Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1879-11-28
A Stupendous Swindler.


TOWARD the end of 1874 Phillippart
burst like a meteor on the nnanclaI
horizon of Paris. He created the
Banque Franco Sollandaise, became
President of the Credit MobilIer, ana
attached himself to many other COM
panies. He came to grief, and was de-
clared a bankrupt both at Paris and
Brussels, his liabilities amounting to
%, 600, 600 francs. Four years elapsed,
and this catastrophe was sinking into
oblivion, when Phillippart reappeared.
1t was noised about that he had settled
with his creditors, not in cash, but by
showing them that he had acted with
sincerely, and had not enriched himself
at their expense, and had worked con-
scientiously, but had succumbed to
great coalition against him of the great
railway companies who sought to pre-
vent him from grouping all small lines
into the seventh great company. his
creditors believed him and absolyed
him, and he reappeared in the financial
world. He created the new bank,
Banque Europienne, and was empow-
cred to raise its capital to OO,OOO,OOO
francs, and issued shares at q consider
BILE premium. He made no promises.
He simply reminded the public that 1t
was he who invited it to subscribe.
His first issue was of 10000 shares
of 500 francs, nominal at 700 francs.
They were subscribed four times
over. A general meeting held at Brus-
sells authorized him to continue his is
sues and II, 100000 francs entered the
Golfers of the Banque Europienne. Then
commenced kind of race against
Bourse speculations, Phillippart bought
an enormous number of shares OfCredit
Mobilier, the Craftsmanship OF which
he wished to recover. His name was
mixed up with a variety. OF schemes,
and in short he shone more brilliantly
than ever, and, as if endowed with
financial ubiquity, at the settlement OF
October 18th it was whispered some
difficulties had impeded his operations
and that he had to pay very dearly for
money. The settlement, however,
passed over four days ago. He an
nounced to the Board of the Banque
Europienne 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 money.
| He started and news from him was
CApGCJShf Dub RNSSNN
without tidings. Tuesday evening the
Europienne Board met, and telegram
was sent him. There was no reply.
The Banque's legal advisers were sent
for and the state of things examined
into. Philippians liabilities to the
Banaue amounted to three or four mill
ion francs, but the Banque held an
enormous quantity of Credit Mobilier
shares, and it reckoned its shares in
the purchases of the Grand Hotel and
the hotel Scribe as an asset of three or
four million francs. The position OF
the Banque was therefore good on the
condition of the bonds it sold not being
thrown on the market. The statutes
provided that no operation OF Phillip
! part should bind the concern unless en-
! dorsed by two Directors. The Board
decided it had not accepted the repon-
sibility of Philippians Bourse opera
tions. On the Boards decision and
Philippians disappearance becoming
known on the Bourse the effect was like
thunderclap. Phillippart was " ede-
Grated" as it is called, the balance due
by him reaching 6, 800, 900 franc. Thurs
day evening it was affirmed that COM
promise was about TO be effected be-
tween the Banque Europienne and the
brokers on basis to be agreed upon,
so as to make the best Of the affair
Paris Dispatch, NoO. z.