Waterbury evening Democrat., 1908-12-15

 appointed in accordance with the de- cree of the French court which had dealt with the subject in awarding q certain proportion 10 the old company and certain proportion to the new company. Any question concerning the stockholders, bondholders or other beneficIarles of the proceeds of sale was purely question for the civil tri bunnl of the Seine, the French govern. mental body, with which this nation had nothing. whatever to do.
 Under these circumstances there was not the slightest need for Mir. Cromwell | to give any information on the subject of the companies for which he had been counsel. This government has no concern with Mir Cr0mwell's relation to these companies or either of them or with the amount of his professional compensation. It was not the affair of this government to inquire who were the security holders of the companies. Nevertheless Mir Cromwell of his own accord has submitted to me, together with Il copy of his statement published on the llth inst. and which 1 transmit herewith, a full list of the stockholders of the New Panama Canal Company of France on Jan. l5, 1900 (numbering over 6,00O), and list of all stockhold- CTS who were present at a special meet ing of the company held Feb. 28, 1902, immediately after the cable offer of the company was made to the United States (Jan 9-l1, 1902 to accept the apprasement of S40,0O0, ,OO0 made by the iSthmian canal commission and to sell for said sum the Panama canal. concessions and other property and the shares of the Panama Railroad con- pany.
 He has also furnished me a certified dator of the old company, which was filed on June p last and formally aD- proved by the civil tribunal of the Seine, together with q summary ac- count prepared and signed by said liquidator as late as the 24th ult
 Old Companys Stock Worthless. 1 also transmit 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, 1901, for the purpose of finally ratifying the sale.
 All these documents l herewith transmit as part of this message It appears from them that the creditors of the old company number pc, ,296 parties who have received dividends out of the funds in the hands of the liquidatOr, who i'll his letter states that in this present month of December the second and last distribution to the creditors will be begun and that the average dividend heretofore paid to No payment whatever was or will be made upon the stock of the old con- pauy, as it was worthless from the day De LeSseps failed, and this cuts out from consideration all misleading statements regarding a possible pur- chase by anybody of the stock of the old Panama Canal company. It has not received and will not receive a penny Even upon the bonded indebt- edness the dividend, l am thus inform ed, will amount in the aggregate 10 only about 10 per centum. It likewise plainly appears that this distribution by the iquidator of the old company has been openly conducted at his of flee in Paris No. 5O Rue Etienne Mar eel, where all the receipts, accounts and records of his payments are on file.
 The New Panama Canal Company of France is in liquidation. AS the ac- cOmpanying papers set forth, this liduidated company received as its proportion of the $40, 100000 the sum of 11,400000 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 SharehOld- CTS numbering about COCO. Every step of the transaction was not only taken publicly. but was cOntempora- neouSly herewith advertised in the 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 Ca nal Company of France was 65,000000 francs, and the distribution thus made amounted to about 130 francs on each share of 100 francs. No divi- dends were paid during the ten years of the company,s existence. It there fore resulted that the shareholders only recovered their original invest ment with annual interest of about 3 per cent.
 The accounts and records of this liquidation, which was concluded iE Juue last, are on deposit with the Cred II LyonnaIse or PATS as proper GUS todian of the same appointed upon such liquidation.
 Recently request was made by a private individual to inspect the rec ords of these payments. but answer was made by the custodians that they saw no proper reason for granting such request by stranger, and, inas- much as there is not the slightest ground for suspicion of any bad faith in the transaction, 1t hardly seems worth while to make the request. but if the congress desires have no doubt that on tho rpuueSt of our am ha SSo6Or