Banks and banking -- France -- History -- 19th -- Fiction
Overflowing with success, Saccard that evening walked the streets,
the Place de la Concorde, the Champs Élysées, all the footways where
_lampions_ were lighted. Carried along in the full-tide stream of
promenaders, his eyes dazzled by the day-like brilliancy, it was
possible for him to imagine that folks had illuminated in his honour.
For was he not also an unexpected conqueror, one who rose to increased
power in the midst of the disasters of others? A single annoyance
tempered his satisfaction--the anger displayed by Rougon, who, in
a terrible fury, on realising the origin of the Bourse stroke, had
given Huret his dismissal. So the great man had not shown himself a
good brother by sending him (Saccard) the all-important news. Must he
dispense with that high patronage? must he even attack the omnipotent
Minister? All at once, while he was standing in front of the Palace of
the Legion of Honour, which was surmounted by a gigantic cross of fire,
glowing brightly against the black sky, he boldly resolved to do so
on the day when he should feel himself sufficiently strong. And then,
intoxicated by the songs of the crowd and the flapping of the flags, he
retraced his steps through flaming Paris to the Rue Saint Lazare.
Two months later, in September, Saccard, rendered audacious by his
victory over Gundermann, decided that he must give fresh impulse to
the Universal. At the shareholders' meeting held at the end of April
the balance-sheet had shown for the year 1865 a profit of nine million
francs, inclusive of the premium of twenty francs on each of the fifty
thousand new shares issued when the capital had been doubled. The
preliminary expenses had now been entirely paid, the shareholders had
received their five per cent., and the directors their ten per cent.;
whilst, in addition to the regulation percentage, a sum of five million
francs had been carried to the reserve fund. With the remaining million
they had contrived to pay a dividend of ten francs per share. This was
a fine result for an institution which had not yet been two years in
existence. Saccard, however, worked in a feverish way, cultivating
the financial soil on a violent system, heating it, overheating it
at the risk of burning the crop; and thus he prevailed, first on
the directors, and then on a special shareholders' meeting held on
September 15, to authorise a fresh increase of capital. In fact, the
capital was again doubled--raised from fifty to a hundred millions of
francs--by the creation of one hundred thousand new shares, exclusively
reserved to existing shareholders, share per share. However, these new
shares were issued at no less than six hundred and seventy-five francs,
inclusive of a premium of one hundred and seventy-five francs which was
to be paid into the reserve fund. The Universal's growing successes,
the profitable strokes which it had already made, and especially the
great enterprises which it was about to launch--such were the reasons
Public-domain text, read in full here on John Shaqi.
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