Morning journal and courier., 1882-01-24
Tuesday Morning, Jan. 24, 1882.
THE UNION GENnRALE.

CNION
 Soon before the Paris Bourse closed last Wednesday ''bear" movement was begun on the stock of the Union Generale which resulted in forcing it down 225 francs. Thursday the hammering was continued, and it fell still farther, the total fall of the two days being from ?, ,390 francs to l, 300 francs. By Saturday night the stock had got down to HOO francs. The Austrian bank stock, an affiliated enterprise, fell in the same time from 75O to GOO francs. The fall in these ''securities'' and in others affected by the panic which accompanied it has ruined thou sands of families and driven many persons to suicide. It is, however, now belle Ted that the worst is over, and that moro seri- ious crash will be ayerted
 The ''Societe de l'Union Generale," whose ;nfation has thus been reduced, has a singu- lar history. It was started about two years ago at about the time of the expulsion of the Jesuits, and it has always been matter of public rumor that much of the capital l which founded it belonged to the Church. There were also large contributions from the Legitimist element in France. M. Eugene
 
 manager of all the railroads in the southern division of Austria, was made President M. Leon Reant Vice President, and the board of directors comprised such noblemen as the Marquis de Bonneville, the Marquis de Biencourt, Prince de Broglie, the Viscount de Mayol de Luppe, the Count Eugene de Meens, the Count Rozan and the Count Oh. de Villemont. All of these nobIemen are said to be strong Legitimists. The mission of the society seems to have been purely speculative from the start. In addition to the funds already mentioned, the Union Generale was made the depository for most of the religious institutions throughout France, the money thus received being used for purposes more or less speculative, and good rates of interest being promised.
 The chief business of the Union Genera1e since it's organization seems to have been the establishment of branch institutions in the provinces and even in foreign countries. A bank at Lyons was one of the latest of these branches and was the scene of a run Thurs" day last which shook the credit of the pa- rent institution. Other branches, two or
  The shares of all these branch banks were held by the Union Generale, whose clever manipulation of the Bourse soon ran their market prices up to handsome premium. Then the shares were sold and the profit went into the coffers of the Parisian bank This institution had @ capital of 100, ,0OO 900 francs originally, and it's shares of par value of 800 francs, at one time sold as high as 3, 3,020 francs. It was said at the time of the organization of the bank that it had the sanction of the Pope and was the depository of untold Church treasures, and to this story the rapid rise of the stock is attributed. The story was denied by the papal government, but too late to save the devout from invest ing. At recent meeting of the stockhold- CTS, who have paid only 125 francs on each share, or one-quarter of the value, NJ. Bon toux announced that the bank had fared so well that stockholders would not be called upon for the payment of the other three quarters, and this announcement had the ef feet of causing considerable advance in the price of shares Not long after the opening of the bank & syndicate, with one of the hotn6cnHds at US neao, was formed 10 pear the stock. The market was largely oversold and it is said that another issue of stock was foisted upon it by the bank at almost fabu- lous prices The syndicate failed, and the alleged suicide of one of it's members is at- tributed to the failure.
 This affair will make the thrifty French men sick of speculating for while. It is pity that it takes such crash to teach peo- pie wisdom but so it is