PANAMA: Good Security

The annuity paid by the U. S. to Panama for the use and occupation of the Canal Zone, plus the liquor and stamp taxes of Panama were pledged, last week, as security for a $12,000,000 loan at 5% made to the Government of President Rodolfo Chiari by the National City Co. of Manhattan.

Purposes of the loan: 1) Refunding of previous 5, 5½^ and 6^½ issues; 2) Road building; and 3) "Paying certain expenses of the party in power during the coming election"—according to indignant charges made, last week, by the opposition party...

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