Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-12-15
z GovERNMENT's ACTION.


"1f, as a matter of fact" he ex-
plains, the canal company, either or
both, had been owned by American citi-
zens Or by citizens of any other nation
atty, it would not have altered in
the slightest 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. These
transactions were carried openly and
published in detail and we dealt solely
ESQ far as the interests of the old Pana
ma company was concerned) with the
li1uidator appointed by the proper
French governmental body, the civil
tribunal of the Seine and it was the
decree of this same tribunal. with the
also went into liquidation upon the
sale to the United States. All transac-
tio,,s5 woe ca'''''=' on openly, and were
published in detail"
s - .il.,..,.,{ ..tes that the money
was paid through the New York bank
ing house of j. Pierpont Morgan &
Company, acting as fiscal agents of.
this government into the bank OF
France, in Paris.
FOLLOWED FRENCH DECREE.
In these payments" he says we
followed to The letter the decree of the
governmental tribunalgof France which
had the authority to make such q de-
cree, the civil tribunal OF the Seine. We
had neither desire nor authority to go
behind the decree of this proper gov
ernmental body, as all the conflicting
rights of the security holders of both
companies had been settled by the de-
cree OF said court by ratification of the
arbitration which resulted i'll that di-
vision
and as emphatic as possible the state
ment tnat we did NOT have anything to
do with the distribution OF a dollar OF
the s40,000.000 we paid as regards any
stakeholder or bondholdel of the
French ca pitalsts,saye thatWe followed
out the award of the arbitrators APP
pointed in accordance with the decree
of the French court which had dealt
with the subject in awarding a certain
proportion to the old company and 4
certain proportion TO the new com
pany. Any question concerning the
stockholders, bondholdcrs. or other ben
eficiaries of the proceeds of the sale
was purely a question forGthe civil
tribunal of the Seine, the French gov
body with which this nation
had nothing whatever to do.
s WILLIAM NELSON CROMWELL.
Under these circumstances thzre
was not the slightest need for Mr..
Cromwell to give any information on
the subject OF the companies for which
he had been counsel. This government
has no concern with Mi. Cromwells
relation to these companies. or either
of them, or with the amount of ais
professional compensation; 1t was not
re-. ~ nnS,f tn, In
quire who were the security holders OF
the company. Nevertheless Mr.. Crom-
we'll of his own accord, has submitted
to me, together with a copy of his
statement published on the 11th, inst.
and which / transmit herewith a full
list OF stockholders OF the New Panama
Canal company, of France, on Jan. 15,
1900, numbering over 5000, and list
Of all stockholders who were present
held Feb. %. 1902, Immediately after
the cable offer of the company was
made to the United States, dan. 9-11,
1922 to accept the appraisement of
$40, 100000 made by the, isthmian canal
and to sell for said sum
the Panama canal, concessions and
other property and the shares of the
Panama Railroad company.
Referring to- accompanying doGu-
nents, the president says no payment
will be made upon the stock of the old
Panama Canal company and he is in-5
formed the payments on the bonded
will be but 10 per cent
About 5000 shareholders OF the new
Panama company will receive paw
nents, and they will recover their orig
Lnal investments with annual interest
If about 8 per cent.
1.-THE accounts and records of thfs
liquidation which was concluded in
Tune last, he says, ARE on deposit with
he Credit Lyonaise of Paris as a pro-
per. custodian of the same, appointed
upon such liquidation. Recently re-
luest was made by private individual
% inspect the records of these pay
ments but answer was made by the
custodians that they saw no proper
reason for granting such request by
/ stranger. and 5inasmuch as there is
not the slightest ground for suspicion
IF any bad faith in the transaction, 1t
hardly seems worth while to make the
but If the Congress desires,
lave no doubt that on the request OF
,ur ambassador in Paris, the list of In
iividuals Will be shown him.
'.As matter of fact there is moth
ng whatever, in which this government
S Interested to investigate aboutAthis
So far as this govern
nent is concerned every step of the
slightest Importance has been made
public by it's executive and every step