The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-04-29
Turns ItOver to Morgan
and Company, FiS-
cal Agents.
BALANCE TO MINISTER
Bank of France Will Proba-
bly, Draw Through New
York for S4O,O0O,OOO.

Immediately after the Cabinet meeting
today Secretary Of the Treasury Shaw
signed the first check in payment for
the Panama Canal The check is drawn
in favor of the Republic of Panama,
J. P. Morgan & Company, Fiscal
Agents" and Is for one million dollars.
Various plans for the payment of the
republic have been contemplated by the
Treasury, State, and Justice Depart
ments, since it became definitely known
that all obstacles were out of the way.
and that the canal property had been
turned over to Lieut.. Mark Brooke, Of
the Engineer Corps. as a representative
Of the United States Government
At one time it was contemplated 10
draw both vouchers-one for 81 900. 600
and the one for 5000. .0OO-at the same
time. turning the larger voucher over TO
Secretary Hay to hold for the arrival
OF the PaGama minister
First Plan Abandoned.
This plan has been abandoned, how
ever, and the present purpose is not to
draw the larger voucher until after the
arrival of the new minister The rea-
soi, given is that the United States does
republic in the matter.
II is understood that the new repub-
lie is under certain obligations TO Mr..
Morgan's syndicate. to satisfy which.
aid TO stop a possible high interest
To-Day 5 warrant was drawn. II is not
definiIely known whether this amount
IS sufficient TO satisfy the alleged
claims or Mr.. MOrgan's company and
Il may be that Panama may wish more
q her share OF the payment TO go 10
-Ar. Morgan.
Despite published dispatches from
arss that the French treasury is con-
cerned 70 have the payment OF the S40-
W00V made In such a way as not to
disturb the stock market, IL is now def
nltely known al the Treasury that this
sum has been paid 10 France, through
the Bank Of France. instead OF by a
syndicate of banks, as at first an
nOGnced.
Will Draw on United States.
Il is equally certain that the Bank of
France Will draw on the United States
for this sum at once, though il is not
known what method of procedure will
be adopted. 1t is not thought, however,
that the draft viii be made by cable.
but that it has been made already in
the usual manner. by mail. in which
case the draft should reach the United
States in about week This draft may
=
again IL may be on Mr. Morgan or some
other Of the banks New York CORE
spondents.
II is the belief at the Treasury that
the draft Will be on J. P Morgan &
Co. IL is manifestly impossible to take
any steps toward the payment Of the
$40,COo.00o until the draft is received.
Treasury Balance Small.
Owing TO the heavy expenditures of
the current year. the Treasury balance
viii, by reason of the Panama pay
ments. be reduced 70 a lower figure than
al any time since the Cleveland Admin
istration. The standing tradition OF the
department is that the working balance
shall not go below $4,000 600. This is
practically the present balance The
amount necessary TO make up the $50
O0,oO0 and which viii have to come
from the Treasury IS S22, 500. 600. This
viii leave balance of only some S21. OO0-
coo. However. this can be increased at
moment. by drawing on the Govern
ment repositories for some of the 800
O09. 600 now with them so that no .rnbar-
rassment can ensue.