The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-01-12
FACTS ABOUT THE |
PANAMA COMP ANY
Lampre Appears Before Sen
ate Committee.
BEHIND CLOSED DOORS
Representatives of the Press Excluded
from the Meeting.
THE COMPANY CAN GIVE a GOOD TITLE
The Fact Developed That the Panama Com
panv's Lease Of the Properly from The
Colombian Government is for
kinety.nine Years.
lBv the Associated Press }

washington, Jan. In Edoudard
Lamprc. representing the Panama Canal
Company. appeared before the Senate
Committee on Inter- Oceanic Canals to-
dav in obedience to the summons of that
committee to testify concerning the af-
fairs of his company and its profer to
sell its property and franchises to the
limited States NJ Jules Boeufve of the
French Embassy, also was present at the
hearing The meeting was held behlnd
closed doors. representatives OF the
press being excluded
NJ. Lampre was questioned at great
length by the members of the committee.
He said that his mission 10 the United
States had been to ascertain to whom the
proposition for the sale of the Panama
property should be made. Having in
formed himself upon this point he had
conferred with Admiral Walker, chair
man of the Isthmian Canal Commission
as TO the form of the offer. He then had
cabled to his principals, the result belng
that the offer to sell for $40 000,0V0 mad
been made directly from Paris and not bx
him. He said however, that IT was his
understanding that the proposal included
both the franchises and the property OF
the Panama Company, but not the money
in it's Treasury, of which there is about
JIG, 600, 900 francs.
M. Lampre was questioned especially
concerning the title of the present Pana
ma Company, several members of the
committee expressing doubt as to
oIa ai nunprGhiD
had secured unquestionable title. He
replied that they had made their pur-
chase through the liQuidator of the old
company, and that the transfer was
regular. In response to other questions
he said that in case the transactions
should be consummated the money would
be distributed among the members of the
original company, and those OF the pres
ent organization bg arbitration. He said
that the proffer OF his company had been
made in good faith. and that the company
was able to deliver the goods.
In response to inquiries NJ. Lampre
contended that the new company had a
perfect right to sell the property. and
that to do so would not infringe upon
the rights of any one.
Senator Morgan asked what the corpor-
alton had been organized for, and the
witness replied that the purpose was tc
build a canal The Senator then asked
whether an attempt to sell the canal
was not a proceeding in bad faith. ~
I.ampre maintained that it was not. llf
also said that the American Panama
Canal Company had been organized IL
New Jersey for the purpose of disposins
of the property in this country il possi-
c4e.
AS matter of fact" said Mr.. Morgan
you appear to have had the canal Oh
| the bargain counter ever since the com
| pany was organized"
! The witness protested to the contrary
| The fact was developed at the hearing
that the bonded Indebtedness of the ole
company was 500 000, 900 francs, and alsC
| that since the new company had como
into control it had paid 10000, ,0O4 franc:
| to the Colombian Government for con
cessions 1t was also shown that The
| lease from that Government was for g.
| years, and that at the end of th2t time
he property would revert to Colombia
NJ Boeufve was asked only whether
| The proposition to sell the canal FOL
| SAG, eco COO had been made with the au
| thority of the French Government. HI
rel lied in the negative. saying that tha
| Government had no connection whatever
| with the transaction.