Funeral Paris, Nov. 90.
In consequence of a severe full in the shares of five more or less speculative companies—controlled by the Banque Oustric, the Bourse Committee stopped the quotation, of these shares just before the settlement at the end of October.
This was a protective measure Wetigned to prevent a crash which might have caused heavy losses to holders of other securities having} no connection with the Oustric group, A few days later the Banque Adam, one of the largest] private banks in France, which has 45 branches in the industrial area in the-north and was founded at}
Boulogne in 1784, was obliged to} Wose its doors. M. Oustric was a for of this bank, and when known to be in difficulties, ome of the Banque Adam depositors took fright and tried to draw their money. The result was a run which the bank was unable to meet.
The Government took prompt action.
A meeting of representatives of the five big banks was held at the Bank of France, in the presence of he Finance Minister, and it was agreed that the "Big' Five" should] advance sufficient funds to enable the Banque Adam to weather the storm, They are no doubt satisfied that the bank es solvent and only needs time, We are not told what reward the "Big Five" will receive for coming to the rescue, Business is business, and they may have thought it' well worth while. to strengthen their influence over an tablishment which has over 50,000) customers on its books. The Government has done its best to protect thousands of small investors from, Joss. It remains to be seen whether the rot is stopped or whether, 480 often happens in our complicated modern financial machinery, the failure of one cog-wheel causes too great a strain on others, The Boulogne fishing industry has ready been upset. Fishermen refuse to accept cheques on the Banque Adam, where most of the wholesale! dealers have their accounts, and al large quantity of fish remains unpurchased. As for M. Oustric, he too, has "crashed."
Text read from the printed page and cleaned; old type leaves the occasional error.