Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1908-12-17

and we dealt solely. 40 fat IA the inter-
ests OF the Did Panama Canal company
were concerned with the llduidator APP
pointed by the proper French govern
mental body the civil tribunal OF the
Seine and In accordance with the dc
cree OF this some tribunal With the new
Panama canal company, which also
| went into the liquidation upon the sale
To the United States All our trans.
actions were carried on openly and
were published In detail The distribu-
ton of Our payment OF $4,000 900 fol
! lows the work Of arbitrntors chosen by
the new company aud the llquldators
authorised by the decree OF thia aame
civl tribunal OF the Seine ana provid.
! ing FOR determination OF the proper.
! tlonato division between the new ana
old companies We paid the money
through the New York banking house
! Of ]. l.. Morgan q Co, acting as flscai
agents for this government, into the
Rank Of France IN Paris. Tho roceipts
aud accounts of our treasury depart.
ment show the payment Of the money
| into the Bank Of France and account
| for the money being paid over 10 the
| liquldator appointed by the ctVll trlbu.
nal Of the Seine and TO the new pana
ma Canal company OF France. tho pro.
portion OF the forty million dollars be.
Ing l2,600,0OO francs to the llquidator
of the old compare and 400, 900
francs 20 the new Panama Canal com.
pany OF France In liquidation. IN these
payments We followed 20 the letter tho
decree of the governmental tribunal ~
France which had the authority To
make such decree the ciYll tribunal
Of the Seine. We had neither dnsiro
nor authority To- go behind this decren
OF TINS proper governmental body as
all the conflicting rights OF the sucur.
ny holders of both companies had been
settled by the decree of said court by
ratification the arbitration which re-.
suited IN that division | wish To mako
as clear as possible aud az emphatic as
possible the statement that We dld not
have anything TO do with the dlstribu.
ton OF dollar OF the $40, 900. 900 We
paid rs regards any stakeholder OF
bondhoder of the French company save
that we followed out the award OF the
arbitratots appointed IN accordance
with the decree of the French court
which had dealt with tho subject IN
awarding u certain proportion to the
old company and "A certain proportion
To the nov company An Investigation
concerning the stockholders bondhold-
ers or other benefCiarics OF the pro
ceeds Of sale was purely a question
for the tribunal Of the Seine. the French
governmental body, with which this ma.
ton had nothing whatever to do. I'm.
der these circumstances there was not
the slightest need for M Cromwell to
give any Information on the subject
OF the companies for which ne had boon
counsel This government has no con.
Germ with MIR Cromwell's relation To-
these companies or either nf them, or
with the ampuntof his professional
compensation. II was not tho affair ut
this government To inquire who were
the security holders OF the companies
Nevertheless Mr. Cromwell, OF his own
accord, has submitted 10 me- together
with copy OF his statement published
on the i'm inst. and witch transmit
herewith full list Of the stockholders
of the new Panama Canal company OF
France on Jan 10, 100 and a list OF
all stockholders who were present at "A
special meeting ~ the company held
Feb. %, 1902, Immediately after the
cable offer OF the company was made
To the United states Clan O.li. 1000,
to accept tho nppraiscment " 1000,
QUO made by the isthman canal com.
mission and to sell for said sum the
Panama canal, concessions and nthrr
property and the shares OF the Panama
Railroad company lie has also fur.
report of the liqudntor OF the old com
pany, which was filed on June 90 last
and formally approved by the ctvil
tribunal OF The Seine, together with a
summary account prepared ana signed
by said llquidators az late as the slth
ultimo
also transmit translation OF the
two resolutions, WIZ the vote upnn
them adopted at O. meeting of tha
Stockholders uf the now company hold
on April %, 1904 for the purpose OF
finally ratiyiug the sale Az those
documents | herewith transmit IA "A
part of this message. II appears from
them that the creditors OF the old com
pany number 226296 parties, who have
received dividends out ~ the funds tn
the hands " the liquidaior who, in
his letter states that In This present
month % December the SECOND ana last
distribution 10 the creditors win be hr
gun ana that the average dividelA
heretofore paid Ia each individual waA
iS2 francs, or Slj6 Not payment what
ever was or VIII be made upon the
stock at the old company as It was
worthless from the day be Lesscps
failed, and this cuts out from ronsid
Grafton all misleading statements re-.
garding possible purchase by any
body OF the stock of the old Panama
Canal company II has not received
aud win not receive a penny Even
upon the bonded indebtedness the ava.
dend. ! am thus informed. viii amount
In the aggregate 10 only about 10 per
Centum. II likewise plainly appears
thns this distribution by tho liauidutor
Of the old company has been openly |
conducted AT his office In Parts, No so |
Rue Ectienne Marcel. where all the re-.
cripts, accounts and records of his pay. !
tnents are on file
The new Panama Canal company of !
France Is In liquidation, AZ the &C. |
rompanying papers set forth, this liaui. |
dated company received az It's proper. |
ton Of the O,00O000 the sum OF n, |
100000 francs, and this amount was
distributed by the liquidation IN three
payments through four leading banks
Ut Parts, covering a period of the past |
four years, and TO shareholders mum.
herring about 5000, Every step OF the
transaction was not only taken publicly |
hut was, contemporaneously herewith,
advertised IN the legal ana financial |
papers OF France, and the banks MAX
Ing the payments took proper receipts
from all the parties to whom payments
were made as ~ customary In such
...ss al . n