The San Francisco call., 1901-12-22
PANAMA STOCK
MUST BE SOLD.
Shareholders Willing to
Accept the Terms
of America.
At a Stormy Meeting the
French Canal Company
Admits It's Failure.

PARIS, Dec 21-At the meeting of the
board of directors of the Panama Canal
Company Thursday President Hutin, who
recently returned here from the United
States, and M. Choron, the director of
works, resigned their offices. The report
presented at the meeting of the share
holders of the Canal Company here this
afternoon reviews the negotiations for the
sale of the canal property to the United
States and says
The decision of the isthmian commission was
evidently due to misunderstanding which
must be dissipated We shall ask you to give
US full powers to negotiate with the Govern
ment of the United States under the reserve
of submitting for your approval the hgure
upon which the representatives of the Amert-
whom we shall intrust the continuance OF the
negotiations. Our negotiator VIII be instructed
to notify the American Government that we
are prepared to set aside the valuations which
have been considered the price asked and
which have been judged unacceptable and we
offer to take as a basis of discussion the fig
ures and declarations contained in the conclu-
sions of the isthmian commissions report. We
shall, moreover, give our mandatory power TO
close the discussion by proposing fixed price
We hope this simple categorical offer will ex-
ercise favorable influence upon the future ne
gotiations.
NJ P Forot, the former comptroller
general of the army, and M. Bourgeois,
the former Minister of Finance, will re-
place NM. Hutin and Choreron.
Must Sell at Any Price.
After an uproarious session the share
holders almost unanimously voted to
adopt the proposition set forth in the re-
port, empowering the board to conclude
the sale and concession to the United
States of all the Panama Canal Com
panys properties, subject to the limita-
tions specified above.
Get the United States to buy the canal
at any price, in order to save some of our
money" seemed to be the prevalent feel
ing and gist of the speeches of the share
holders. About $50 shareholders were
present, including number of ladies. In
the absence of M. Hutin a shareholder
presided. A storm broke Immediately
after the report had been reached. The
shareholders were greatly excited by the
news that M. Huti1 had resigned and de-
manded explanations of what had oc-
Cured at the meeting of the board at
which he had resigned. The chairmans s
delay in replying to questions led to
vituperations which were launched at the
heads Of the directors by several share
holders, whose modest attitude indicated
that they had been severe sufferers on ac-
count of the Panama failure.
Eventually the proceedings degenerated
into such tumult that policemen were
summoned to expel one of the noisiest
shareholders, who approached the direc-
tors table, thumped it with his fist, yelled
at the top of his voice and shook hand
full of papers in the face of the chair
man.
Why Hutin Resigned.
The intrusion of the policemen raised
such pandemonium that they felt COM
PEELED to withdraw, and the delinquent
subsided.
The few speakers who secured a hear
ing urged the adoption OF the boards
proposals, as being the shareholders only
salvation.
One speaker said 1t was palpably i'm
possible for the company to finish the
canal, as it could not raise money any
where in France in the rest of Eu-
rope. He added that a large shareholder,
NJ. Bunau-Varilla, who had published an
appeal to the shareholders and others at
the beginning of the year to contribute
funds to carry on the work, secured prom
ises of only 100000 francs
Other speakers appealed to them to
cease the tumult, as the moment was de-
cisive in regard to the fate Of their mil
lions.
Finally the chairman rose and made a
statement which soothed his hearers He
said there was no contradiction in the
resignation of Hutin and the expressions
of appreciation of his labors contained in
his report The board had considered the
situation resulting from the Isthmian
Commissioners decision, and had come
to the conclusion that change of policy
was needed.
They therefore made the proposition
contained in the report, but as it was
thought that the negotiations with the
United States might run smoother with
out M Hutin, the latter. resigned The
meeting, appeased by this explanation
then approved of the proposition made in
the report