PARIS. Action de F1000. black. No 829. Trimmed bottom and right border. Formed Paris, 1821, with the strong support of Lafitte & Cie. To make investments, especially in the field of raw materials. Pincepré was an employee of Lafitte for 20 years, with a responsible position, in charge of 'contentieux', when he decided to start his own bank in Paris, with a capital of 4000 shares of 1000 francs. The aim was to invest in promising businesses and to accept consignments of goods for sale, financing them until sold. M. Lafitte bought 50 shares, recommended the shares to his family and friends, and opened a discount line for 400.000 francs in the bank. The bank did not do well. Less than half the shares were sold. Pincepré made some unwise investments - a hat-factory, a coal-processingplant, the rights to a vinification process in 9 northern departments which produced only beer, warehouses for grain and flour, wine, textiles (none of which made a profit), and opened branches in Marseille, Rochefort, Rouen, Bordeaux. He had 2 large depots in Paris (Fbg St.Martin and la Villette). The merchandise which he had financed did not sell well, so people did not consign more to him. Pincepré asked Lafitte for a loan for 500.000 fr., which Lafitte refused. Accusations flew and the whole affair ended up in bitter court feuds. Inevitable, the Pincepré bank was declared bankrupt (probably in 1823), with a total loss to shareholders and creditors. A diligent buyer will find a mass of info on internet. Small corner-vignettes of shipping, industry, agriculture. Only piece known to us.
Date: 2 August 1821
Startprice: € 300