 His father Hyppolite Wawelberg donated 500 roubles for the gymnasium's own charity, which at the time was a considerable sum of money.in 1903 Michael Wawelberg graduated from the University of St. Petersburg law school.That year he also took over the management of the Wawelberg Bank, which in 1912 was renamed the St. Petersburg Commercial Bank ("Петербургский Торговый банк").