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Knoxville Daily Chronicle
Knoxville, Knox County, Tennessee
What is this article about?
London's Standard reports that the International Bank of Hamburg, plagued by misfortunes since the financial crisis after the Franco-German War, has opted for voluntary liquidation. Its 9,000,000 pounds capital was lost on collapsed railway, banking, and land schemes, as urged by shareholders.
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LONDON, July 26.-The Standard's financial article says: "The International Bank of Hamburg, which decided on voluntary liquidation was entirely foreign. The establishment of its career since the financial crisis which followed the Franco-German war, has been one of unbroken misfortune. Its capital amounting to 9,000,000 pounds, has been expended in supporting numerous schemes in railways, banking and land, most of which have long since collapsed. Voluntary liquidation has long been urged by the shareholders of the bank."
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Where did it happen?
Foreign News Details
Primary Location
Hamburg
Event Date
July 26
Outcome
voluntary liquidation; 9,000,000 pounds capital expended on collapsed schemes
Event Details
The International Bank of Hamburg decided on voluntary liquidation after unbroken misfortune since the financial crisis following the Franco-German war. Its capital was spent supporting numerous failed schemes in railways, banking, and land. Shareholders had long urged liquidation.