The Owosso times. (Owosso, Mich.) 1897-1926, 1908-12-18

TO the united states, which clearly es.
tablishes that the only party dealt
with was the New Panama Canal com.
pany of France with the concurrence
Of the liQuidator OF the old company
and not any American corporation or
syndicate. The action of the United
States government was, OF course,
wholly Ill Influenced by, and had
nothing whatever to do with, any
question as to who were, or who had
been, the security holders of either OF
the new or the old company. Who
such security holders were was not
our affair.
"If, as matter of fact, the canal
companies, either or both, had been
owned by American citizens or by citi.
zens of any other nationality, 1t would
not have altered in the slightest de.
gree the action taken by this govern.
ment. Our concern was to get the
canal property which was owned by
the French company, and to see that
the title was clear. Our transactions
were carried on openly. and were pub
lished in detail, and We dealt solely
ESQ far as the interests Of the old Pan.
anna company were concerned) with
the liquidator appointed by the prop
er French governmental body, the
civil tribunal of the Seine and in &C.
cordance VII the decree Of this same
tribunal, \ h the New Panama Canal
company, Which also went into liquida
ton upon the sale to the United
States. All our transactions were car.
ried on openly and were published in
detail.
Payment Followed Award.
The distribution of our payment of
$40 1000, 900 followed the award of ar.
bitrators chosen by the new company
and the liquidator, authorized by the
decree of this same old tribunal Of the
Seine and providing for determine
ton of the proportionate division be-
tween the new and old companies. We
paid the money through the New York
banking house of Messrs. J. p. Nor
gan & Co., acting as fiscal agents of
this government, into the Bank OF
France in Paris. The receipts and &C.
counts of our treasury department
show the payment of the money into
the Bank Of France and account for
the money being paid over to the liz
uidator appointed by the civil tribunal
of the Seine and to the New Panama
Canal company of France, the proper
ton of the $40,000,O00 being 2S,600,
900 francs to the liquidator of the old
company and 100000 francs to the
New Panama Canal company Of
France in liquidation.
In these payments we followed to
the letter the decree of the govern
mental 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 gov.
ernmental body, as all the conflicting
rights of the security holders of both
companies had been settled by the de-
cree of the said court by ratification of
the arbitration which resulted in that
division.
l wish to make as clear as posi-.
BILE and as emphatic as possible the
statement that we did not have any
thing to do with the distribution of a
dollar of the s40,000,000 we paid as re-
CARDS any stakeholder or bondholder
of the French companies; save that we
followed out the award of the French
court which had dealt with the subject
in awarding a certain proportion to
the old company and certain proper.
ton to the new company. Any ques-
ton concerning the stockholders, bond
holders or other beneficiaries of the
proceeds of the sale was purely ques-
ton for the civil tribunal of the Seine,
the French governmental body, with
which this nation had nothing what
ever to do.
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 govern.
ment has no concern with Mr.. Crom.
wells relations to these companies or
either of them, or with the amount
of his professional compensation; 1t
was not the affair of this government
to inquire who were the security hold
ers Of the companies.
Cromwell Submitted List.
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 / transmit herewith, full list
Of the stockholders of the New Pan.
anna Canal company of France on Jan.
Is, 1900 Numbering over $1,000 and a
list Of all stockholders who were pres.
ent at a special meeting Of the CON-
pany held Feb. 2S, 1902, Immediately
after the cable offer of the company
was made to the United States (Jan.
Gil, 1902 to accept the appraisement
of $4,000, 900 made by the Isthmian
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