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PRIVAtE BANKERS AND ItALIAN INDUStRIALISAtION 199 the private Weill-Schott bank, founded in Milan shortly after the mid-century by a Jewish family that had emigrated to Milan from the Austrian Baden, and which was one of the most active and important of the city in the following decades. 64 The constant presence of the principal private banks of the major financial centres of the country in the incorporation and/or the expansion of the capital of the mixed banks possibly represents the most telling clue on the path of research first proposed by Luigi Einaudi after the First World War. This impression is corroborated by other clues relating to the new clientele of the private banks from the 1890s on, even before the setting up of the mixed banks. The most crucial example is possibly the presence, alongside the Banca Generale, of the Banca Zaccaria Pisa and the Banca Feltrinelli among the financiers and shareholders of the Edison, the leading Italian electricity company, from 1894 on and – in an even more significant position – from 1896, when the intervention of the Banca Feltrinelli (and very probably of its friends and clients) was decisive in maintaining the majority of the capital of the company in Italian hands in the face of the offensive of the AEG and of the swiss electroholding Bank für Elektrische Unternehmungen. 65 From that time on, the two private banks continued to figure among the components of the banking pool that the Edison could count on, both after the replacement of the Banca Generale with the Banca Commerciale (in 1894), and when, in 1918, the Banca Italiana di Sconto took over from the Commerciale. Another highly relevant factor consists of the project, conserved in the Feltrinelli archive and most probably dating to 1895–96, illustrating the guidelines for a prospective merger between the Società Metallurgica Italiana and the Società delle Miniere di Montecatini. The project was drafted in French, a circumstance that can be explained by the interests in the Montecatini company of the French groups led by the Parisian banker Jules Rostand, Vice-President of the company up to 1893, and by Maurice Piaton, Director from 1894 to 1899 and Managing Director in 1895. The text effectively shows how this private bank was acting like a modern merchant bank, knitting up relations with international finance that were no longer aimed simply at operations of a strictly banking kind, but rather of financial engineering in the industrial sphere. 66 From the 1890s on, therefore, the private banks not only accompanied, but at times even anticipated or paved the way for the mixed banks in the relations that the latter were beginning to knit up with frequently pre-existent industrial enterprises. There is no business deal of a certain importance that does not feature one or more private 64 V. Poggiali, Storia della Banca Morgan Vonwiller (Milan, 1969); Bonelli, La crisi del 1907, pp. 29–30; Hertner, Il capitale tedesco in Italia, p. 191; G. Maifreda, ‘La costruzione di un rapporto fiduciario: Francesco Crispi e la banca Weill-Schott’, in Archivi e imprese, vol. 16, 1997, pp. 285–6. 65 C. Pavese, ‘Le origini della Società Edison e il suo sviluppo fino alla costituzione del “gruppo” (1881–1919)’, in B. Bezza (ed.), Energia e sviluppo: L’industria elettrica italiana e la Società Edison (Turin, 1986), pp. 72–8. 66 Segreto, La formazione del patrimonio dei Feltrinelli, p. 436.
200 THE WORLD OF PRIVAtE BANKING banks in a decisive position. The works of Antonio Confalonieri are packed with references to financial operations – the setting up of joint stock companies, frequently following the transformation of pre-existing private firms or limited partnerships, the formation of syndicates for shares placement on the occasion of capital increases, credit facilities – implicating the private bankers, frequently alongside the mixed banks. For ease of reading, we reproduce below a table that has been constructed utilising simply this source, which, as illustrated by the cases cited above from Turin to Naples, by now appears as solely indicative and in no way exhaustive. Table 10.3 Private bankers involved in financial operations in favour of industrial enterprises (1884–1913) Sector Enterprise Private banker cement Industrie calce e cementi Prandoni chemical Unione Concimi Carburo Fabbriche riunite fiammiferi Jarach, Pisa Nast Kolb Prandoni cotton electricity foodstuffs mechanical mining oil steel De Angeli Cotonificio Veneziano other non-specified companies Edison Forze Idrauliche della Maira Idroelettrica Ligure Illuminazione di Venezia Cellina Sviluppo Imprese elettriche Trazione elettrica su ferrovia Unione Esercizi Elettrici Negri Illuminazione di Firenze Ligure Lombarda Semoleria Italiana Officine Ansaldi Fiat Carminati e Toselli Montecatini Fernex Ligure Ramifera Società Oli Minerali Reinach Piombino Falck Metallurgica Tempini Terni Pisa De Fernex, Marsaglia, Sella, Prandoni Pisa, Vonwiller, Prandoni Belinzaghi, Weiss, Ceriana Treves, Feltrinelli, Pisa Pisa Manzi Treves Papadopoli Manzi Manzi Bellon Belloni Bondi, Wagnière Raggio Bozano, Borgnini Pisa Ceriana, De Fernex Marsaglia Grasso, Vonwiller, Kuster, De Ferrari Kuster Prandoni Bondi, Raggio Feltrinelli Feltrinelli Treves, Lenci, Ambron
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