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James B. Murray,


It is proper TO say that many Of these persons
were not active in the management OF the affairs
of the Company, their names being merely used 70
give the appearance OF respectabily and RESPONSE
bility to the Institution, and the better to enable
the knowing to effect their great speculaions
connected with 1t. The acting Directors, among
whom several persons now most prominent In the
new movement in the stock OF that concern, put
forth in 1886 report OF the affairs OF the compa-
ny OF the most exaggerated and delusive character
independent OF the faacious estimate OF the value
of the Canal, proved to be such by subsequent and
bitter experience. This report asserted that Tor,
feited shares amounting at par to vi, ,OOO, ana
new shares allowed by supplement- OF that year
amounting at par TO $780, 900, had been disposes
Of at par and paid for in specie or notes OF other
Banks payable in specie, amounting IN all to w.
734 600; that by virtue Of their power to take mo-
neys in trust, the Company had received ST. ,3S OOO
the means, and had made arrangements and in
tended forthwith to pay off the Holland Loan,
amounting to about $SOO,0OO, all ot which repre-,
sentations were erroneous, large proportion OF
the shares OF stock having been paid tor by III
per cent in cash. and 80 per cent stock notes on
the pledge of the stock. These stock notes or most
ot them were renewed from time to time, until
1899, when by an order of the Board OF Directors
holdersowning this pledged stock were allowed 10
transfer to the Company, and to have their notes
cancelled they mostly being able at that time to
have paid them up IN iull, Notwithstanding the
stock had become Of little or no value, the Com
pany having become inextricaby insolvent, no mo-
hey having ever b-ea received by thu Company IA
rust-unless the proceeds OF the sterling bonds,
realized until after the date OF the report, may
have been so considered-and the Company not
having at that time the means OF liqudating the
amount Of the Holland Loan, which was lett un-
paid until the money raised by sale OF the
Canal, under fore closure Of the mortgage, in Oc-
tober last.


You remark that time may have elapsed sufh.
cient 10 prevent civil suit heing brought against
the parties concerned In this transaction; but you
may not be aware, as the fact is that grounds Of
vii proceedings do now exist in abundance, upon
which no limitation has as yet had any effect.


INVESTIGATOR.