Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1908-12-23

ton upon the sale to the United
States. All our transactions were car.
/ ried on openly and were published in
detail.
Payment Followed Award.
The distribution of our payment OF
S40,000,000 followed the award Of ar.
bitrators chosen by the new company
and the liquidator, authorized by the
decree of this same old tribunal of the
Seine and providing for a 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. J. p Nor
gan q Co., acting as fiscal agents of
this government, into the Bank OF
France In Paris. The receipts and ac-
counts of our treasury department
show the payment of the money into
the Bank Of France and account for
the money being paid over to the liq-
uidator appointed by the civil tribunal
of the Seine and to the New Panama
Canal company of France, the proper
ton of the $40,000,0O0 being 12S,6O0,.
900 francs to the liquidator of the old
company and 100000 francs to the
New Panama Canal company of
France in liquidation.
In these payments we followed to
the letter the decree of the govern
mental tribunal of France, which had
the authority to make such a decree,
the civil tribunal of the Seine. We
had neither desire nor authority to go
behind this 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 the said court by ratification of
the arbitration which resulted in that
division.
Followed Out the Award.
/ wish to make as clear as posi-
BILE and as emphatic as possible the
statement that we did not have any
thing to do with the distribution of a
dollar Of the $40,000,000 we paid as re-
CARDS any stakeholder or bondholder
of the French companies; save that we
followed out the award of the French
court which had dealt with the subject
in awarding 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 benefciaries of the
proceeds of the sale was purely ques
tion for the civil tribunal of the Seine,
the French governmental body, with
which this nation had nothing what
ever to 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 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 hold
ers of the companies.
Cromwell Submitted List.
Nevertheless, Mr.. Cromwell, of his
own accord, has submitted to me, to-
gether with copy of his statement
published on the 18th instant and
which | transmit herewith a 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 pres
ent at a special meeting of the COM
pany held Feb. %, 1902, Immediately
after the cable offer of the company
was made to the United States Gan.
Gil, 1902 to accept the appraisement
of $4,000, 900 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 company. He
has also furnished 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 civic tribunal of the Seine, to-
gether with a summary account pre-.
pared and signed by said liquidator
as late as the oath ultimo.
Translation of Resolutions.
also transmit a translation of
JD6 CWO IGSOlOIlO1Ao3 W I'LL CAAS 49,
upon them, adopted at meeting OF
the stockholders of the new company,
held on April %, 1904, for the purpose
of finally ratifying the sale. All these
documents / herewith transmit as a
part of this message. 1t appears from
them that the creditors of the old COM
pany number 226, 1876 parties who have
received dividends out Of the funds in
the hands of the liquidator, who, in his
letter, states that in this present
month ofDecember, the second and last
distribution to the creditors will be be-
gun, and that the average dividend
heretofore paid to each individual was
7S2 francs or $156.
No, payment whatever was or will be
made upon the stock of the old COM
no,,1, &C If was worthless from the day