Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-11-07
kilograms to The Star,
VIRGINIA ELECTION RETURNS.
Gains for the Debt Payers.
GEN. GRANTS PLANS.
THE HAYDEN TRIAL.
New Evidence Discovered.
FOREIGN NEWS.
Gains for the Debt Payers.
GEN. GRANTS PLANS.
THE HAYDEN TRIAL.
New Evidence Discovered.
FOREIGN NEWS.
A FINANCIAL sMETEOR.,,
How He DaZzled the French and

LONDON, Nov. IA Paris dispatch to the Times
says: Toward the end of 1874 NJ. Philippart burst
like meteor on the financial horizon OF Paris.
He created the Banque Franceo- Hollandaise, be-
came president of the credit mObilier, and at
tached himself to many other companies. He
came to grief andwas declared bankrupt, both
at Paris and Brussels, his liabilities amounting
to twenty-eight million OF francs. -Four years
elapsed. That catastrophe was sinking into
oblivion when NJ. Phlllippart reappears. 1t
was noised about 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
conScentlously, but had Succumbed to great
coalition against him Of the great railway COM
panieS who sought to prevent him from group
ing all the small lines into seventh great COM
pany. His creditors believed him and abSolyed
him, and he reappeared in the financial world.
He created a new bank-The BanQue Euro
penne-Whfch was empowered to raise its capt.
tai toa hundred million of francs, and issued
the shares at considerable premium. He made
no promises. He simply reminded the public
that it was he who invited it to subscribe. His
first issue was OF 40 900 shares of 800 francs NOM
lnal, at IGC francs. They were subscribed four
times over. A general meeting, held at Brus-
selS authorized him to continue his issues, and
1900 600 francs entered the Golfers OF the
Banque Europenne. Then he commenced
kind OF race against bourse speculations.
of shares OF the Credit Mobiller.
the Craftsmanship of which he wished to re-
cover. His name was mixed up with variety
OF schemes and in short, he shone more bril-
liantly than ever. and as if endowed with finan-
cial ubiquity. At the settlement Of October 18th
it was whispered that some difficulties had i'm
peded his operations and that he had to pay
very dearly for money. The settlement, how
ever, passed over. Four days ago he announced
to the board OF the Banque Europenne that the
coming settlement would be difficult; that he
found it hard to raise money, and that he was
going to liege in Belgium to procure some.
He started, Eand news from him was anX-
iously expected, but two days passed without
tidings. On Tuesday evening the Europenne
board met. A telegram was sent him. There
was no reply. The banques legal advisers
into. Philippart's liabilities to the banque
amounted to three or four millions of francs;
but the banque held an enormous quantity of
credit mobilier shares and it reckoned it's shares
in the purchase of the Grand Hotel and the
hotel Scribe as an asset OF three or four mil
lions OF francs. The position of the banque
bonds it held not being thrown on the market.
The statutes provided that no operation Of
Philippart's should bind the concern unless en-
dorsed by two directors The board decided
that it had not accepted the responsibility OF
Philippart's BOurse operations. On the boards
decision and Philippart's disappearance becom-
ing known on the Bourse the effect was like a
thunder clap. Philippart was executed as
it is called, the balance due by him reaching
6,sOO,00O francs. On Thursday evening it was
affirmed that compromise was about TO De
effected between the barque Europeenne and
the brokers ON basis to be agreed upon so as to
make the best of the affair.
The BOurse More Quiet.
LONDON. Nov. "A dispatch from Paris to the
Times says:-"The difficulties which marked
yesterdays Paris Bourse have not yet been sur
mounted. At the opening there was much heSi-
tating and fear OF a catastrophe, but later on
rumors of a quiet arrangement reassured the
market. The directors of tile Banque Euro
penne have Teconsidered their position regard
ing N. Phillipant'S speculat1OnS and will inter-
vene in the settlement of the difficulties
resulting from them. The Banque Europenne
seems to have been advised that it stands by
law responsible for its chairmans operations
1t is stated that NJ. Phillipant has resigned the
chairmanship of the Banque, and that an eX-
traordinary meeting OF the stockholders would