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

". y
De Lesseps failed. and this cuts out
from consideration all misleadine
statements regarding possible pur-
chase by any body of the stock or the
old Panama Canal company. 1t mas
not received, and will not receive
penny. Even upon the bonded indeot@'
edness, the dividend, i am thus IN
formed will amount in the aggregate
to only about 10 per centum II Ike
wise plainly appears that this distripu-
ton by the liquidator Of the old COM
pany has been openly conducted at MS
office in Paris, No. so Rue Etienne
Marcel, where all the receipts, ac-i
counts and records of his payments
are on file. VI
Every Step Taken Publicly. 81
The New Panama Canal Company OF
France is in liquidation. AS the ac-
companying papers set forth this.
liuuidated company received as Its pro-
portion of the $40,000,000 the sum OF
7,4O0, 900 francs and this amount was
distributed by the liquidation In three
payments through four leading banks
of Paris. covering period OF the past
four years, and to shareholders num-
boring about 5000. Every step Of the
transaction was not only taken pub
licly but was, contemporaneously
Herewith advertised in the financial
papers Of France and the banks maxi
ing the payments took proper receipts
from all the parties to whom payments.
were made, as is customary in such
cases.
The capital of the New Panama
Company of France was $4,000 900
francs, and the distribution thus made
amounted to about 100 francs on each
share of 100 francs. No dividends
were paid during the ten years Of the
company's existence. 1t therefore re-
suited that the shareholders only re-
covered their original investment with
annual interest of about per cent.
Records on Deposit.
The accounts and records of this
liquidation, which was concluded in
June last, are on deposit with the
Credit Lyonnaise of Paris as proper
custodian of the same, appointed upon
such liquidation. Recently a request
was made by private individual to
inspect the records of these payments,
but answer was made by the custo-
dams that they saw no proper reason
for granting such request by stranger
and, inasmuch as there Is not the
slightest ground for suspicion of any
bad faith in the transaction, 1t hardly
seems worth while to make the re-
quest; but II the congress desires, /
have no doubt that on the request Of
our ambassador in Paris, the lists Of
individuals will be shown him.
AS matter of fact, there Is nothing
whatever, in which this government is
interested, to investigate about this
transaction. So far as this govern
ment is concerned, every step Of the
slightest Importance has been made
public by the proper officials.
Fulfilled Direction of Congress. :
The congress took the action 1t did
take after the most minute and ex-
haustive examination and discussion,
direction of the congress to the letter.
Every act of this government, every
acI for which this government had the
slightest responsibility, was in pursu-
ance Of the act of the congress here,
and following out the DEGREES of the
Civil Tribunal Of the Seine in France.
Furthermore, through the entirely
n 10, ct nc
now able to present to you full infor-
nation as 10 these actions in France
with which this government did not
have any concern, and which are set
forth in the accompanying papers.
1t will be well to recall that the New
Panama Canal Company of France did
not itself propose to fix the figure s40,-
and railroad properties. That sum was
first fixed by our Jsthmian Canal Com
mission in its reports to the congress
after two years of investigation and
personal inspection of all the proper
ties and work already done whereby
the properties and the work done were
in detail appraised at that sum as
their value to the United States.
Company Accepted Appraisement.
The French company steadily refus-
ed for over two years to make any Of
fer whatever in answer to the many
written requests of the Isthmian Canal
Commission; and when its president
did approach the question of price, it
was on the basis of $109,000,000. Later
under conditions not necessary now to
rehearse, the company, by cable, ac-
cepted the appraisement of 100000 600
made by our commission. This gov
eminent, therefore, acquired all the
properties and concessions, both of
canal and railroad, at it's own valua-
ton and price, the congress approx
ing the price and authorizing the ex-
penditure Of the money after the most
exhaustive examination and discus-
sion.
transmit herewith lists Of the docu-
ments in the possession of the depart
ment of state, the department of JUS
tice and the department of war so that.
II the congress sees fit, 1t may direct
that they be printed. They are, and
always have been, open to the examin-
alton Of any member of the congress-.
There Is No Ohiac In nripffp tba,,, L..k