Otto Malm
Encyclopedia
Otto August Malm was one of the most famous shipping magnates in Finland
in the 19th century, and the second richest man in Finland after Antti Ahlström
.
, and further expanded it through many successful entrepreneurial activities. Despite being the younger of two brothers, Malm took over the management of the family business when his father died in 1868, as the older brother was deaf and deemed not fit to manage the family trading and shipping business.
Malm studied commerce at the commercial school in Rostock
(Mecklenburg
) between 1854–1855. After having worked abroad in England and France, he returned home to work with his father. As of 1863, Malm started to again expand the fleet of sailing ships which had been severely reduced as a consequence of the Crimean War
, and at its peak in 1874, it consisted of 8 ships. In the same year, the last large sailing ship was built in Jakobstad, the frigate
Vanadis. However, Malm had the foresight to divest into other business ventures such as the tobacco and forestry industry, before the increased competition from steam ships started to diminish the commercial viability of cargo sailing ships.
Malm was a dominating figure in the political life of his hometown, and also a major philanthropist. But despite being a successful business man and shipping magnate, Malm was probably a very lonely man. Having been married for barely a year, his pregnant wife drowned when the ship Österbotten sank after a fire on August 20, 1874. He chose never to marry again, and being without heirs, he donated large parts of his fortune to his native town Jakobstad
. Among other things, these donations went to the building of a school and the main hospital in Jakobstad (Malmska Sjukhuset). In order to secure an extension of the railroad network to Jakobstad, Malm financed half of the costs for this railroad extension, while the Finnish state paid for the other half. Malm was also responsible for the first telephone installation in Jakobstad in 1882. One telephone was installed in his residence (Malmska gården), while the other was installed in the office building at his sawmill on Stockholmen.
After his death in 1898, the era of commercial sailing ships come to an end in Jakobstad, when the last sailing ships Vanadis and Europa were sold in 1899. When Malm died, he was considered to have the second largest fortune in Finland, valued at 11 million Finnish mark
. Although difficult to estimate, this would likely be the equivalent of several hundreds of millions of Euro
today.
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
in the 19th century, and the second richest man in Finland after Antti Ahlström
Antti Ahlström
Antti Ahlström founded the Ahlstrom Corporation. He was one of Finland's most influential and wealthy 19th century businessmen...
.
Life
Malm inherited a large fortune after his father Peter MalmPeter Malm
Peter Malm was a major ship owner and merchant in Finland in the 19th century, and the father of Otto A. Malm.-Life:...
, and further expanded it through many successful entrepreneurial activities. Despite being the younger of two brothers, Malm took over the management of the family business when his father died in 1868, as the older brother was deaf and deemed not fit to manage the family trading and shipping business.
Malm studied commerce at the commercial school in Rostock
Rostock
Rostock -Early history:In the 11th century Polabian Slavs founded a settlement at the Warnow river called Roztoc ; the name Rostock is derived from that designation. The Danish king Valdemar I set the town aflame in 1161.Afterwards the place was settled by German traders...
(Mecklenburg
Mecklenburg
Mecklenburg is a historical region in northern Germany comprising the western and larger part of the federal-state Mecklenburg-Vorpommern...
) between 1854–1855. After having worked abroad in England and France, he returned home to work with his father. As of 1863, Malm started to again expand the fleet of sailing ships which had been severely reduced as a consequence of the Crimean War
Crimean War
The Crimean War was a conflict fought between the Russian Empire and an alliance of the French Empire, the British Empire, the Ottoman Empire, and the Kingdom of Sardinia. The war was part of a long-running contest between the major European powers for influence over territories of the declining...
, and at its peak in 1874, it consisted of 8 ships. In the same year, the last large sailing ship was built in Jakobstad, the frigate
Frigate
A frigate is any of several types of warship, the term having been used for ships of various sizes and roles over the last few centuries.In the 17th century, the term was used for any warship built for speed and maneuverability, the description often used being "frigate-built"...
Vanadis. However, Malm had the foresight to divest into other business ventures such as the tobacco and forestry industry, before the increased competition from steam ships started to diminish the commercial viability of cargo sailing ships.
Malm was a dominating figure in the political life of his hometown, and also a major philanthropist. But despite being a successful business man and shipping magnate, Malm was probably a very lonely man. Having been married for barely a year, his pregnant wife drowned when the ship Österbotten sank after a fire on August 20, 1874. He chose never to marry again, and being without heirs, he donated large parts of his fortune to his native town Jakobstad
Jakobstad
Jakobstad is a town and municipality in Ostrobothnia, Finland. The town has a population of and covers a land area of . The population density is .- History :...
. Among other things, these donations went to the building of a school and the main hospital in Jakobstad (Malmska Sjukhuset). In order to secure an extension of the railroad network to Jakobstad, Malm financed half of the costs for this railroad extension, while the Finnish state paid for the other half. Malm was also responsible for the first telephone installation in Jakobstad in 1882. One telephone was installed in his residence (Malmska gården), while the other was installed in the office building at his sawmill on Stockholmen.
After his death in 1898, the era of commercial sailing ships come to an end in Jakobstad, when the last sailing ships Vanadis and Europa were sold in 1899. When Malm died, he was considered to have the second largest fortune in Finland, valued at 11 million Finnish mark
Finnish mark
The Finnish markka was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The markka was replaced by the euro , which had been introduced, in cash form, on 1 January 2002....
. Although difficult to estimate, this would likely be the equivalent of several hundreds of millions of Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
today.