New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-01
BIG BANK CRASH IN ROME.
CREDIT MOBHIER SUSPENDS.
IT'S FAILURE DUE TO THE FALL IN ITALIAN
RENTES.
n,x,r az THE LOCAL EOCRSE AND CLOSING
o,,rur POI; RSFs OFGENOA AND FLORENCE
SEVER ~ FMLuR RES EAfhCIED
IN NPITAL TODAY.


IN NpITAL TO-DAY.
london n, 20 "A dispatch to the United
I,ress from Eo q s US that the Credit Mobilier
of that CITY has Suspended payment The news
of the suspension has created a deep impress
sion owing to the various branches the con-
corn had In d,ferent parts of Italy all the de-
nositors in ',lich will suffer severely. The fall
ure is attn n.cd to the fall in rentes 1t is be-
ueved that re Credit Mobilier was lately en-
gagged IN .dicae operations on the bourse.
with the ect Of raising its declining credit.
Rumors reg riding the instability of the concern
have been current on the bourse for some time
The withdrawal of deposits and accounts began
on November /, and the sum of $6,25O,OOO has
been raid out since then. The concern was
obliged to stop in consequence of the run on
it. After lively discussion among the direc-
tors las night the board decided that it was
unable % accept the conditional offers of aid
made the National Bank and it was there
fore d, 1 to suspend. 1t is believed that had
il not i for the present financial crisis the
Cover III would have assisted the concern
Ron Now 3O.-The suspension Of the Credit
Mobil ma caused panic IN tho stock market
here. Is impossible to predict accurately the
results ii me failure. Many other failures will
certainly follow it. Genoa suffers most The
bourses there and in Florence closed after the
announcement of the collapse. The effect of the
crash will be evident here tomorrow. when sew
eral stock exchange firms viii g into iquida-
lion The creditors of the Credit Moblier. in
clldjng depOsitors. number more than 10000
Depositors in the General Bank in Rome and
elsewhere drawing out their money in con-
sequence or It's connection with the Crcuil Mo-
bilier.
II is reported tonight that moratorium will
be granted to the Credit Mobier. The mana
gers OF the institution say that careful eXamina-
ton has shown that more than three-fourths
of it's assets intact. The moratorium was
requested merely because the institution was
unable to realize on its property rapidly enough
TO meet all With irawals.
II it is as yet impossible" as said in the above
Dispatch ito predict accurately the results of the
failure" Of the Credit Mobilier. it may be said
that its influence over the direction of Italys for
eign policy is likely to be felt The "Progresso
Italo-Americano." of New-York, declared recently
that the sitting of the Rome Chamber in which
Prime Minister Gioti was overthrown was
Waterloo, without the heroism of the Old Guard
and of Cambronne. but vulgar and bureau
cratic Waterloo, with the Correctional Police in
sight" 1t brought about by the discovery OF
financial scandals in which were implicated some
Deputies. Now to those scandals is added an
other OF extensive proportions which VIII hnaly
sisted in not seeing that their country was being
led to ruin by the Austro-German Tedeschi who
urged that Italy should be armed to help them IN
defending herself against France
The latest financial failure In Rome will serve at
increasing the force of the reaction which had al
ready begun to show itself against the ruinous
tendencies OF the foreign policy of King HumbeIt
Three important newspapers Of the Peninsua. the
"Popolo Romano" the "Dritto" and the MESA
gero." with others of smaller influence declared:
The Triple Alliance Is running us. while friendship
with France. which used to buy nearly all Italian
products, would enrich us. Let us give up the
alliance, and place ourselves by the side of France.
How often have not repeated that the
Dreibund. account of the military expenses
1t imposes and the unavoidable hostility to France.
which 1t brings. represents for Italian shoulders
h weight which they cannot bear The
'Diritto" goes even further, and says that the
German allies OF Italy have not done anything to
help her. and that "on the contrary. they have
her more than France has done.'
The fact is that only French politicians parti-
san organs have fooshly nourshed dsunion be-
tween France and Italy. but that real friendship
has been nourished in the hearts Of the people
Of both nations. 1t Is promising sign that this
was admitted by Siynor Crspi ex-Premier and
probably Premier to be, in authenticated inter
view with French journalist He is aware as are
all his countrymen that the Italian financial dis
asters will be repaired the former
friendly relations between France and Italy polti
caly. financially and commercially, shall have been
resumed.