Thank you for visiting SNEWPapers!
Sign up free
The Lee County Journal
Leesburg, Lee County, Georgia
What is this article about?
US representatives in Paris receive deeds for Panama Canal property from French company; Paris bankers advance $40M purchase price, to be reimbursed by US. Major Brooke authorized to receive property in Panama. Related diplomatic notes on Colombian bonds and Panama debt assumption.
Clipping
OCR Quality
Full Text
Paris Bankers Volunteer to Advance the Money.
FURNISH FORTY MILLIONS
That Sum is Turned Over to the French Company—Uncle Sam Will Honor Draft When Presented.
Attorney General Knox has received cablegrams from Messrs. Day and Russell, who went to Paris as his representatives to conduct the closing negotiations for the Panama canal property, to the effect that the deeds of the property, archives and all other papers and documents which will belong to the United States under the transfer have already been turned over to them, and that the purchase price of $40,000,000 has been advanced to the canal company by a Paris syndicate of bankers.
This syndicate, it is understood, offered to pay over the money with a view to expediting the consummation of the sale on the assurance of the attorney general that the draft on the United States for $40,000,000 would be honored on presentation at the treasury at Washington.
At the time the money was paid over to the canal company in Paris, Major Mark Brooke, of the engineer corps of the army, now in Colon, was authorized to formally receive the property on the isthmus in the name of the United States.
Whether this transfer has actually been made by the republic of Panama the department of justice has not yet been advised, but it is assumed it will be made within a day or two. Messrs. Day and Russell are expected to return to Washington within the next ten days and will bring with them the title deeds of the canal property.
Though sympathizing with the efforts of the European holders of Colombian bonds to induce the new state of Panama to assume some share of the foreign indebtedness of Colombia, the state department has made no move in that matter since the retirement from Washington of M. Bunau-Varilla, the Panaman minister.
Before the minister left Washington Secretary Hay took occasion to impress upon him the fact that considerations of equity should move Panama to an assumption of some part of the national debt, but the minister was not particularly impressed, and no effort was made to bring pressure to bear upon the new government.
The attempt to delay the payment of the $10,000,000 to Panama by the presentation of old Colon fire claims probably will not receive the endorsement of the department.
What sub-type of article is it?
What keywords are associated?
What entities or persons were involved?
Where did it happen?
Foreign News Details
Primary Location
Panama
Key Persons
Outcome
$40,000,000 paid to french canal company by paris bankers; deeds and documents turned over to us representatives; property to be received by us in panama; no pressure on panama for colombian debt assumption; fire claims unlikely endorsed.
Event Details
Attorney General Knox receives cablegrams from Day and Russell in Paris confirming deeds, archives, and documents for Panama canal property turned over to them; $40,000,000 advanced by Paris bankers syndicate to canal company, assured reimbursement by US Treasury. Major Mark Brooke authorized to receive property in Colon, Panama. Transfer expected soon. Day and Russell to return with deeds. State Department sympathizes with Colombian bondholders but no action since Bunau-Varilla's departure; Hay urged equity for debt assumption, but no pressure. Old Colon fire claims unlikely to delay $10,000,000 payment to Panama.