The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-05-06
HISTORY OF CLAIM
AGAINST SALVADOR

They were required to construct a GUS
tom house and a government pier, and
to provide steamers, tugs, and launches
such as the traffic should require. It
was further provided that the company
should carry without charge the high Of
flcials of the government and its en-
ployes when travelling by order of the
government. all materials of war and
merchandise which the government might
embark by means of the company. to
carry mail, free pilotage to government
ships. and pay 1920 year during the
entire twenty-five years.
The work was completed in one year
and twenty seven days from March /.
1895 and It was established by hydro
graphic charts that the port of Ell Triun-
TO was one of the best and safest on
the Pacific Coast.
Fraudulent Bankruptcy.
1t is shown from the record OF the
case that the company did not pay large
dividends the first two or three years,
but that it's receipts suddenly increased.
Notwithstanding. in September, 1885,
while Mr.. Burrell, the president of the
company was absent. Simon Sol and
other native Salvadorians holding stock
in the company, held a meeting, at which
Sol assumed the office of president by
usurpation, and without even giving no
tice TO the American stockholders Sub
sequently a form of adjudication Of
bankruptcy was made to the court, and
one Meardi was appointed receiver Gus
todian of the property.
The board of arbitration declares that
the bankruptcy proceedings were the re-
suit of fraudulent conspiracy which
successfully imposed upon the court in
which the proceedings were taken. on
February u, 1899, a call was issued for
meeting of the stockholders. in order 20
move in the only proper and legal man
ner for the rehabilitation of the com
pany's right by turning out the conspira-
tors and installing representative di-
rectorate. The following day the presi-
dent of the republic issued an edict
closing the port of Ell Triunfo against
all impOrtations.
Thus" say the arbitrators. was the
first step for relief met, thus was the
concession stricken down, and practi-
calIy Cancelled and destroyed, and thus
every effort of its owners and the Ameri-
| can shareholders to extricate 1t from
the results of the fraudulent manipula-
| ton of the conspiracy was paralyzed.
The Arbitration and Award.
! The Salvador Commercial Company.
/ one of the Target shareholders Of the Ell
| Triunfo Company. presented to the
! government it's solemn protest to the
I decree. Every effort was made by the
representatives OF the American share
holders to obtain its revocation, but in
vain. May 10 the executive granted a
concession TO others. citizens of Saliva
| dor, of everything that was covered by
the franchise and concession to the Fl
| Triunfo Company. The owners of the
| American interests, constituting a ma
| jority of the stock. presented their sol
| emn protest to the executive to this
| grant. but no attention was paid 10 il
| or to them Then followed the appeal
! of the American citizens Interested tC
| their government for its intervention
| for their protection and for reclama-
ton. The arbitrators. in making their
| award, point to the fact that al the time
the proceedings in bankruptcy We're
taken by the fraudulent representatives
Of the company no creditor had COM
planned, or had just cause to complain
against it for non payment of its debts
The award of the majority OF the ar
! bitrators to the Americans interested
in the company is 1923, 1854, of which
S402. 900 is for $50 of the 1000 shares
| valued at $3.50 900 and issued by the
company 1t is this award which Saliva
dor refuses to pay.