The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-11-08
ACROSS THE OCEAN.
ACROSS THE OCEAN.
A Big Stir In French Financial
A Broken Down Capitalist Rsluvs-
mated,
Again Plays Franks After the Amer
lean Fashion.
The Future Queen Of Spain RenOun-
css the Austrian Succession.
FRANCE

PANS, November THE IIessc Land
tag has rejected bill for the sale OF thu
Main and Weser Railroad to Prussia
though tho line don't pay.
The G1ulOis says that Princess Clolilde
on the advice Of the King Of Italy, will
pass the winter In Paris. This announce,
ment has ocCasiOned' much gossip In the
political circles oil Prince Jerome Napo
leon.
The difficulties which marked yestcr.
days Paris BOlrse have not yet been sur.
mounted. At tho opening there was much
hesitation and iiCar Of q catastrophe, but
later, on rumoTs ol quiet arrangements,
reaSsurel the markets
The directors Of the llanQue Europenne
have reconSlderGd their position regarding
the PhlllipArt's SpeCHlAtOns, and will
intervene IN the difficulties resulting from
them. The Danque Europenne seems to
have been advised that il stands by law
responsible for Its ChRiFman's operations.
1t Is stated that Phllllpart has resigned
the cllairmAnship oi tho banQue, and that
an extraordinary meeting ol the stock.
holders would be held as soon us possible,
Toward tho end Of 1874 Phillipart
bunt like Il meteor on the financial horl.
zon oil Paris. H0 created tho Banque
Franco HollandAiso, became president Of
the Credit Mobiller, and attached himself
to many other companies. He came to
griet aud was declared bankrupt both at
Paris and Brussels, his liabilities
amounting 10 9S,O0O,OOO francs, -Four
years elapsed, that catastrophe was sink.
ing into oblivion, when phillipart reap.
peared, II was noised about that he had
settled with his creditors, not in cash, but
by showing them he had acted with sin
cerity, had not enriched himself at their
expense, and had worked conScientiously,
but bad succumbed to the great coalition
against him ot great railway companies,
who sought TO prevent him grouping all
small lines into the seventh great com.
pany. His creditors believed him, and
absOlved him, and he reappeared in the
financial world. lie created new bank.
The Bank Europenne was empowered to
raise its capital TO Sl000O0000 francs,
and issued shares at a considerable pre-
mium. Ho made promises. lie simply
reminded that 1t was he who invited
Il 10 subscribe. His first issue
was forty thousand shares Of 500
francs nominal at 700 francs. They were
subscribed lour times over. A general
meeting held at Brussels authorized him
10 continue his issues, and II, ,0O0, 900 francs
entered the Golfers Of the BGnQue Euro
penne, Then he commenced kind OF
race against Bourse speculations. Philip
part bought an enormous number Ol
shares In Credit MObiller, the chairman.
ship OF which he wished 10 recover. His
name was mixed up with variety al
schemes and in short he shone more
brilliantly than ever and as II endowed
with financial ubiquitY. AT the settle
nentol October 18th 1t was whispered
that some difficulties hal impeded his
operations and that hO had TO pay very
dearly for money, the settlement, how.
ever, passed over. Four days ago he an.
nounCed to the Board Of the BanQue
EuropGnne that the coming settlement
would be difficult, that he found II hard to
raise money and that he was going 10
Liege, In Belgium, 10 procure some. He
started and news from him was anxiOusly
expected, but two days passed without
ldtugs.
Tuesday evening.the Europenno Board
met, telegram was sent him. There was
no reply. The banks legal advisers were
sent for, and the state OF things examined,
Philiparts liabilities to the bank amount.
cd 70 three or four million francs, but the
bank held an enormous quantity OF Credit
MOblier shares, and il Is reckoned that its
shares in the purchase OF Grand Hotel
and Hotel Scribe as assets, are three or
four millions francs. The position OF the
bank was therefore good on the condition
that the bonds 1t held not being thrown
upon the market. The statutes provided
that no operation OF Philipart should
bind the concern unless endorsed by two
directors. The Board decided that It had
not accepted responsibility for Philipart's
Bourse operations. On tho Boards de.
cision, and Philippart's disappearance be.
coming known on the Boursc, the effect
was like thunder clap. Philipart was
celebrated, as 1t is called. The balance due
by him reaching six million eight hund.
red thousand francs. Thursday evening
1t was affirmed that compromise was
about to DO effected between the Bank
Europenne and the brokers on basis to
be agreed upon, so us to make the best Of
the affair,