Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1908-12-15

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the subject of the companies for which
lie 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; II
was not the affair of this government
TO inquire who were the security hold.
ers Of the companies.
Cromwell Submitted List.
Nevertheless, MIR. Cromwell, of his
own accord, has submitted to me, to-
gether with copy of his statement
published on the 18th instant and
which l transmit herewith, full list
Of the stockholders of the New Pan
ANA Canal company of France on Jan.
Is, 1900 numbering over 10000 and a
list of all stockholders who were pres
ent at a special meeting of the com
pany held Feb. 2S, 1902, Immediately
after the cable offer of the company
was made to the United States (JaE-
gil. 1902 to accept the appraicement
of $40.0O0,0 900 made by the lsthmian
Canal Commission, and to sell for said
sum the Panama canal concessions
and other property, and the shares of
the Panama Railroad company. He
has also furnished me a 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 civic tribunal of the Seine, to-
gether with a summary account pre-
pared and signed by said liquidator
as late as the oath ultimo.
Translation Of Resolutions.
also transmit a translation of
| the two resolutions, with the vote
upon them, adopted at meeting of
| the stockholders of the new company.
held on April %, 1904, for the purpose
of finally ratifying the sale. All these
| documents | herewith transmit as a
| part of this message. 1t appears from
| them that the creditors of the old COM
| pany number 226,296 parties who have
| received dividends out of the funds IN
| the hands of the liquidator, who. in his
| letter, states that in this present
month of December, the second and last
| distribution to the creditors will be be-
gun, and that the average dividend
heretofore paid to each individual was
1872 francs or s156.
| No payment whatever was or will be
made upon the stock of the old COM
pany, as it was worthless from the day
De Lesseps failed, and this cuts out
from consideration all misleading
statements regarding possible pur-
l oh Inv. of n
old Panama Canal company. 1t has
not received, and will not receive q
penny. Even upon the bonded indebt
edness, the dividend. l am thus in
formed will amount in the aggregate
to only about 10 per centum. 1t like
wise plainly appears that this distribu-
ton by the liquidator of the old COM
pany has been openly conducted at his
office in Paris. No. so Rue Etienne
Marcel, where all the receipts, ac-
counts and records of his payments
are on file.
Every Step Taken Publicly.
The New Panama Canal Company o!
France is in liquidation. AS the ac-
companying papers set forth this
liquidated company received as its pro-
portion of the s40,000,000 the sum oil
77,4O0,000 francs and this amount was
distributed by the liquidation in three
payments through four leading banks
of Paris. covering a period of the past
four years, and to shareholders num-
bering about 5000. Every step of the
transaction was not only taken pub
| NJ h,,f
Herewith advertised in the financia
papers of France and the banks max.
ing the payments took proper receipt:
from all the parties to whom payment:
were made, as is customary in such
cases.
The capital of the New Panama
Company of France was $1,000 GOT
francs, and the distribution thus made
amounted to about $50 francs on each
share of 100 francs. No dividend:
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 thi!
; liquidation, which was concluded il
, June last, are on deposit with the
Credit Lyonnaise of Paris as proper
custodian of the same, appointed upor
l such liquidation. Recently a reques
3 was made by a private Individual tt
3 inspect the records of these payments
' but answer was made by the custo
t dams that they saw no proper reason
4 for granting such request by a stranger
a and, inasmuch as there is not tn,
;. slightest ground for suspicion of an,
bad faith in the transaction, it hardl,
J. seems worth while to make the re
! quest; but if the congress desires,
b have no doubt that on the request O
:. our ambassador in Paris, the lists o
= individuals will be- shown him.
n As matter of fact, there is nothin.
s whatever. in which this government i
e interested, to investigate about thi
transaction. So far as this govern
= ment is concerned, every step of tn
s slightest importance has been mad