Judgment, Decision Making, and Social Behavior
249 Pages
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Judgment, Decision Making, and Social Behavior


Downloading requires you to have access to the YouScribe library
Learn all about the services we offer
249 Pages


Judgment, Decision Making, and Social Behavior Cornell University Institute for the Social Sciences Theme Project Proposal February 2009 Team Leader Ted O'Donoghue, Department of Economics Team Members Daniel Benjamin, Department of Economics David Dunning, Department of Psychology Robert Frank, Johnson Graduate School of Management Valerie Reyna, Department of Human Development
  • cornell
  • accurate models of human judgment
  • behavioral decision research
  • economists
  • economic applications
  • psychologists
  • social scientists
  • behavior
  • theory



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2d Session ) SENA1E | No. 576
Swedish Banking System
Washington : Government Printing Office : 1910 NATIONAL MONETARY COMMISSION.
NELSON W. ALDRICH, Rhode Island. Chairman.
EDWARD B. VREELAND , New York, Vice-Chairman.
EUGENE HALE. Maine. JOHN W. WEEKS, Massachusetts.
PHILANDER C. KNOX, Pennsylvania. ROBERT W. BONYNGE, Colorado.
JOHN W DANIEL. Virginia. LEMUEL P. PADGETT, Tennessee.
HERNANDO D. MONEY, Mississippi. ARS^NE P. PUJO. Louisiana.
A. PIATT ANDREW, Special Assistant to Commission. TABLE OF CONTENTS.
CHAPTER I.—Early history of the Riksbank 13
II.—The Enskilda banks 30
III.—The Riksbank and its subordinate institutions, 1834-
1875 42
IV,—The Enskilda banks after 1850 5
V.—The later history of the Riksbank 78
VI.—Joint-stock banks 103
VII.—People's banks and savings banks9
VIII.—The new bank act and the crisis of 1907 12
SUPPLEMENTARY CHAPTER.—The banks of Denmark and Norway-_ 134
APPENDIX I.—Outstanding note issues of the banks in Sweden,
1899-1909 * 15
II.—(A.) The law for the Bank of Sweden, 1897 156
(B.) Regulations for the conduct of its operations _ _ _ 17
III.—The law relating to joint-stock banks with unlim­
ited liability, 1903 211
IV.—Forms for monthly and annual returns from the
banks 246
Chart showing for the Bank of Sweden the amount of the notes in
circulation, the inland bills discounted, and the gold held in
Sweden on the last business day in each week and in each month
of the years 1904 to 1909 Face 248
In the following pages an attempt is made to trace so
much of the history of banking in Sweden as may serve to
throw light on the way in which the system of note issues
by numerous privileged banks was developed, and thus
enable the problem presented by the centralization of
those issues, the solution of which has been but recently
achieved, to be appreciated. In tracing this history it
has been judged best to assume that the reader will care
comparatively little about the specification of the details
of the constitutional and administrative arrangements of
Sweden, or about place names, or the names of the men
who have been leaders in the developments traced. It
may, however, be convenient to state here that Sweden
has an area of about 173,000 square miles, or about one-
seventeenth part of that of the United States, while its
population in 1900 was 5,136,000, or about one-fifteenth
of that of the continental United States, or, otherwise
expressed, that its area slightly exceeds the combined
areas of Michigan, Wisconsin, and Illinois, while its popu­
lation in 1900 was about five-ninths of that of these three
States. At the end of 1908 the population of Sweden was
somewhat under 5,500,000, having increased from about
1,760,000 in 1750, 2,350,000 in 1880, and 3,480,000 in
1850 to the figure named.
5 National Monetary Commission
The population of the towns amounted to very nearly
a quarter of the total population in 1908, having increased
to this proportion from about 10 per cent in 1850 and
slightly under 10 per cent through nearly the whole of the
first half of the nineteenth century. These broad facts as
to the area and population and the distribution of the
latter between towns and rural districts may serve to
enable the magnitude of the banking operations carried
on to be judged more accurately than the simple statement
of the sums in dollars which represent those operations.
The account here given of Swedish banking has been
derived almost entirely fromh sources, the works
which have been found most useful for the period ending
a quarter of a century ago being Carl M. Rosenberg's
"Handbok i Bankvasendet" and the report, issued in
1883, of a committee appointed by the King to consider
what changes in bank organization might be necessary.
This report contains a valuable summary of the history
of the Bank of Sweden and its dependent organizations
and of the numerous schemes which were discussed by the
Swedish Parliament for reforming the banking system.
Prof. J. A. Leffler's monograph, "Die Schwedischen Zet-
telbanken" second edition, 1879, also contains a brief out­
line of the history of banking in Sweden. The writer has
not succeeded in procuring a copy of the Swedish edition
of this monograph. In addition to the report of the com­
mittee of 1883 just mentioned, a number of other reports
of committees, the text of the statutes, and official statis­
tical publications have been utilized in preparing the fol­
lowing chapters.
6 The Swedish Banking System
Considerable help has been obtained from the work
entitled "Bankpolitik" by Prof. W. Scharling, of Copen­
hagen, and from the articles on banking in the Scandi­
navian countries contributed by the same author to
Conrad's "Handworterbuch der Staatswissenschaften" A
list of works consulted, including such accounts in the
English language as could be found, is given on page 9.
The writer desires to acknowledge gratefully the assist­
ance in pursuing his inquiries received from the United
States minister in Stockholm, Mr. Charles H. Graves, and
also to acknowledge in a special degree the courteous assist­
ance rendered him by Herr C. A. Weber, one of the man­
aging directors of the Bank of Sweden, and by other
Swedish bankers who kindly accorded him interviews.
WEYBRIDGK, SURREY, December, 1909.
NOTE.—In accordance with conventions concluded between Denmark,
Norway, and Sweden, the coins of all the three countries have legal currency
in each of them. Since the adoption of the gold standard, they
unit has been called a krone {pi. kroner) in Norway and Denmark and a
krona {pi. kronor) in Sweden, equivalent in United States currency to
26.8 cents.
In each case the present unit represents one-fourth of the old speciesdaler.
Previous to the adoption of the modern currency unit there had been
used in Sweden a unit called the riksdaler riksmynt (currency daler) of the
same silver content as the krona. Before 1855 the riksdaler banco (bank
daler) had been the unit in general use. Its value was one and one-half
times the currency daler, and had been fixed in 1830 at 37*-^ per cent of the
speciesdaler. Specie payments at this rate were resumed in 1834.
In Norway and Denmark the currency daler had been the rigsbankdaler, •
equivalent after tha resumption of specie payments (in 1842 in Norway and
in 1845 in Denmark) to one-half the speciesdaler. The new unit of a krone
was thus one-half the value of the currency unit previously in use in Norway
and Denmark.
Notes on Banking, by Sir R. H. Inglis Palgrave, in the Journal of the Royal
Statistical Society, 1873.
A History of Banking in all the Leading Nations. Edited by the editor of
the Journal of Commerce and Commercial Bulletin. New York. 1896.
[Pages 393-402 of Vol. IV relate to Sweden.]
A History of Modern Banks of Issue. By C. A. Conant.
Sweden—Its People and its Industry. Part XIV. Pages 1024-1040.
Credit and Insurance Establishments. Edited by Gustav Sundbarg.
Stockholm, 1904.
The Centralization of Note Issues in Sweden. By A. W. Flux, in the Yale
Review. 1903.
Die Schwedischen Zettelbanken. By J. A. Leffler. Zweite Auflage Leip­
zig. 1879.
Handworterbuch der Staatswissenschaften. Article Banken, XVI. Die
Banken in den Skandinavischen Staaten. By W. Scharling. Third
edition. 1908. Gustav Fischer. Jena.
Bankpolitik. By William Scharling.. 1900. [Pages 261-280, 318,
333~334> 351-354 relate to Sweden.]
Handbok i Bankvasendet. By Carl M. Rosenberg. Stockholm, 1878.
Underdanigt Betankande till Kongl. Maj.T, angaende Kredit-forhallan-
dernes och Lane-anstalternes ordnande. Stockholm. 1853. (Report
of Special Committee on Banking. 1853.)
Underdanigt Betankande angaende Bankvasendet i Riket och forandrad
organisation af bankanstalterna. Stockholm, i860. (Report of Spe­
cial Committee on Banking, i860.)
Bankkomitens underdaniga Forslag till forandrad Organisation af Bankan­
stalterna. Stockholm. 1883. (Report of Special Committee on Bank­
ing. 1883. With an appendix of statistical tables.)
Betankande afgifvet den 30 Januari, 1890, af den under den 5 Oktober,
1889, i Nader tillsatta Bankkomit£n. (Report of Special Committee on
Banking. 1890.)
Betankande med Forslag till forandrade Bestammelser angaende Riks-
bankens Sedelutgifningsratt. Stockholm. 1900. (Report of Special
Committee on the Note-Issuing Rights of the Riksbank.)
Betankande angaende Sveriges Ofverg&ng till ett nytt Myntsystem me*d
Guld sasom Vardematare. Stockholm. 1870. (Report of Committee
on the Transition to the Gold Standard. 1870.)
9 National Monetary Commission
The text of the laws touching banking, from that of 1824 to those of 1903,
in separate numbers of Svensk Forfattnings-Samling. (Collection of
Swedish statutes.)
Lagar, Instruktioner och Reglemente for Forvaltningen af Sveriges Riks-
bank. Riksdagen. 1907. (Contains the regulations of the Parliament
for the conduct of the business of the Riksbank.)
Periodical statistical reports of the banks, including—
Ofversikt af Sveriges Riksbanks Stallning. (Annual Statement of
Accounts of the Riksbank.)
Ofversikt utvisande Riksbankens Tillgangar och Skulder. (Monthly
Statement of Accounts of the Riksbank.)
Ofversikt af de solidariska bankbolagens och bankaktiebolagens
bokslut. (Annual Summary of Capital and Profit and Loss Ac­
counts for Banks with Unlimited and with Limited Liability. The
title of this publication was formerly somewhat different, but the
scope was the same.)
Sammandrag af de solidariska bankbolagens och bankaktiebolagens
uppgifter. (Monthly Statement of Accounts of the Banks.)
Uppgifter om Hypotheksbanken och Hypotheksforeningarna. (An­
nual Summary of Accounts of the General Mortgage Bank and
Mortgage Credit Associations.)
Annual Reports of leading banks 1904-1908.
Bidrag till Sveriges Officiella Statistik. Y.—Sparbanksstatistik.
I.—Sparbanker. II.—Postsparbanken. (Annual Reports on Sav­
ings Banks and on the Postal Savings Bank.)
Statistisk Tidskrift. (Annual Official Abstract of Swedish Statistics.)
Sveriges Riksbank 1908. (The first number of the Yearbook of the
Ekonomisk Tidskrift, utgifven af David Davidson. Upsala and Stock­
holm. (A monthly economic journal issued since 1899, in which
have appeared a number of important articles on banking, and
which gives regularly the weekly statement of the Banks of Sweden
and Norway, the monthly statement of the Bank of Denmark, and
the figures of they returns of the principal Swedish banks.)
Svenska Bankmannaforeningens Komiterades Forslag till Skarpta
Bestammelser for vinnanda af okad Kontroll ofver arbetet i de
Enskilda Sedelutgifvande Bankerna och Aktiebankerna. Stock­
holm. 1891 (Report of Committee of the Swedish Bankers' Asso­
ciation on Revision of the Banking Laws.)
And a number of pamphlets discussing the questions relating to reforms
of the laws relating to banking, but contributing nothing directly
to the facts set forth in this volume.
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