Evening star., 1902-03-01
THE PANAMA CANAL
FRENCH COMPANY SURPRISED AT
COLoMBIA'S ACTION.
Some Talk Of Effort to Complete the
Work With French
Capital.

A later dispatch than that published in
The Star yesterday afternoon from Paris
regarding meeting Of the Panama Com
pGny adds this: The dispatch Of the Co
lombian government was complete sur
prise to the shareholders Of the Panama
Canal Company, who met this afternoon in
the expectation Of ratifying the action OF
the board Of directors in Offering the Pan
anna Canal Company's property to the
United States for $4,000 900, which offer
Was to remain open until March 4. 1908,
and authorizing the board to carry out all
the measures for the transfer of the prop
erty and fix and accept all modes and
terms Of payment If the United States ac
cepted the offer. The CONSERVATION, there
fore, was general when President Bo read
ColOmb1a'S telegram, and heated discus
sion broke out. The majority of the speak
ers concluded that the telegram meant the
utter collapse Of the negotiations with
America. and resentment against the United
States was expressed One shareholder at
tackled the United States for beating down
the price to $40.O0O,o00. He said the Ameri-
cans were dallying with the company. There
was no reason why the United States
should not later want the canal property
for $20,OOO,O0O.
Another speaker characterized the Amer
leans conduct as 'hideous blackmailing,
saying that IL the Americans bought the
canal property. they would make fine
bargain, and why should not French capt.
tai be found to reap the profits?
Other speakers expressed the sudden con-
vlction that II a proper appeal was made
the money to complete the canal could be
obtained in France. One of the sharehold-
ers informed the meeting that he knew on
undeniable authority that President Loubet
had personally taken steps to endeavor to
have the canal built with French money.
Finally, M. Marquis, the official repre-
sentative shareholders he
meeting to its senses He reminded his
hearers that the remarks made were utter
ly wide OF the mark All discussion at the
present moment was out OF place and prob
ably damaging to the company's interests
The best course was to adjourn until ex-
plantations Of Colombia's action were forth
coming. This proposal was adopted and
the meeting adjourned.
The secretary Of the company who was
questioned after the adjournment said the
telegram arrived at $50 o'clock last even
Ing. They were quite at loss to explain
T., as 1t was thought the Colombian and
United States governments were in agree
nent regarding the cession Of the conces-
sion.
The report submitted to the meeting
said:
Every one who has followed the prog
ress OF the negotiations has noticed that
the first anxiety Of the American govern
ment was to bind in the same treaty the
liquidation of the old company as well as
%iAoI III ShO Liz" SOhlpduS II was
necessary to place ourselves in the position
OF giving the American government full
security and enabling it to dissipate def
nitely the doubts spread by the adyersaries
OF the Panama route regarding the integri-
ty of our proprietary rights"
The report then set forth that arbitra-
ton had resulted in a satisfactory solution
whereby the new company was to receive
rs. 100000 francs out Of the POI 600 600 francs
Of the purchase price, and the old company
was to take the remainder. Then, review
ing the negotiations with the United States,
since the offer to sell the canal property for
100000. the report said:
1T now belongs to the Senate to pro-
nounce on our propositions which will
reach 1T supported by the favorable
isthmian report We are persuaded that
our propositions will be discussed by this
high assembly with the calm and maturity
betting such a grave matter. We shall
have to wait some time yet for solution,
and have been led to declare that our offer
remain open until March 4, 1903, by con-
sideration Of the fact that the legislative
session usually terminates on that date.
The negotiations pending between Colombia
and the United States, the duration of
which Is uncertain, have rendered it impos-
sible to fix an earlier date. We have reason
to believe, however that a conclusion of
the arrangements between Colombia and
ourselves may take place in the course of
the present year. These details will not be
unfavorable to us. They will enable pub
lie opinion to better appreciate the motives
which dictated the decision Of the isthmian
commission"