The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1908-12-17

the canal property which was owned
by the French company, and to see
that the title was clear Our transac-
tions were carried on openly and
were published i'm detail and we
dealt solely $50 far as The interests
of the other Panama company we're
concerned) with the liquidator ap-
pointed by the proper French gov
ernment body the civil tribunal of
the Seine, and in accordance with
the decree of this same tribunal, with
the New Panama Canal company.
which also went into liquidation upon
the sale to the United States.
All our transactions were carried
on openly and were published in de-
tail. The distribution Of our payment
Of $40,000,000 follows the award of
the arbitrator chosen by the new
company and the liquidator, author
lied by the decree Of this same civil
tribunal of the Seine, and providing
for a dissemination of the proportion
ate division between the new and old
companies. We paid the money
through the New York banking house
of Messrs ]. p Morgan & Company.
acting as fiscal agents of this govern
ment. into the Bank of France in
Paris. The receipts and accounts 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 liquidator ap-
pointed by the civil tribunal Of the
Seine and to the New Panama Canal
company Of France, the proportion of
the slO.OOOOOO being 12S,6O0,00O
francs to the liquidator of the old
company and 77400000 francs 60 the
New Panama Canal company OF
France in liquidation. In these pay
ments we followed to the letter the
decree of the governmental tribunal
Of France. which had the authority to
make such a decree, the ,,vil tribunal
of the Seine. We had neither desire
nor authority to go behind this de.
cree of this proper governmental
body, as all the conflicting rights Of
the security holders of both com.
panies had been settled by the decree
Of said court by ratlhcations OF arbi-
tration which resulted in that divi.
sion.
Di-.gibJtion Of the Money.
wish ~ make as clear as possible
and as om Hrt'c as possible the
statement thrt "e did not have any.
thing 10 do wirh the distribution o.
a dollar Of the $4,000 OOO we paid ass
regards any stooEh''der or bond
holder Of the French companies. save
that we followed out the award Of the
arbitrators appointed in accordonoo
with the decree Of the French court
which had dealt with the subject IN
awarding a proportion to the old
company and a certain proportion 20
the new company. Any question con.
cerning the stockholders, bondho.d.
ers or other benehciaries of the pro-
ceeds Of sale was purely a question
for the civil tribunal Of the Seine, the
French governmental body, with
which this nation had nothing VIII /
ever TO do. Under these circum-
stances thcre was not the slightest
need for Mr.. Cromwell to give any
information on the subject OF the
company for which he had been coun-
sol. This government has no con
Germ with Mr.. Cromwell's relation to
these companies, or either of them
or with the amount Of his profession
al compensation II was not the af
fair OF this government TO inquire
who were The security holders OF the
companies. nevertheless, OF his own
accord, he has submitted to me, to
gether with a 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 6,000),
and list of all stockholders who
were present at special meeting OF
the company held Feb. 2S, 1902, i'm
medlately after the cable offer of the
company was made TO the United
States (Jan. Gil, 1902, to accept the
appraisement OF S40,000000 made by
the isthmian canal commission, and
to sell for said sum the Panama
canal concessions and other prop.
erty, and the shares of the Panama
Railroad company. He has also fur
nished me a 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 civil tribunal Of the Seine, to.
gether with a summary account pre-.
pared and signed by said liquidator
as late as the Gath ultimo.
| 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 %, 1904, for the purpose
of finally ratifying the sale. All these
documents ! herewith transmit as a
part OF this message.
No Payments On Old stock.
II appears from them that the
creditors of the old company number
6,296 parties who have received
dividends out of the funds In the
hands of the liquidator, who in his let
ter states that in this present month