The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-07-15
FOREINGN NEWS.
TConcluded from F,rst Paee. !

Joooing during three months. Bondholders and
stockholders, who at the same time collectors,
will assuredly not forget the way la which these
deputies have looked after their interests when
the proper time comes
No doubt, however the committee was acting
with high sense Of its great responsibility.
The promoters of the canal seem to have exs
pected 70 find the members Of the committee so
many puppets In their hands i 1rtunately for
this public the French government were men
who had some real grit in their composition
They properly determined to learn something
In their report Of the 9th instant they requested
tho Panama company to produce for inspection
certain documents, including the deed of conces.
sion by the Colombian government and six con-
tracts, which, according to both De Lesseps and
Dngler, comprise all the works necsa
sary TO, complete the canal The
deed of concession was sent, but De
Lesseps neglected for good reasons known to
himself. to send the contracts required Three
days later the committee being without the con-
tracts wrote again to De Lesseps for them, re.
questing that a balance-sheet of the company to
De Lesseps paid no attention to this, but simply
replied by announcing that he had Withdrawn
the request for permission 60 issue lottery loan.
and at the same time sent circular around TO
the shareholders declaring that he intended to
issue an ordinary loan. without priZe-drawings,
for the same arnount--600. 600, 600 francs.
The committee Immediately held final meet
ing the minutes of which they placed on record;
j. As to De Lesseps not having enabled them to
report on the bill 2 That it was inexact that
they had any desire to adjourn the report until
next session. and g. That the bin had been pre-
sented so late it was not their fault but rather
that Of the French government, which had only
laid the bill the table the 18th of June last,
although the Panama company had made the re-
quest, which the bill was intended to authorize,
so long ago as the.25th of May, 1885,
1t certainly seems extremely unlikely that De
Lesseps can raise 600 DOC, 900 francs by means of
an ordinary loan without prizes. Light is now
thrown on many points which have been allowed
to remain hidden away from the public eye. At
tention has been called to various important
lawsuits pending between the company and the
contractors It has been pointed out that the
new contracts. involving the payment OF 200.
000, 900 francs have been signed since October.
Three-fourths of the loan of GOO, 000,O00 francs
would be swallowed up before the probable ter
mination of the canal in running expenses-pay-
ments of interest requirements of the sink
ing fund.- etc. The balance sheet, IL pro-
duced, would have shown that the cash was
all gone, notwithstanding that the %, 600, 600
francs advanced only few weeks ago at 10 per
cent. by three banking houses OF which tho
fourth and last quarterly payment is already
called upon the shares-was pledged in advance
as security. Is there any more probability that
the loan will be taken up than the last Panama
loan, issued two years ago, with the prestige OF
De Lesseps still unimpaired, and, notwithstand-
ing the guarantee then offered by powerful
financial syndicate one-fifth of the amount of
the bonds could not be placed, and remain in the
hands of the company. It is. impossible to
doubt that the difficulty is a thousandfold an
creased, since the confidence Of the public is now
pretty well shaken. The company can hardly
expect to find syndicate of bankers to guaran-
ever, is apparently as plucky and confident as