The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-12-15


government. Our concern was to get
the canal property which was owned
ry the French COMPANY, and to see
that the title was clear. Our transac-
tions we're carried on openly, and
were published in detail, and we
dealt solely ESQ far as the interests
of the other Panama company we're
concernedD with the liuuidator ap-
pointed by the proper French gov
ernment body, the civil tribunal of
the Seine. and in accordance with
the decree OF this same tribunal, with
the New Panama Canal company,
which also went into liquidation upon
the sale to the United States.
All our transactions we're carried
on openly and were published in de-
tail. The distribution of our payment
of $40,000,000 follows the award Of
the arbitrator chosen by the new
company and the liqmdator, author.
ized by the decree OF this same civil
tribunal of the Seine, and providing
for a dissemination of the proportion
ate division between the new and old
through the New York banking house
Of Messrs. J. p. Morgan G. Company,
acting as fiscal agents of this govern
ment into the Bank OF France in
Paris. The receipts and accounts 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 liquidator APP
pointed by the civil tribunal Of the
Seine and to the New Panama Canal
company of France, the proportion OF
the S40000,000 being 12S,600,00
francs to the liquidator of the old
company and 77,400,O00 francs to the
New Panama Canal company of
France in liquidation. In these pay
ments we followed to the letter the
decree of the governmental tribunal
of France, which had the authority to
make such a decree, the civil tribunal
of the Seine. We had neither desire
nor authority to go behind this de.
cree of this proper governmental.
body, as all the conflicting rights OF
the security holders of both com.
panies had been settled by the decree
of said court by ratifications OF arbi-
tration which resulted in that divi-
sion
Distribution OF the Money.
wish to make as clear as possible
and as emphatic as possible the
statement that we did not have any
thing to do with the distribution OF
a dollar OF the $40.0OO,000 we paid as
regards any stockholder or bond.
holder of the French companies, save
that we followed out the award of the
arbitrators appointed in accordance
with the decree of the French court
which had dealt with the subject In
awarding a proportion to the old
company and certain proportion TO
cernlng the stockholders, bondhold
ers or other benefciaries of the pro-
ceeds of sale was purely question
for the civil tribunal OF the Seine, the
French governmental body, with
which this nation had nothing what
ever to do. Under these circum-
stances there was not the slightest
information on the subject of the
company for which he had been coun-
sci. This government has no con-
| Germ with Mr. Cromwell's relation to
| these companies, or either of them,
or with the amount of his profession
al compensation. II was not the af-
| fair of this government to inquire
hlI "A A.n
companies. Nevertheless, Of his own
accord, he has submitted to me, to.
gether with a copy OF his statement
published on the 18th instant, and
which transmit herewith, a full list
of the stockholders OF the New Pan
anna canal company OF France on
| Jan. 10, 1900 numbering over $1,000
and list OF all stockholders who
were present at a special meeting of
! the company held Feb. 2S, 1909. i'm
mediateIy after the cable offer of the
| company was made to the United
States (Jan. Oil, 1902, to accept the
| apprajsement OF s40,000,000 made by
the isthmian canal commission. and
| to sell for l,said sum the Panama
canal, concessions and other prop.
erty, and the shares of the Panama
Railroad company He has also fur
nished me certified copy OF the final
report of the liquidator of the old
company, which was filed on June
25th last, and formally approved by
the civil tribunal Of the Seine, TO
gether with a summary account pre-.
pared and signed by said liquidator
as late as the Gath ultimo.
I also transmit a translation OF
the two resolutions with the vote
upon them, adopted at a meeting OF
the stockholders OF the new company
held on April 23, 1904, for the purpose
Of finally ratifying the sale. All these
documents | herewith transmit as a
part Of this message.
No Payments On Old stock.
II appears from them that the
creditors of the old company number
226,296 parties who have received
dividends out of the funds in the
hands Of the liquidator, who in his let
ter states that In this present month
of December the second and last dis.
tribution 10 the creditors will be be
| gun, and that the average dividend