New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-03-01
SHOCK FORPANAMAPEOPLE
NOTICE FROM COLOMBIA UPSETS THE
SHAREHOLDERS.
CANNOT TRANSFER THEIR CONCESSION
WITHOUT PERAuSSION-NEGOTIA
TTO<S ST-SpE-%DFD
TONS SUSPENDED.

WITHOUT PERAHssION-NEGOTIA
TONS SUSPENDED
Paris, Feb, 2S.-At an extraordinary meeting
Of the Shareholders Of the new Panama Canal
Company to-day President 30 read a message
from the nsul-general Of Colombia at Paris,
setting forth that the company could not trans
fer its concession TO another nation without
first, with the assent Of Colombia. modifying
the stipularions Of Articles XXI and XXI Of
the agreement After discussion, during
which it was urged that efforts should be made
TO keep the concession for France the meeting
adopted resolution expressing approval of the
attitude of the board Of directors and deciding
In view Of the message of the Colombian Consul
General, n postpone entering into any agree
ment-
The dispatch Of the Colombian Government
was complete surprise to the shareholders Of
the Panama Canal COMPANY. who met this af-
ternoon in expectation Of merely ratffying the
action Of the board OF directors in Offering the
Panama CanN Company's property 10 the
United States for S40O0oO0O. which offer was
TO remain open until March I. 1903, and au-
thorizing the board 10 carry out all the meas
ures for the transfer of the property and fix
ana accept all modes and terms of payment if
The United States accepted the offer. The con
sternation, therefore, was general when Presi-
dent Bo read Colombia's telegram. and A heated
discussion broke out. The majority Of the
speakers concluded that the telegram meant
the utter collapse Of the negotiations with
America, and childish resentment against the
United States was expressed. One shareholder
attacked the latter's attitude in beating down
the price TO 100000 He said the Ameri-
cans were dallying with the company There
wasSno reason why the United States should
not later want the canal property for $40
100000
Another speaker characterized the Americans
conduct as ''hideous blackmatling,' saying that
IL the Americans bought the canal property
they would make a fine bargain, and why should
not French capital be found 10 reap the profits?
Other speakers expressed the sudden convic-
ton that II a proper appeal was made the
money 10 complete the canal could be obtained
insErance.
One of the shareholders informed the meeting
that he knew on undenable authority that
President LOubet had personally taken steps to
endeayor 70 have the canal built with French
money.
Finally NJ Marquis. the official representative
OF the shareholders. called the meeting 10 its
senses. He reminded them that the remarks
made We're utterly wide OF the mark All dis
cusstDnsat the present moment was out of place,
and probably damaging to the companys in
terests. The best course was 70 adjourn until
explanations Of ColCmbias action We're forth
coming. This proposal was adopted and the
meeting adjourned.
The secretary Of the company after the ad-
journment said the telegram arrived at $50
O'Clock yesterday evening. They were quite at
q loss to explain il, as il was thought the Co
Ionlbian and United States governments We're
in agreement regarding the cession of the con-
cession. The report submitted 10 the meeting
said:
III h. of
the negotiations has noticed that the first anX-
5ety OF the American Government was TO blnd
IN the same treaty the liquidation OF the. Oh
company, as well as that Of the new company
II was therefore necessary TO place ourselves IN
the position Of giving the American C1oNernhieal
full security and enabling II 70 olsslpate Gen.
nitely the doubts spread by the adversarles OF
the Panama route regarding the Integrity OF
our proprietary rights.
The report then set forth that arbitration had
resulted in a satisfactory solution whereby the
new company was TO receive 100000 francs
out of the 2O7.OO00O0 francs Of the purchase
price. and the old company TO take the re
rnainder.
Then, reviewing the negotiations with the
United States since the offer TO sell the canal
property for $40.000,0OO, the report said:
It now belongs to the Senate 10 pronounce
on our propositions. which viii reach 1t support
ed by the favorable lsthmlan report we are
persuaded that our propositions VIII De ais
cussed by this high assembly with the calm
and maturity betting such grave matter
We shall have wait some time yet for a so
luton and have been led TO declare that our
offers remain open until March !. 1893, by con-
sideratiOn OF Ire fact that the legislative session
usually terminates on that date. The negotia-
tions pending between Colombia and the United
States, the duration Of which is uncertain, have
rendered il impossible 10 fix earlier date
We have reason 10 believe, however, that a con-
clusion Of the arrangements between Colombia
and ourselves may take place in the course OF
the present year. These delays viii not be
unfayorable 10 Us. They viii enable public
opinion TO better appreciate the motives which
dictated the decision Of the Isthmian Com
a-7fec