Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-11-11
Downfall of n Notorious Partisan
SnecIIIatOr.


! despatch from Paris TO the London
Times saws the difficulties which marked j.
DAYS Paris Bourse are not yet surinouh'eu'
At the opening Saturday there was nueh
hesitation and fears of catastrophe, but later
the rum0rs of quiet arrangement reassurreu
the market. The directors Of the Banqne
/ Turopeenne have considered their position
regarding Philppart's speculationS. and VIII
/ ;ntervenc in the settlement of the difficulties
resulting from them. The Banque Euro
peeune seems TO have been advised that II
stands by law responsible for its chairman 5
operations Ii is stated that Philippart has
resigned the craftsmanship of the bank, ana
an extraordinary meeting of shareholders VIII
be held soon The Times Paris correspond
ent saws toward the end of 1874 Phillipart
burst like meteor on the financial horizon OF
Paris. He created the Banqne Franco-Hol-
landaise, became president Of Credit Mobiller,
and attached himself to many other compa-
nies. He came to grief and was declared
bankrupt both at Paris and Brussels, ms Ia
bilities amounting TO 2s.OOo,OoO OF francs
Four years elapsed, and that catastrophe was
sinking into oblivion. when Phillpart reap
pears. Ii was noised about that he had set
tied with his creditors, not in cash, but by
showing them that he had acted with sinceri-
ty, had not enriched himself at their expense,
and had worked conscientiously but had sue
cumbed to a great coalition against him OF
railroad companies, who sought to prevent
him from grouping all small lines into Il
seventh great company. His creditors alb
solved him, and he reappeared in the financial
world He created new bank, the Banque
Europeenne. was empowered to raise ITS cap
tal to a hundred million francs, and issued
shares at a considerable premium. lie made
no promises he simply reminded the public
that il was he who invited it to subscribe. His
first issue was Of 40, 600 shares, of 500 francs
nominal, at 700 francs. They were subscribed
four times over. A general meeting held at
Brussels authorized him to continue his Is
sues, and 1000, 900 francs entered the Golfers
of the Banque Europeennc. Then he com
menced kind of race against Bourse specu-
latons. Phiippart bought an enormous
number of shares of Credit Mobllier, the
Craftsmanship of which he wished TO recover.
His name was mixed up with variety OF
schemes, and, in short, he shone more bril-
liantly than ever. and as if endowed with
financial ubiquity 1T the settlement of
October IL il was whispered that some diff
culties had mpeded his operations and he had
to pay very dearly for money The settle
ment, however, passed over. Four days ago
he announced to the board of Banque Euro
peenne that the coming settlement would be
difficult; that he found it hard to raise money,
and he was going to Liegc, in Belgium, TO
procure some. He started, and news from
him was anxiously expected, but two days
passed without things. On Tuesday even
ing the Europeenne board met telegram
was sent to him, but there was no reply. The
banque's legal advisers were sent for, and the
state of things examined into. Philpparts
liabilities to the banque amounted to three or
four million francs, but the banque held an
enormous quantity of Credit Mobilier shares.
and il rcckoned its shares in the purchase of
the Grand Hotel and Hotel Scribe as an asset
of three or four million francs. The position
of the banque was therefore good on condi-
ton of the bonds it held not being thrown on
the market. The statutes provided that no
operation of Philippart should bind the con-
Germ unless Endorsed by two directors. The
board decided that It had not accepted the re-
sponsbilty of Philippians Bourse operations.
On the boards decision and Philippians dis
appearance becoming known on the Bourse
the effect was like thunder-clap. Philippart
was ''execrated," as it is called, the balance
due by him reaching 6,S00,000 francs. On
Thursday evening it was affirmed that com
promise was about to be effected between the
Banque Europeennc and the brokers', on a
basis to be agreed upon, so as to make the
best of the affair.