Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1879-11-14

rHIIIiPART's CONNECTION WITH TIE BASQrE
EUROfEENNE-A HERO, 4 FINANCIAL KING,
rECULATOE, A CUIPRTT.
| The extraordinary career of Phillipart, late
manager or the Paris Banquc Europeenne is
thus described in Il despatch to the Times
dated last Friday Toward the end of 1874,
Phillipart burst like meteor on the financial
horizon of Paris. He created the Banque
Franco Holhndaise, became president of the
Credit Mobiler and attached himself to many
other companies. He came TO grief, and
was declared bankrupt, both at Paris and
Brussels. His liabilities amounted to 2S,-
600, 600 francs. -Four years elapsed, and that
catastrophe was sinking into oblivion, when
that he had settled with his creditors,
not in cash, but by showing them that
he had acted with sincerity, had not en-
riched himself at their expense, and had
worked conscientiously, but had sue
cumbed to great coalition against
him of great railway companies, who sought
to prevent him from grouping all mail lines
into Il seventh great company. His creditors
absolved him and he reappeared in the finan-
cIal world. He created a new bank. the
Banque Europeennc, was empowered to raise
its capital to 100, 600, 900 francs, and issued
shares at considerable premium. He made
No promises he simply reminded the public
it was he who invited it to subscribe. Ills
first issne was of 40, 900 shares OF 5O0f. nom
inal at 7O0f They were subscribed four
times over. A general meeting, heldat Brus-
sells, authorized him to continue his issues,
and 1900. 000f. entered the Golfers of the
Banque Europeerne. Then he commenced
a kind of race against Bourse spcculations
Phillipart bought an enormous number of
shares of Credit Mobiler, the craftsmanship
of which he wished TO recover. His name
was mixed up with variety of schemes, and
in short, he shone with more brilliancy than
ever, ard as if endowed with finan-
cial ubiquity. At the settlement, Octo-
Der Is, it was whispered that some
difficulties had impedcd his operations, and
lie had to pay very dearly for money. Set
tlcmcnt, however, passed over. Four days
ago, he announced to the board of the Banque
Europcenne that the coming settlement would
be difficult, that he found it hard TO raise
money, and he was going to Licgc, in Bel
GUM, to procure some. lie started, and
news from him was anXiously expected
but two days passed without tidings.
The EuIopeennc board met, and
telegram was sent him; no reply. The
banks legal advisers were sent for, and the
state of things examined into. Philippians
liabilities to the bank amounted to three
or four million francs but the bank held
an enormous quantity of Credit MObilicr
shares, and it rcckoned its shares in the pur-
chase of the Grand Hotel and the Hotel
Scribe a sure asset of three or four millions
of francs. The position of the bank was,
therefore, good, on condition of the bonds it
held not being thrown on the market. The
statutes provided that no operation Of Phill-
part should bind the concern unless ndorscd
10y two directors. The board decided it had
not accepted the responsibility Of Philippians
cours, of operations. On the boards decision
and Philippians disappearance becoming
known on the Boursc the effect was like
thunCerclap. Phillipart was ''execrated,"
as it is called, the balance due by him reach
ing 6 500 O00f.