The Savannah morning news., 1902-01-14
M. LAMPRE UP AGAIN
MIR. MORGAN QUESTIONS PANAMA
CANAL AGENT.
THE TITLE SEEMS DOUBTFUL.
OLD STOCKHOLDERS TO SHARE N
PURCHASE PRICE.

NJ. Lampre Tells of the Arrange
ment tn Tote Fnir with the PeO-
pie who Put in the Money for the
Big Ditch-He Claims the Right to
Make n Clear ana Perfect Title to
the PrOperty-Panama Canal Com
pnny Owns Nearly All of Panama
Railroad stock.
Washington. Jan. 13,-The Senate
Committee ON Interoceanic Canals
held a session to-day and Nj. Lamprc,
of the Panama Canal Company, was
again before it. Senator Morgan ques-
toned him very closely and at length,
going over the examination of Satur-
day, but not bringing out any new
facts of especial Importance. The
committee will meet again tomorrow.
Senator Morgan questioned NJ. Lam
pre- especially concerning the interest
of the stockholders of the old Panama
Canal Company in the pending trans
action. M. Lampre stated that under
the agreement of the new company
with the old company, the stockhold-
ers of the latter concern would re-
seiVe 60 per cent. of the proceeds of
the sale. He said that under the orig
inal subscription agreement of the old
company, the stockholders had been
entitled to interest amounting to per
cent. per annum on their subscrip-
tion, even while the canal
was under construction, but that the
interest had been suspended when the
old company went into liquidation He
also said that an agreement had been
reached with the liquidator as the rep
rcsentative of the old company that in
case of the sale of the property he
should appoint two arbitrators, while
the new company appointed two, these
four to select the fifth, and that all
five should unite i'm making an equit-
able distribution of the proceeds OF
the sale. He contended that under the
French law the new company had a
| perfect right to make the transfer. not7
! withstanding the interest of the old
| company.
| Il wish" he said, Ito make this per-
| fectly clear and want the committee
! TO understand that the new company
| IS entitled to make a clear and Der~
| tect transfer to the United States. 1t
! would be legitimate to make the trans
! fer without the interference of the OLD
company, but to make the way per-
| fectly clear and to prevent any possi-
| bic entanglement we made an agree
ment with the liquidator of the old
canal company that we should have
! absolute authority to deal directly
| with the government of the United
! Sta tes."
Did you make a similar arrange
ment with the liquidator of the bond
holders?" asked Senator Morgan.
! In response to this inquiry, NJ. Lam
| pre- said: He did not appear in the
agreement, but he gave the liquidator
of the old company authority to enter
into the agreement"
Senator Morgan: Gould the new
company sell the property and put the
| proceeds in its pocket and not share
| them with the old company"
Nj. Lampre: Yes, it could do so un,
! Ger the authority of the stockholders
meeting"
! Senator Morgan: "Then the trans
action between the two canal COM
| panies must have been a sale to The
new company without reference to the
bonds and the stock held by the old
company"
Mr.. Lampre: Eyes, it was a sale,
| but one of the conditions of the trans
| action was that we should give 60 per
| cent. of the proceeds to the old COM
| pany."
NJ. Lampre said that of the 10000
! shares of stock of the Panama Rail
road Company, the new Panama Ca
nal Company owns 6S,5S4, and that the
railroad company had last year paid
dividends TO the canal company
amounting to 100000 francs. He said,
| however, he knew nothing about the
| details of the management of the rail-
| road company.