178:. The crash of the Union Générale led to criticism of stock-trading (manoeuvres aimed at manipulating stock prices). It was regarded by his contemporaries as the result of a political struggle between the conservative and legitimist right (Bontoux had made this bank the bank for the conservatives: it notably had many clergymen among its shareholders) and the liberal left.
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with other banks while speculating on the stock market. In
January 1882 the company was forced to suspend its payments and eventually collapse. On January 19, 4 billion francs is wasted, a considerable amount at that time. This was the first “big puff” in contemporary financial history.
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who had just been invalidated in the legislative elections of 1877 in Gap for vote fraud, former director of railway companies (the
Staatsbahn (de) and the Südbahn) and who in 1874 successfully launched a loan on the public markets for lignite operations in
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The Bank was officially created on June 3, 1878. The initial capital was to be 25 million francs, an amount which was immediately increased to 50 million francs. The bank met with great success in
Catholic and Legitimist circles and obtained the support of the
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In 1882, resulting from overcapitalization of securities (the Stock
Exchange had more securities than it could receive), poor financial management (buyout by the company of its own shares, etc.) and a struggle between "bears" (notably,
143:) and "bulls", mixing politics, religion and finance, the General Union collapsed. This resulted in the bankruptcy of many stockbrokers near the Lyon Stock Exchange and also had repercussions on the
298:
Hubbard's
Newspaper and Bank Directory of the World: With Gazetteer and Atlas Combined. Containing the Names and Descriptions of Over Thirty-three Thousand Newspapers and Fifteen Thousand Banks
151:). In January 1882, Bontoux was arrested and spent several months in prison. Feder and Bontoux were sentenced to five years in prison. A small group of major financiers, including
85:
in 1875 by
Catholic monarchists and then taken over in 1878 by Paul Eugène Bontoux. It went bankrupt in a resounding manner in 1882, during the stock market crash.
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118:, pretender to the throne of France. The bank grew rapidly by multiplying redemptions and risky investments, particularly in the regions of Central and
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and the building industry, leading to a series of unemployment and violent social conflicts, including in 1884 "the great miners' strike", and in
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Unsettled
Account: The Evolution of Banking in the Industrialized World Since 1800
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by a group of
Catholic and monarchist bankers and who is in trouble.
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The crisis of several years which followed mainly affected mines,
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122:. In particular, it financed and built the first railway in
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In 1878, Paul Eugène
Bontoux, former head of department of
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France and the
Economic Development of Europe, 1800-1914
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The Bankers' Magazine, and Journal of the Money Market
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226:(in French). Presses universitaires de France.
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81:) was a French Catholic bank founded in
223:Le krach de l'Union générale, 1878-1885
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362:French companies established in 1875
344:. Economist Newspaper Limited. 1880.
312:Grossman, Richard S. (2020-05-26).
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367:1882 disestablishments in France
165:Banque de Paris et des Pays-Bas
318:. Princeton University Press.
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377:Banks disestablished in 1882
269:. Richard Groombridge. 1881.
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282:Rhodes' Journal of Banking
237:Cameron, Rondo E. (2000).
149:Paris Bourse crash of 1882
372:Banks established in 1875
60:January 1, 1882
382:Henri, Count of Chambord
387:Defunct banks of France
220:Bouvier, Jean (1960).
196:"Actualité économique"
97:, general counsel for
28:Privately held company
301:. H.P. Hubbard. 1882.
392:Monarchism in France
243:. Psychology Press.
157:Louis Cahen d'Anvers
145:Paris Stock Exchange
95:de Rothschild Frères
16:French Catholic bank
52:Paul Eugène Bontoux
36:Banking and Finance
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325:978-0-691-20278-5
250:978-0-415-19011-4
116:Count of Chambord
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128:North Africa
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99:Hautes-Alpes
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25:Company type
202:(in French)
200:LExpress.fr
176:Decazeville
141:Rothschilds
356:Categories
206:2021-09-13
182:References
172:metallurgy
161:Rothschild
64:1882-01-01
163:and the
33:Industry
285:. 1881.
104:Austria
89:History
62: (
57:Defunct
49:Founder
41:Founded
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124:Serbia
132:Egypt
320:ISBN
245:ISBN
130:and
108:Lyon
83:Lyon
73:The
44:1875
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