Tazewell Republican. [volume] (Tazewell, Va.) 1892-1919, 1902-01-16
QUESTIONED ON
PANAMA CANAL
French COmpany'S Secretary Appears
Before Committee.
WHAT IT is PROPOSED TO SELL
Offer includes Franchises and Property
Except the Money in the COM
pany'S Treasury.

Washington, Jan. I'm. Lapore, rep
resenting the Panama Canal Company,
appeared before the Senate Committee on
Inter. Oceanic Canals today, in obedience
to the summons of that committee to tes-
.ify concerning the affairs of his company
and to offer to sell its property and fran
chises to the United States. M. Jules
Boeufve, of the French embassy, also was
present at the hearing. The meeting was
held behind closed doors, members Of the
press being excluded.
M. Lampre was questioned at great
length by the members of the committee
He said that his mission to the United
States had been to ascertain to whom the
proposition for the sale of Panama prop
erty should be made. Having informed
himself upon this point he had conferred
with Admiral Walker, chairman Of the
Isthmian Canal Commission, as to the
form of the offer. He then had cabled to
his principals, the result being that the
offer to sell for $4,000, 900 had been made
from Paris. and not by him. He said,
however, that it was his understanding
that the proposal included both the fran
chises and the property of the Panama
Company, but not the money in its treas
ury. of which there is about 100000
francs.
THE CoMPANY's TITLE.
H. Lampre was questioned especially
concerning the title of the present Panama
Company, several of the committee ex'
pressing doubt as to whether those now
claiming ownership had secured unques-
tionable title. He replied that they had
made their purchase through the liqulda-
ton of the old company, and that the
transfer was regular. In response to other
ouestions. he said that in case the trans
action had been consummated the money
would he distributed among the members
of the original company and those OF the
present organization by arbitration. de
said that the profer Of his company had
been made in good faith, and that the
company was able to "deliver the goods "
Senator Morgan asked what the corpo'
ration had been organized for, and the
witness replied that the purpose was to
build a canal. The Senator then asked
whether an attempt to sell the canal was
not a proceeding in bad faith NJ. Lam
pre maintained that the American Panama
Canal Company had been organized IN
New Jersey for the purpose of disposing
of the property in this country is posi-
ble.
GAS a matter of fact" said Mr.. Morgan
"vou appear to have had the canal on the
bargain counter ever since the company
was organized?"
The witness protested to the contrary
The fact was developed at the hearing tina
the bonded indebtedness of the old com
peny was SOC, ,OOO, 900 francs, and also tha
since the new company had come int
control it had paid 100000 |ancs
the Colombian government for conce'
sions. Il was also shown that the leas
from the government was for ninety-nir
years and that at the end Of that time Il
property would reverse to Colombia.
M. Boeufye was asked only whether tn
proposition to sell the canal for $40 O'OOV'O'
had been made with the authority OF IL
French government. He replied In IL
negative, saying that the government ha
no connection whatever with the tran
action