The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-12-16
Paid Through Morgan.

The president states that the money
was paid through the New York bank
ing house of J. P Morgan & Com
pany, acting as fiscal agents of this
government, into the Bank of France
in Paris.
''In these payments he says, eve
followed to the letter the decree of
the governmental tribunal of France
which had the authority to make such
decree, the civil tribunal of the
Seine. We had neither desire nor
authority TO go behind this decree of
this proper governmental body, as all
the conflicting rights OF the security
holders of both companies had been
settled by che decree of said court by
ratification of the arbitration which
resulted in that division.
II wish to make as clear as possible,
and as emphatic as possible, the state
ment that We did not lrave anything
to do with the distribution of dollar
of the $40 zoe, 600 we paid, as regards
stakeholder or bOnihOlder OF the
French companies, save that we fol-
lowed out the award of the arbitra-
tors appointed in accordance with the
decree OF the French court which had
dealt with the subject in awarding a
certain proportion 10 the old company
and a certain proportion to the new
company. Amy question concerning
the stockholders, bon dlholders or
other beneficiaries OF the proceeds of
sale, was purely question for the
civil tribunal of the Seine, the French
governmental body with which. this
nation had nothing whatever to do.
About Cromwell.
Under these circumstances, there
was not the slightest need for Mr..
Cromwell to give any Information on
the subject OF the companies for
which he had been counsel. This
government has no concern with Mr..
Cromwell's relation to these compa-
mics. or either. OF them. or with the
amount of his professional compensa-
ton: it was not the affair OF this gov
eminent to inquire who were the Sc
caurfty holders of tae companies.
Nevertheless Mr. Cromwell, OF his
own accord, has submitted to me. to
gether with copy of his statement
published on the 18th instant and
which i transmit herewith, full list
of the stockholders of the new Panar
ma canal company of France on Janu
ary Is, 1900, numbering over $1,000
and a list of all stockholders who
were present at a special meeting OF
the company held February 20. 1902.
immediately after the cable oner Oh
the company was made to the United
States (January gil, 1902, to accept
the appraisement OF $4O,OOO,Vvv. made
by the Isthmian canal commission and
to sell for said sum the Panama canal
concessions and other property, and
the shares of the Panama railroad
company
Referring to accompanying docu-
ments. the president says no payment
wild be made upon the stock or the
old Panama canal company, and he rs
informed the payment on the bonded
Indebtedness will be but ten per cent.
About 5000 shareholders OF the new
Panama company will receive pay
ments and they will recover their orig
inal Investments with annual interest
of about three per cent
1.-THE accounts and records OF this
liquidation. which was concluded In
June hast" he says, are on deposit
with the Credit Lyonnaise OF Paris, as
a proper custodian of the same, ap-
pointed upon such liquidation Recent
" a request was made by private
individual to inspect the records OF
these payments. but answer was made
nv the clrstcdians that they saw no
proper reason for granting such re-
quest by stranger, and inasmuch as
there is not the slightest ground Tor
suspicion of any bad faith in une
transaction. it hardly seems worth
while to make the request; but If the
congress desires. have no doubt
that on the request of our ambassa-
dor in Paris, the lists OF individuals
will be shown him
"As a matter OF fact there is moth
ing whatever in which this govern
ment Is interested. TO investigate
about this transaction. SO far as TINS
government is concerned, every step
Of the slightest importance has been
made public by its executive and
every step taken in France has th@re
49,. r,nrl,fir, fnr the Ilrnnar ONT