Show ON PANAMA 1 C CANAL AL T c tty Knox Gives its History In III Formal Ion to The Thc President J Ii P MORGAN CO GO AGENTS Personal of Company on the Isthmus Temporarily Placed 1 at Disposal Of United States Washington May 4 The lino received the tho following report from the In the Panama anal anat transfer Department of ot May t I 1901 The Tho President I have havo the tho honor to re ro report port Fort that I havu an RH arrangement with the tho New Panama Canal Canul company and Morgan Co whereby Morgn Morga A ACo Co have boon blen designated agents agent to tomake tomake make the transfer of ot o till the th duo IILO by liy bythe bythe the United States to 10 tho the canul tom com company pany The Tho In III u to be bo deposited with Morgan Co 0 at nt once upon trio tho delivery by tho the canal company to tg the tho United of ot nil all the property tn In CUed In ha the tho purchase Therefore the deposit of ot O with Morgan Co by tho the United Is by hy the canal company as 1111 equivalent to ton ton toU n U payment for tor or tho the purpose of ut a delivery of at the property to the United States Owing to the fact that a purl part nur of tit this money Is lid Idle due to tu tho the of ot atho the tho ho old obi company tinder UI an arbitration Authorized ty the curt courts nil all anti entitled to the tho money that If It Mor Mar gun fan Co to 0 by the United States Is I ac accepted Ill led by the tho canal company n nil to a n payment p for tor or tho the purpose of ot a I delivery of ot t the e property to the thc United Owing to 10 the tho fact that n a part tt f this money la lo due Idle to lo the liquidators or orthe orthe orthe the old od company under nfl art arbitration and confirmed by uy tho the French courts all nil parties en entitled titled tithed to the money agreed that t If It Mor Morran Morgan ran gan un Co Cu would blur bind themselves to tomake 0 make the distribution of ot the th fund that delivery of ot the property need not await awatt actual payment Morgan Co will make tile the distri button as follows They will Place 11 a 11 In Inthe Inthe Ii the Hank BAnk of ot France ti 10 o the relIt credit ot of Jean ron tho tim liquidator of or orthe the old Panama anal company This represents represent the tho value of the tho Panama the title to which WH Witt not it to nasH to the lie now new company com pan until the Hie completion of ot the canal CaHIll unless I 20 O frOlics francs were wert paid pattI u uthe tit tu the liquidator of ot the tho old obi company Five l million francs franco will whit bo ho paid Into the tho Iio Hani flani of ot France to the tho tit credit of o the tho New Mew Panama Canal company which under the award of or arbi Is In due luo t the now new to reimburse It for Cor the traca paid In III April 1900 for the railroad Of OC the remainder of 40 O per pel cent cant thereof IH Is to t Into tho Hank Bank of at France to the of or the new company and 69 60 per pel rent nt to tt tho the credit of or the liquidator of the tho old company as us provided by b th thi decree of ot the courts confirming continuing the tho award II o the arbitrators An GAs 11 this arrangement wn made maIe for forthe forthe forthe the accommodation of oC the French l par parties ties tlell nil all expenses expense Incident thereto are tiro borne by them and atI the lie United States Is protected from froni all alt It Is III if dialed this arrange meat ment l is III that the French Interests ac no capt our with Morgan Co Coas to tous 0 as us equivalent to payment for tor all nit pur of ot delivery of or the property properly The Iho he New Panama Panoma Canal a I company in liquidation has had given a II mandate or power of ot attorney to 0 their representative on the with complete concerning the tha delivery deliver of ot theli property Thus This de do department haH bald cabled similarly to Brook who hn was wall v ns designated by b the honorable secretary of Will war for tor thai lint purpose to tn net tot for the tho government In accepting delivery Tho The company haw placed at the disposal of ot the United States the tho personnel of or the or upon the tho Isthmus for tor the tho nf or temporary In iii the tho preservation than tion of ot the works and property penn pend pending log ing In the preparations by tho canal rom cola to undertake active operations I have the commission lIlon ot at atthe the situation and nothing now no remain remains to be br none done except to tn take tAk possession of oC the tho property and direct the th deposit depo lt of the consideration with Morgan Co CoIn CoIn Coin In accordance with the tho terms of or the tho contract YOUTH Yours respectfully P C C KNOX ml In connection with It Il Is III wild nt at the lie treasury department Co will be bc designated ted ns n agents of or the government nail alto following the rule ruIn In such lIuch oases ennes they will be required 1 to In bonds as ns to the govern government ment The payment will wIlt be made mado as ns u noon oon ns nR the bonus bonds have he boon been received relea which probably will be lie In a day or two |