Devils Lake inter-ocean and Devils Lake free press. (Devils Lake, Ramsey County, N.D.) 1905-1909, 1908-12-25

average dividend heretofore paid to
each individual was 1872 francs, or
$156. No payment whatever was or
will be made upon the stock of the
old company, as It was worthless
from the day De Lesseps failed, and
this cuts out from consideration all
| misleading, statements regarding
! possible purchase by anybody of the
stock of the old Panama Canal COM
pany. It has not received and will
| not receive a penny. Even upon bond
| ed Indebtedness the dividend, I am
thus informed, will amount in the az
gregate to only about 10 per cent 1t
/ likewise plainly appears that this dis
! tribution by the liquidator of the old
! company has been openly conducted
! at his office at Paris, No. SO Rue
| Etienne Marcel, where all the re-
ceipts, accounts and records of his
payments are on file.
New Company in Liquidation.
| The new Panama Canal company
Of France Is in liquidation. AS the
/ accompanying papers set forth this
liquidated company received as it's
proportion of the sum of $4O,00O,000
the sum of 77,400,O00 francs and this
amount was distributed by the liqui-
dalton in three payments through four
leading banks of Paris, covering a
period of the past four years, and to
| shareholders numbering about 5000.
Every step of the transaction was not
only taken publicly but was, contem-
poraneously Herewith, advertised in
the financial papers of France and
the banks making the payments took
the proper receipts from all the par
ties to whom payments were made, as
! is customary in such cases. The cap
ital of the new Panama Canal com
pany of France was 65.0O0,000 fra lca
and the distribution thus made
amounted to about 1870 francs on each
share of 100 francs. No dividends
were paid during the ten years of the
company's existence. 1t therefore re-
suited that the shareholders only re-
covered their original investment with
annual interest of about 8 per cent.
| The accounts and records of this
liquidation, which was concluded in
June last, are on deposit with the
Credit Lyonnaise of Paris, as proper
custodian of the same, appointed upon
such liquidation.
inspection Denied Stranger.
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 ne proper reason for manting
such request by stranger ANDY mas
much as there is not the slightest
ground for suspicion of any bad faith
In the transaction. it hardly seems
worth while to make the request, but
If the congress desires have no
doubt that on the request OF our am.
bassador in Paris the lists of individ
uals will be shown him. AS a matter
of fact there is nothing whatever in
which this government is interested
Ito Investigate about this transaction
So far as this government is con.
cerned every step of the slightest i'm.
portance has been made public by its
executive and every step taken in
France has there been made public
by the proper officials.
The congress took the action it die
take after the most minute and ex
haustive examination and discussion
and the executive carried out the di
rection OF the congress to the letter
Every act of this government, every
act for which this government had
the slightest responsibility, was ir
pursuance of the act of the congress
here and following out the decree oil
the civil tribunal of the Seine In
France.
Furthermore, through the entire
voluntary act of Mr. Cromwell an
now able to present to you full infor
4 nation as to these actions in France
with which this government did not
have any concern and which are set
| forth in the accompanying papers.
Value Fixed by Commission.
1t may be well to recall that the
new Panama Canal company of France
did not itself propose to fix the fig.
ures. $40.000,000. as the valuation OF
the canal and railroad properties.
4 That sum was efirst fixed by our 18th.
milan canal commission in it's reports
i to: the congress after two years of In
Il yeStieaffOn and narSonal fnsnaefion nj