II. 
LAND BANKS, MORTGAGE BANKS, CO 
OPERATIVE SOCIETIES, AND SAVINGS 
BANKS. 
Banking institutions, acting as money changers 
and safe-keepers of money and valuables, have, 
according to “ Poschinger,” already existed at 
the beginning of the fifteenth century. Under 
the auspices of the Town Council, a bank was 
established in 1402 in Frankfurt a/Main, with a 
capital of 900 guilders (about £75 in English 
money), which was provided by the Town Council 
itself. The name of the bank was " Der Wessil,” 
meaning “ Exchange.” Already in 1403 this bank 
was reorganised, by being turned into four in 
dependent institutions, probably because the one 
could not handle all the business offering in con 
nection with the active trade at the fairs, which 
were always largely attended. In 1621 a com 
paratively large bank, on deposit bank principles, 
was founded in Hamburg, modelled on an institu