The Winchester news. [volume] (Winchester, Ky.) 1908-19??, 1908-12-16


would not have altered in the slight
est degree the action taken by this
government. Our concern was to get
the canal property which was owned
by the French company, and to see
that the title was clear. Our transac-
lions were carried on openly, and
were published in detail, and we
dealt solely ESQ far as the interests
of the other Panama company were
concerned) with the liquidator ap-
pointed by the proper French gov
eminent 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 were 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 ~ the new
company and the liquidator, author
lied 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
companies. We paid the money
through the New York banking house
of Messrs. J. P. Morgan e 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 Fran Ca and account for the money
being paid over to the liquidator ap-
pointed by the civil tribunal of the
Seine ard to the New Panama Canal
company of France, the proportion of
the $40,0O0,000 being 128,600,0 900
francs to the llquidator of the old
company and 77,400,000 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 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 notifications 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,O0O.OOO we paid as
regards any stakeholder 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
the new company. Any question con-
corning the stockholders, bondhold-
ers or other benefciaries of the pro-
ceeds Of sale was purely a 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
need for Mr. Cromwell to give any
information on the subject of the
company for which he had been coun-
sci. This government has no con-
Germ with Mr.. Cromwelps relation to
these companies, or either of them,
or with the amount Of his profession
al compensation. 1t was not the af-
fair of this government to inquire
who were the security holders Of the
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 l 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 present at special meeting of
the company held Feb %, 1902, i'm
mediately after the cable offer of the
company was made to the United
States (Jan. Gil, 1902, to accept the
appraisement of $40,O00,OO0 made by
the isthmian canal commission, and
to sell for said sum the Panama
canal, concessions and other prop
erty, and tue 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 oath ultimo.
l 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 Apri. %, 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