The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1908-12-19

ticn upon the sale 70 the United
States. All our transactions were car
ried on openly and were published In
detail.
\ Payment believed Award.
The distribution ci oar payment OF
s40.005,0o0 followed The award OF ar,
bitralors chosen by the new company
and the llquidator authorized by the
decree OF this same old Tribunal OF the
Seine and providing for determine
ton of the proportionate division be
tween the new and old companies We
paid the money through the New York
banking house OF Messrs. }. p. Nor
gan * Co.. acting as hscal agents 81
this government. lEto the Bank cf
France N Paris Tie receipts ard &c
counts q out treasury department
show ne payment Of the money into
tie Bank Il France aid account for
Tie mercy beng PAID over 10 The hq
didatci appointed by the civil tribunal
! a The Seine and TO the New Panama
Canal company Of France. the proper.
ton Of the $4,000 900 being l2s.6O0,
900 francs 10 the liquidator OF the old
company and 100000 francs 10 the
New Panama Canal company II
France In liquidation.
Ia these payments we followed 20
the letter the decree Of the govern.
mental tribunal OF France. which had
the authority 10 make such a decree.
the civil tribunal OF the Seine. Wa
had neither desire nor authority 20 go
behind this decree OF this proper gov
! ernmental body as all the conflicting
rights OF the security holders of both
companies lad been settled by the d.
cree q the aid court by ratification OF
the arbitration which resulted IN that
division.
Followed Out the Award.
visa 20 make as clear as posi-.
bic and as emphatic as possible the
statement that We did not have any.
thing 20 do With the distribution OF
dollar Of the $4O.oO0,OoO we paid as re
CARDS any stakeholder or hondholder
Of the French companies. save that we
followed out the award OF the French
court which had dealt with the subject
In awarding "A certain proportion TO
the old company and a certain proper.
ton to the new company. Any ques
ton concerning the stockholders, bond |
holders or other benehciarles of the
proceeds Of the sale was purely ques
ton for the civil tribunal of the Seine,
the French governmental body, with |
which this nation had nothing what /
ever 20 do
Under these circumstances there
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 govern.
ment has no concern with Mr. Crom
wells relations 10 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, Mr.. Cromwell. OF his
own accord. has submitted 20 me, to
gether with a copy OF his statement
published on the 18th instant and
which transmit herewith, full list
OF the stockholders OF the New Pan.
anna Canal company OF France on Jan.
10. 1900 Numbering over 6,000l and a
list Of all stockholders who were pres
ent a. a special meeting OF the com
pany held Feb Is. 1902, Immediately
after the cable offer OF the company
was made to the United States (Jan.
9-ll, 1902 10 accept the appraisement
Of S40.0O0,000 made by the Isthmian
Canal Commission, and 10 sell for said
sum the Panama canal concessions {
and other property. and the shares OF
the Panama Railroad company. lie
has also furnished me certified copy
Of the final report Of the liquldator OF /
the old company. which was filed on
June 25th last and formally approved
BIZ the civic tribunal OF the Seine. 10
eether with a summary account pre-
pared and siened by said hquldator
Is late as tie zith ultimo
Translation Of Resolutions.
also transmit translation or
he two resolutions with the vote
upon them, adopted at a meeting OF
he stockholders OF the new company.
held on April %, 1904, for the purpose
u finally ratlfylng the sale All these
documents herewith transmit as a
part OF this message II appears from
hem that the creditors OF the old com
,any number 226 296 parties who have
'eceived dividends out OF the funds in
he hands of the liquidator, who. In his n
etter, states that in this present n
month ofDecember, the second and last I,
10 the creditors will be be-
run. and that the average dividend n
heretofore paid 10 each individual was =
so francs or sl56. n
No payment whatever was or viii be q
made upon the stock OF the old com n
ANY. as Il was worthless from the day
De Lesseps failed. and this cuts out
rom consideration all misleading n
tatements regarding a possible pur- a,