The New York herald., 1879-11-08

Europeenne have reconsiaered their position re-
garding NJ Phiiippart's speculations. and will inter
in the settlement of the difficulties resulting
from them. The Banque Europeenne seems to
have been advised that 1t stands by law
responsible for its chairman's operations.
1t is stated that NJ Phlppart has resigned the chair
manship of the banque and that extraordinary
meeting of the shareholders would be held as soon
as possible Itwas toward the end of 1874 that NJ
Philippart burst like meteor the financial hori-
zon of Paris. He created the Baraue Franco-Hol-
landaise became PRESIDENT of the Credit Mobilier'
and attached himself to many other companies.
He came to grief and was declared a bankrupt both
at Paris and Brussels his liabilities amounting
to 2S,000.000 of francs. Four years elapsed.
That catastrophe was sinking into oblivion
when NJ. Philippart reappears. 1t was no'sed
about that he had settled with his creditors not in
cash. but by showing them that he had acted with
sincerity had not enriched himself at their expense
and had worked conscientiously. but had succumoed
to coalition against him of the great railway COM
panies. who sought to prevent him from grouping
all the small lines into seventh great company.
His creditors believed him and absolved him. and he
reappeared in the financial world. He created
new bank-the Banque Europeenne. He was en-
powered to raise its capital to l00000,O00f.. and
issued the shares at considerable premium de
made no promises. He simply reminded the public
that it he who invited it to subscribe His first
issue of $4,000 shares of 50Of nominal, at 7o0f
They were subscribed four times over. general
meeting held at Brussels. authorized him to con-
tinue his issues and II 900 000f entered the Golfers
of the Banque Europeenne. Then he commenced
kind Of race against Bourse specuations Philip
part bought enormous number Of shares OF the
Credit Mobilier. tho charmanship OF which
he wished to recover. His name mixed
nf md
short. he shone moro brilliantly than ever. and
as if endowed with financial ubiquity. At the set
tlement OF October Is it was whispered that 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 announced
to the Board of the Banque Europeenne that the
coming settlement would be difficult; that he found
it hard to raise money. and that he was going to
Liegc. in Belgium. to procure some. He
started, and news from him was anxiousy
expected; but two days passed without tidings
On Tuesday evening the Europeenne Board
met. telegram sent him. There was no reply
The banques legal advisers were sent for, and the
of things examined into. Philpparts liabili-
ties to the banque amounted to three four millions
Of francs but the banque held enormous quantity
of Credit Moblier shares and it reckoned its shares
in the purchase OF tho Grand Hotel and the Hotel
Scribe asset OF three four millions OF francs
The position of the banque therefore good the
condition OF the bonds it held not being thrown on
the market. The statutes provided that no
operation Of Philppart should bind the concern
: unless ndorsed by two directors. The Board de-
cded that it had not accepted the responsibility of
Philippart's Bourse operations. On the Boards
decision and Phipparts disappearance becoming
known on the Bourse the effect like a thunder
clap. Philppart was "execrated.' it is called.
the balance due by him reaching 6,sOO.oOOf. On
Thursday evening it was affirmed that q compromise
was about to be effected between the Banque Euro
peenne an6 the brokers basis to be agreed upon,
so as to make the best of the affair.