Emil Bacher
Emil Bacher was born in 1854 in Szucsány (Túróc County) (according to other sources in Liptószentmiklós, Liptó County). After completing his secondary school studies, he was a student at the Pest Trade Academy, graduating in 1873.
After finishing the academy, he gained experience abroad. After his return home, he worked as a clerk at the Pesti Viktória Gőzmalom Részvénytársaság until 1887, when he became the company's manager. From then on he rose step by step through the ranks. From 1889 he became commercial director and from 1891 general manager.
The situation of the mill changed negatively in the 1920s, partly as an economic consequence of the First World War. According to accusations made against it in 1926, Emil Bacher, the general manager, was personally responsible for the company's shift to foreign transactions because of the ban on forward transactions at home. In 1925, he decided to open futures sales on foreign stock exchanges, but then a sudden break occurred: when prices went up instead of down, the domestic mill subsidiaries suffered huge losses. Opinions were divided on the losses suffered by the Pesti Viktória Gőz mill joint-stock company: while initially the figure was 50-60 billion pence, it was later put at 220-240 billion pence. This was compounded by the fact that the mill had accumulated substantial debts which the company was unable to repay.
The Hungarian state intervened in the situation of the joint-stock company, supporting it financially. One reason for the state intervention was that Pesti Viktória Gőzmalom Részvénytársaság had previously been actively involved in economic stabilisation, and the state wanted to compensate for this: the company had acted as an economic expert for the Peace Preparatory Committee in 1919-1920. On the other hand, there was a fear that a possible economic collapse would deter foreign investors from Hungary.
After this, in March 1926, Bacher was investigated by the prosecution and in June 1926 he was arrested on charges of having harmed the company's shareholders through "criminal speculation" on the American (Chicago) stock exchange. The case became a national scandal, with daily press coverage. During the summer, the accusation of misappropriation was reduced to a minor technicality: the accusation was limited to the failure to report the conduct of the business to the general meeting of shareholders, contrary to the company's articles of association. The fact that the Pesti Viktória Gőzmalom Részvénytársaság was the largest group of companies in Hungary at the time played a role in this.
Emil Bacher died of a heart attack on 15 October 1926, probably also as a result of these events.
Sources
Ágnes Kenyeres (editor-in-chief) 1967: Hungarian Biographical Dictionary Volume 1, A-K. Akadémiai Kiadó, Budapest. 67.
Péter Kozák: Emil Bacher. Online website: https://www.nevpont.hu/palyakep/bacher-emil-559cb. Last download date: 8 December 2024.
Ágnes Pogány 2003: The collapse of the Pesti Victoria Steam Mill. Coral 14. 98-116.
Press material 1857-1936.
Péter Ujvári (ed.) 1929: Hungarian Jewish Encyclopedia. Budapest, 1929. 73.
Miklós Zeidler: The Daniélou Mission. Centuries 154, 4. 675-724.
Born: 18 August 1854.
Place of birth: Szucsány/Liptószentmiklós (Túróc/Liptó)
Date of death: 15 October 1926.
Place of death: Budapest (Budapest capital)
Occupation: economist, mill group owner
Parents: Bacher (Bachrach) Simon, Tedesco Dorottya
Spouses:
Children:
Author: Róbert Szabó
Born: 18 August 1854.
Place of birth: Szucsány/Liptószentmiklós (Túróc/Liptó)
Date of death: 15 October 1926.
Place of death: Budapest (Budapest capital)
Occupation: economist, mill group owner
Parents: Bacher (Bachrach) Simon, Tedesco Dorottya
Spouses:
Children:
Author: Róbert Szabó
Emil Bacher
Emil Bacher was born in 1854 in Szucsány (Túróc County) (according to other sources in Liptószentmiklós, Liptó County). After completing his secondary school studies, he was a student at the Pest Trade Academy, graduating in 1873.
After finishing the academy, he gained experience abroad. After his return home, he worked as a clerk at the Pesti Viktória Gőzmalom Részvénytársaság until 1887, when he became the company's manager. From then on he rose step by step through the ranks. From 1889 he became commercial director and from 1891 general manager.
The situation of the mill changed negatively in the 1920s, partly as an economic consequence of the First World War. According to accusations made against it in 1926, Emil Bacher, the general manager, was personally responsible for the company's shift to foreign transactions because of the ban on forward transactions at home. In 1925, he decided to open futures sales on foreign stock exchanges, but then a sudden break occurred: when prices went up instead of down, the domestic mill subsidiaries suffered huge losses. Opinions were divided on the losses suffered by the Pesti Viktória Gőz mill joint-stock company: while initially the figure was 50-60 billion pence, it was later put at 220-240 billion pence. This was compounded by the fact that the mill had accumulated substantial debts which the company was unable to repay.
The Hungarian state intervened in the situation of the joint-stock company, supporting it financially. One reason for the state intervention was that Pesti Viktória Gőzmalom Részvénytársaság had previously been actively involved in economic stabilisation, and the state wanted to compensate for this: the company had acted as an economic expert for the Peace Preparatory Committee in 1919-1920. On the other hand, there was a fear that a possible economic collapse would deter foreign investors from Hungary.
After this, in March 1926, Bacher was investigated by the prosecution and in June 1926 he was arrested on charges of having harmed the company's shareholders through "criminal speculation" on the American (Chicago) stock exchange. The case became a national scandal, with daily press coverage. During the summer, the accusation of misappropriation was reduced to a minor technicality: the accusation was limited to the failure to report the conduct of the business to the general meeting of shareholders, contrary to the company's articles of association. The fact that the Pesti Viktória Gőzmalom Részvénytársaság was the largest group of companies in Hungary at the time played a role in this.
Emil Bacher died of a heart attack on 15 October 1926, probably also as a result of these events.
Sources
Ágnes Kenyeres (editor-in-chief) 1967: Hungarian Biographical Dictionary Volume 1, A-K. Akadémiai Kiadó, Budapest. 67.
Péter Kozák: Emil Bacher. Online website: https://www.nevpont.hu/palyakep/bacher-emil-559cb. Last download date: 8 December 2024.
Ágnes Pogány 2003: The collapse of the Pesti Victoria Steam Mill. Coral 14. 98-116.
Press material 1857-1936.
Péter Ujvári (ed.) 1929: Hungarian Jewish Encyclopedia. Budapest, 1929. 73.
Miklós Zeidler: The Daniélou Mission. Centuries 154, 4. 675-724.