Ekaterinburg, 8 Marta St., 21

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“A. PECHENKINA AND CO” PARTNERSHIP ESTATE

Commercial building exemplary of the late 19th century eclectic architecture housed banking offices and ladies’ fashion shop.

This building typical of the late 19th century eclectic architecture at various times housed I. B. Abramovich’s studio and ladies’ fashion shop, M. F. Rozhnov’s wine shop, and G. Gabitov’s fruit shop. However it was mostly known because of the banking offices of “A. Pechenkina and Co” partnership that worked here until 1904.

“A. Pechenkina and Co” limited partnership – one of the oldest banking institutions in Russia – went a long way from a small money exchange stall to a major bank with branch offices in several cities. The company conducted banking for 32 years and was reputed to be one of the most respected financial institutions in Russia up until its sudden collapse in August 1904.

The partnership was founded by merchants Vasily Zausailov and Vasily Martinson, back in 1872 they opened a small exchange stall on one of the busy streets in Kazan. Due to their limited capitals they couldn’t obtain the necessary merchant documents to move to the 1st guild, so the partnership was registered to Zausailov’s mother A. A. Pechenkina (who already had the necessary paperwork). Over time the growth of free capital pressed the company to open new branches in other cities and expand its banking operations. In 1876 their office opened in Ekaterinburg, and during the next 13 years the network of banking offices covered almost the entire Volga-Urals region.

After the beginning of the Russian-Japanese war in 1904 the banking house investors grew anxious and demanded their money back. All the requests couldn’t be satisfied at once, and on August 12, 1904 the partnership announced the suspension of payments. “A. Pechenkina and Co” partnership collapse got a lot of public attention in Kazan, Saratov, Ekaterinburg, and Nizhny Novgorod where it had offices with significant number of clients and numerous affairs. In Ekaterinburg a group of angry clients even appealed by telegram to the Minister of Finance to help fully recover their deposits.

INTERESTING FACT

13-year old Feodor Chaliapin, the future famous opera singer, began his career at the partnership’s loans office in Kazan. After serving for 2 months for free, Chaliapin was given a paid position, but soon quit the banking office "because of the theater, which has killed," he claimed, his zeal for service.

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