The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-12
.LAMPRE TELLS OF
!. THE PANAMA CAAL
Says 1t Can Convey a bod
Title
ON THE BARGAIN GOUNER
Senator Morgan Closely ouestlss M.
Lampre as 20 the Good Fab
Shown BY His Company
In Selling Out.

Washington. January IL. Eouard
Lampre. representing the PanamaCanal
Company, appeared before the senate
committee on inter-oceanic canals oday
in obedience to the summons of thu com
mittee to testify concerning theaffairs
of his company and its proffer tosell its
property and franchise to the United
States. Jules Boeufve Of the french
embassy was also present at the barring
The meeting was held behind closed.
doors.
NJ. Lampre said his mission 3. the
United States had been to ascertain to
whom the proposition for the saleof the
Panama property should be mad Hav-
ing informed himself upon this pint he
had conferred with Admiral Walker,
chairman of the isthmian canal cmmis-
sion, as to the form of the offer lie had
then cabled to his principals, the result
being that the offer to sell for 100000
had been made directly from Pats. He
said that the proposal included bth the
franchise and the property of tn Pam
anna Company. but not the none. in its
treasury.
Condition of Title.
M. Lampre was questioned particularly
concerning the title of the preser Pan
anna Canal Company. He replied tat the
present owners had made their prchase
through the liquidator of the OIL com
pany and that the transfer was fgular
In response to other questions e said
that in. case the transaction shield be
consummated the money would e dis
tributed among the members of tn, origi-
nal company and those Of the presnt or
ganization by arbitration. He sal that
the proffer of his company hae been
made in good faith.
In response to inquiries M. Lampn con-
tended that the company had a perfect
right to sell the property and thatto do
so would not infringe upon the tights
of any one.
Senator Morgan asked what the c'rpor-
alton had been organized for AMI the
witness replied that the purpose vas to
build a canal. The senator then asked
whether an attempt to sell the canal
was not a proceeding in bad faith M.
Lampre maintained that it was not He
also said that the American PananR ca
nal company had been organized in New
Jersey for the purpose of disposirg of
the property in this country if possible.
las a matter of fact" said Molgan.
you appear to have had the canal Of the
bargain counter ever since the company
was organized"
The witness protested to the contrary.
The company had abandoned all idea of
a sea level canal. The French law, he
said, could not prevent the transfer of
the canal to the United States as the
canal company was Independent.
Large Bonded Debt.
The fact was developed at the hearing
that the bonded indebtedness of the old
company was SO0000,O0O francs and also
that since the new company had cone
into control 1t had paid H. OO0, 900 francs to
the Colombian government for concas-
sions. 1t was also shown that the lesse
from that government was for 80 years
and at the end of that time the property
would revert to Colombia.
M. Boeufve was asked whether the pr5-
position to sell the canal for $4,000. DO
had been made with the authority of tie
French government. He said the govern,
ment had no connection with the transat-
ton. n