The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-12-15
AGAIN ASSAILS EDITORS
FOR CHARGING GRAFT IN PANAMA DEAL

do with the distribution Of a dollar
OF the 100000 we paid a. regards any
stakeholder or bOndholder OF the French
companies, save that We followed out
the award Of the arbit rators appointed
in accordance with the decree Of the
French court which had dealt with the
subject in awarding a certain proper
ton 10 the old company arr a certain
proportion 20 the new company. my
question concerning the stockholders.
bondholders, or other beneficiarie., Of
the proceeds Of sale was purely a ques-
uOn for the Civil Tribunal Of the Seine,
the French governmental BODY, with
which this nation had nothing whatever
TO dc.
Under these circumstances there was
not the slightest need for Mr.. Crom-
well 10 give any information on the
subject OF the companies for which he
mad been counsel. This Government
has no concern with Mr.. CromweIrs re
ldt1On to these companies. or cithcl of
them. or with the amount Of his pro 'es-
SiOnal compensation. II was not the az
fair Of this Government to inquire who
were the security holders or the com
panies. Nevertheless, Mr.. Cromwell, Of
his own accord. has submitted 10 me.
together with d COPY Of his statement
which I transmit herewith, a full list
OF the stockholders Of the new Panama
canal Company Of France on January
10, 1909 Numbering over 5000, ard
list OF all stockholders who were pres
ent at special meeting Of the com
Dany held February ., 1902, immedi-
ately after the cable offer of The COM
pany was made TO the United States
January 9-11, 1902. TO accept the ap-
pratScmeut OF $40, OO0,000 made by the
Isthmian Canal Commission. and TO sell
for said sum the Panama Canal, con-
cessiOns. and other property. and tIe
Shares of the Panama Railroad Con
pany. He has also. furnished me a c.-r-
tined copy Of the final report OF the
iquidator OF the old company, which
was filed on June = last and formally
approved by the Civil Tribunal OF the
Seine, together with a summary account
prepared and signed by said liouidItor
as late as the 24th ultimO- ! also Trans
init "A translation or the two resolutions.
with the vote upon them, adOTUcd at a
meeting OF the stockholders of the new
company held on April =, 1894, for the
purpose OF finally ratifying the sale.
SENDS DOCUMENTS.
All these documents I herewith trans
NIT as a part Of this message It ap-
pears from them that the creditors OF
the old company number 1885 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 20 the creditors
Will be begun. and that the average
dividend heretofore paid 10 each III
dividual was ~ francs, OF Sl55 No
payment whatever was or Will be made
upon the stock Of the Olu company as
u was worthless from the dav De I.es-
failed raspH1
sheraton all misleading statements
regarding a possible purchase by any
oody or the stock Of the old Panama
Canal Company. II has not received,
ana VIII not receive, a penny. Even
upon the bonded Indebtedness the divi-
dend- 1 am thus Informed will amount
IN the aggregate, 20 only about 10 per
centum- II likewise plainly appears
that this distribution by he IiQuidator
OF the old company has been openly.
conducted at his Office in Paris. No.
80 Rue Etienne Marcel, where all TIE
receipts, accounts, and records Of mis-
payments are on file.
The New Panama Canal Company OF
France Is IN liquidation As the ac-I
Companying papers set forth. this liqUi-
dated company receives as its proper
ton OF the $40 10000 the sum of 400
900 francs. and this amount was dis
t1buJeG by the liquidation IN three pay
ments through four leading banks OF
Paris, covering a period OF the past
iuE about 5000 Ever step Of the
transaC zion was not only take pub
hcly, bu, was. cOntempOraneOusIy there
with, advertised In tie legal and
financial papers Of France, and the
banks making 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 Canal
Company % France was 65Go000O francs.
and the distribution thus made amount
cd 10 about $50 francs on each share OF
100 francs No dividends were paid dur
ing the ten years Of the cOmpany's ex-
istence. IL therefore resulted that the
shareholders only recovered their origi-
nal Investment with annual interest Of
about per cent.