The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-11-08
Intense Excitement in the City.

LONDON, Nov. IA Paris despatch to the
Times says: Towards the end OF 1874 Philli-
part burst like meteor on the financial horl-
zon of Paris. He created the Banque OF
France, the Hollandaise, became President OF
tho Credit Mobilier, and attached himself to
many other companies. He came to grief and
was declared bankrupt, both at Paris and Brus-
sells, with liabilities amounting to 2o,OOO,000
francs. -Four years elapsed; that catastrophe
was sinking into oblivion, when Phillipart re-
appears 1t was noised about that he had set
tied with his creditors, not in cash but by show
ing them that he had acted in sincerity, had
not enriched himself at their expense, and had
worked conscientiously, but had succumbed to
great coalition against him OF great railway
companies, who sought to prevent him from
grouping all small lines into a seventh great
company. His creditors absolyed him, and he
reappeared in the financial world. lie created
new bank. The Banque Europeenne was
empowered to raise its capital to hundred
million francs, and issued shares at a consider.
able premium. He made no promises; he SIM
ply reminded the public that it was he who in
vited them to subscribe. His first issue was
of 5000 shares, of 500 francs nominal at 700.
They were subscribed four times over. A gen.
eral meeting held at Brussels authorized him to
continue his issues and II 100000 francs enter
ed the Golfers of the Banque Europeenne.
Then he commenced a kind of race against
the Bourse spectators. Phillipart bought an
immense number of shares of the Credit Mo
belier, 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 ubiqulty. At the settlement OF Oct.
10, it was whispered that some difficulties had
impeded his operations and he had to pay very
dearly for money. The settlement, however,
passed over Four days ago be announced to
the board of the Banqae Europeenne 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, and news from him was anxiously
expected, but two days passed without It'd
ings.
On Tuesday evening the Europeenne Board
met. A telegram was sent him; no reply.
The Banque's legal adviser was sent for, and
the state of things examined into. Phllllparts
liabilities to the Banque amounted to thirty or
forty million francs, but the Banque held an
enormous quantity of Credit Mobelier shares,
the Grand Hotel and Hotel Scribe as an asset
of three or four million francs. Repostion of
the Banque was therefore good on condition of
the bonds it held not being thrown on the
market. The statutes provided that no opera
ton of Phillipart should bind the concern UNI
less Endorsed by two directors. The board de-
cided it had not accepted the responsibility of
Phillipart's Bourse operations.
On the boards decision and Philippians dis
appearance becoming known on the Bourse the
effect was like thunder clap. Phillipart was
.'execrated," as it is called, the balance due by
him reaching 6,S00000 francs. On Thursday
about to be effected between the Banque Eu-
ropeenne and the brokers, on a basis to be
agreed upon, so as to make the best OF the al
fair