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LONDON CORRESPONDENCE.

THE GREAT FAILURE IN PARIS.

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THE GREAT FAILURE IN PARIS. With reference to the great failure on the Paris Bourse, the Paris correspondent of the Standard says M. Kaltenbach's failure to meet his engagements caused much excitement, His liabilities were esti- mated at over 15,000,000fr., and it was rumoured that many of the important firms of the coulisse, and even some of the agents de change were so heavily hit that it was impossible to say whether there would not be numerous failures. As is almost invari- ably the case the ffrst reports were an exaggera- tion of the truth. The deficit is, the correspondent is informed by an important firm of the coulisse, about 9,750,000fr. M. Kaltenbach had been speculating during some months for the fall in Rio Tinto Shares, and also in the shares of the Panama and Suez Canals. He did not confine his transactions to the Paris Bourse, but also operated on the London Stock Exchange, where he paid his differences last settling day. It was stated that he had only a few months ago a fortune of something like 50,000,000 francs, and that he has lost the whole of it by these speculations and by speculations in copper, of which he was a seller for a large amount. The consequence of the failure would have been greater if the leading members of the coulisse had not gone to the principal buyers of Rio Tinto Shares, who responded to this step by placing at the disposal of the coulisse 40,000 Rio Tinto Shares, at the price of 550 francs. A GIANT BOURSE GAMBLER. The City correspondent of the Standard says: Kaltenbach seems to have been a giant among Bourse gamblers. Credulous people assert that last year, or at some recent date he was worth £500,000, and that now he has not only lost all that, but is nearly as much to the bad.' We do not believe these figures. Although it is probable enough that the differences in his favour were at one time very large, just as they are now heavy against him, it is most unlikely that he had ever at his command a free fortune the tenth part of that stated. But that he was a giant speculator is proved by the fact that about £750,000 Egyptian United Stock alone was thrown on the market here to-day by his brokers, and he was a large speculator for the rise also in Suez Canal Shares, besides having a heavy account open for the fall in Rio Tinto Shares, and minor gambles in other Stocks. His failure involves quite a number of arbitragists here in losses more or less severe, but no one among them is expected to fail. In Paris the sensation and fright produced by the smash was so great that the coulisse, or outside brokers, shut up shop and stopped business for the day. What the after effects of the failure will be there is not yet known, but here it has left the market distinctlv healthier." According to the City correspondent of the Daily News M. Kaltenbach seems to have been a Bear of 45,000 Rio Tinto shares, a Bull of various foreign bonds, and a speculator in almost everything, not ex- cluding coffee. He is said to have paid £ 240,000 in differences last month, and to be further indebted for 10,000,000fr. He made a fortune in Singapore some years ago, but the copper combination overpowered his resources. The offer of a small percentage to general creditors is talked of.

THE FAMILY PHYSICIAN OF THE…

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AGRICULTURAL ITEMS.

MR. S. PLIMSOLL ON IRISH AFFAIRS

A HORRIBLE DEATH.

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LORD SALISBURY ATj LIVERPOOL.

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FROM THE "COMICS."