New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-16

Railroad Company. and that in any difficulties
arose method of arbitration was provided for, and
under this plan certain sum was 10 be paid TO the
Colombian government
Il know there something OF that kind in
iStcncc. for called upon to discuss this qucs
ton very often
The witness added that the efforts for adjustment
OF these difficulties mainly through correspond
! ence. Responding to other inquiries he said he
thought that from time 10 time the State Department
Washington had something TO do with the subject.
The main conirovc, sizes he said followed the acqllsl
ton of the Panama Railroad Company by the Canal
Company,
Odd You just pIlor to the acquisition Of the
stock of the Panama Railroad Company by the canal
pany who the principal holder Of tie stock! Al
did Mr. Trcnor w Park
o-The capital stock OF that company believe,
10000 shares of which he had controlling interest
Now. who conducted the tatlons with Mr. Park
behalf Of the American commttcel Al think oil
did.
O.-what the arrangements agreed u.on' A
The ARRANGEMENTS thai Mr.. Park agreed to deliver
the Panama Canal Company C7 900 GS 600 shares.
O.-Thc picc agreed upon was kept from tie general
public. it not, Al take IL foI granted il was
Q-Ihe stock quoted believe. AZ that time some
where between 40 and 1901 A.NO sir. AT that time
ii quoted at go.
o.-But time the negotiations began and be.
fore the closet A.-Wcl, know what we paid for It,
Odd the stock assume any such value a. that upon
public market until it became known that the canal
company had agreed to purchase a; that prcei Al
think it had great deal 10 do with it,
Q.-Do you know what the value Of the stock was
when the negot atoms began Al only this, from
correspondence De Les>cp, offered 100 for majority
OF the stock.
Q-wlat induced the canal company to pay price
price which amounted, believe. practically to 500
shorcl A-rhc canal company vas satish'd that I'M
they had the control of Panama Railroad Com
pany the canal could never be built
TO CONTROL THE ROAD.
,I-t tinpc n
the progress Of the work the canal were Of such
nature that unless the control OF the railroad were
In the canal company nothing could ne accomplished
1t seemed 10 be the determination Of Mr. Park That
the canal company should either purchase or lease the
road. Under the arbitration cinuse the original
grant by the Colombian Government the committee
through negotiation succeeded III reaching coihpio
mise, and money was paid To that Government.
Congressman Patterson in his examination OF the
witness brought out the fact That abou *eooo'poo
was paid in the United states exclusively, on
account of supplies and materials in connection with
the construction OF the canal AID that the $50 100000
paid for the stock OF the Panama Railroad "mpahN
was independent that sum: also that the law hiln
OF scgnan d Sclenan retained aS counsel, at
Il salary Of y 900 per annun, ana tlHt ShlPL'an
counsel in connection with the adjustment Of qr"a
lions between the canal company sad The Colombian
ANA Railroad Company MI. Patterson wah'"d TO
know why Mr. rhGmI'on haa oeG and used u
handling vast s Ms OF monsy % he WAS gre,
But You offered Tie PLACE TO General Grant,
soldier q popular idol but he not great Lawyer.
Or fHencer or eTe" 1'at%.n"n wa, before
he proceeded any further, Congressman IWary lner
posed the rmarA There nay T '"nH drfe asad Of
! general Grant bosom friend OF mine, ana
always look out for MY friends
ABOUT PRESIDENT HAYES.
Mr.. Patterson wanted 20 know If II did not appear
strange that President Hayes, WHO lad sent message
| to Congress opposing the canal. SHOULD have con
sented to a member Of lis Cabinet rcsgung his place
and accepting place Of chairman OF the American
committee. The witness replied tint he thought
President Hayes was originally opposed TO me con-
struction OF The canal. lie probably looked NJ r,e
matter however. IN another light. Here was ail oio
friend to whom place with large income a''1tl
atod with # mad been offered and he did not feel
like int*rposinr objection; Furthermore he miglA,
reflection. have personally believed tiat 't "of.
constructing TIE canal would De productive OF prom
TO the people OF the country in the way OF FURNISHING
supplies and The like. 49,, oo,,.
but II he took hat view ns was right, for there
Mr.. selgman said fc had no Interest IN racGic
Mail, and later, to Mr.. StOrtr he SAID ne Ilad olS
acquired for the purpose Of qualifying US director
aud he had obtained uA5 from The Panama tnnhI
Tie payment In which WAS embodied provision taat
the stock returnsble TO The canal company Atrr
retired first promising chcerfuly 20 have transcript.
Of all accounts In re enre Uahsscuon prepared ann
|
SPEAKING FOR DREXEL, MORGAN e. co.
j. Hood Wright, Of Drexel. Morgan d Co.. testified
that he had only become member Of the committee.
representative OF his hrm in 1-s5. Personally he
knew nothing In detail OF the services performed by
the committee before that time In general way he
knew the house had had much 10 do with the purchase
Of the Panama Railroad Company stock The propo-
siion for membership had come through j. d W. oelg
man d Co. He had never seen any BOOK OF minutes
OF the proceedings OF the committee Ills ll1i hia
received as compensation 200 900 france The bank
seigman a Co., and Dfcxei, Morgan q Co. had nothing
TO do with purchases and expenditure As 10 the
e co.., e was Expected TO attend 10 any proper
business which he Canal COMPANY might aLh require ECU OF
the tL' annuiiy was paid but afrerward SIr Wright
here remarked tina, there was nv ohbyins Xscd IN
what form this understanding was reached, "hethcr
form, o, written communication from the three |
NcwYOrk banking hons had 70 cooas of s the eorre
snondence and being asked II there was any objection
10 allowing the committee" TO ih,pr, IT, nd nr,n
Si tne sn a. if 70 sem Mr WnSht said he did not
know the stoch Of tn. Panama i'a'oau when
Pavs cveraken the Canal Company it had since nee then
been dI Sposcd o, TO private persons IL hdu wv" "
carried as asset Of that company
rxpEcrry THE CANAL TO BE IUILT
He said also that the house he represents believed
when II entered the committee That the canal "ouid
be built.
o-was not the moral and business influence Of these
three great banking houses gwen 10 inc c"'c'pii'e'
AIN what rc'pccti
$50 far affecting public opinion IN tne o"l'eu
STATS concerned!
Al presrme so
Obs it not furthermore true that the mere iaet tha'
three banking the United states were mcmWrs
OF the American committee. ndorsing. promoting and
encouraging the Panama Canal Company. was suhcient
in large iegIec mould public opinion In America on
this subject!
A-That 1 am prepared to answer 1t Is too far
reaching quest Oh.
In closing Mr. Wright added that he presumed That
one Of the objects sought to be ohtaEcd through the
formation OF the American committee was That the
people should come TO TOOK upon me cE.'Hims