 
sound money. 
