The “new” wealth of the Russian aristocracy during the period of “industrialism” (1890–1914). Bank accounts, shares and other securities as part of the capital means of the largest landowners of the Russian Empire
https://doi.org/10.28995/2658-6541-2022-2-12-29
Abstract
Based on the study of archival materials, the article considers an impact of the emerging system of «industrialism» on the economic well-being of the largest landowners of the Russian Empire in 1890–1914. As the analysis of the origin, composition and volume of the so-called «paper» funds in the capital means of some of the Russian aristocracy richest families shows, that period was a time of active conversion of some of their land holdings into the stocks, bonds and other securities of various state and commercial banks, as well as of joint-stock companies. That economic strategy, characteristic of most of the largest landowners, was explained by quite pragmatic reasons: favorable market conditions in the sphere of securities turnover, the availability of spare cash through the sale of part of land, significant revenues from the agricultural estates and mortgage lending. The conversion of part of the capital into the stocks and bonds provided the aristocracy with an opportunity to receive a more guaranteed income without serious risks associated with farming or industrial entrepreneurship. As a result, on the eve of 1914, various securities (the stocks and bonds of state and commercial banks, of industrial societies and railway companies) as part of the capital means of the largest landowners of the Russian Empire reached 20–30% of the total value of their fortune, as well as the dividends received from them as part of the total income. It seems that the strengthening of the economic position of the aristocracy by that time was explained not only by the progress in the organization of agricultural production in the estates, the growth of income from forestry and the urban real estate, but also by the emergence of the new form of wealth as bank accounts and interest-bearing securities.
About the Author
E. E. Yudin
Moscow Pedagogical State University
Russian Federation
Russian Federation
Evgeny Е. Yudin, Cand. of Sci. (History), associate professor
119991, Moscow, Malaya Pirogovskaya St., bldg. 1, bld. 1
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Review
For citations:
Yudin E.E. The “new” wealth of the Russian aristocracy during the period of “industrialism” (1890–1914). Bank accounts, shares and other securities as part of the capital means of the largest landowners of the Russian Empire. History and Archives. 2022;(2):12-29. (In Russ.) https://doi.org/10.28995/2658-6541-2022-2-12-29
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