The times., 1901-05-09
IT'S RIGHTS TOO LIMITED.
AbsuTdity of the Panama Company's
Offer to Sell

OGer to Sell.
NEW YORK. May S-The Commercial
Advertiser" prints the following from its
Washington correspondent:
The reported offer of the Panama Ca
nal Company to sell it's property TO the
United States at a price to be fixed by
appraisement removes only the least of
the Instructions to the building of the
Panama Canal by the United States.
Should such proposition be made TO the
Isthmian Canal Commission it would un-
doubtedly be considered and included in
their final report which will be ready
within six weeks. The Panama Canal
Company will have TO go much further
than this. however, to make transfer
practicable.
''All the Panama people have to sell is
their right and title to such interest in
the canal as they may hold The Colom-
bian Government has a ninety -nine-year
interest in the canal from the time OF it's
construction under the present conces-
sion, and at the end of that period the
canal will become the property of that
Government Such a contingency as this
would not be considered by the United
States. though the difficulty might be
overcome by a new concession made di-
rectIy to the United States. No informa-
tion is available as to the attitude of the
old Panama Canal Company toward this
proposed transfer of the new Panama
Canal Company's property. The old
company is still interested in the success
of the new company to a considerable
extent. By mutual agreement in cOnsid-
GRAFTON Of the transfer of the old com
pany's property the new company agreed
to pay the old company S20,000,00O for the
Panama Railroad in case 1t did not COM
plete the canal. If the canal is built the
canal company becomes the owner of the
railroad but half of the net profits from
the operations of the canal are to be paid
in perpetuity to the old company.
IF the United States fell heir by pur-
chase or otherwise TO the property ofthe
new Panama Canal Company and like
wise assumed all its contracts and obliga-
tions half the profits from the operation
of the canal when completed would be
paid to the French owners. When it is
considered that notwithstanding the inn
mense amount of talk which has been
made by the Panama people about trans
ferring their enterprise to the United
States, no definite proposition has yet
been made, it would certainly seem that
these people were either not in earnest
anu NtAt SAAiiI4S tiA0cei VI mo ~ 'iNN-~ -
Nicaragua Canal, or else were unable to
carry out their proposition.
The situation is so involved in regard
to the ownership of the Panama Canal
that no mere offer to sell the controlling
interest in the Panama Canal Company
stock or to sell the improvements now
on the isthmus will be sufficient to war
rant serious consideration The purchase
of the improvements only would not
amount to much more than Il majority
stock interest, for there is always the old
in the background with it's liens
and agreements to be disposed of. In
view of the fact that the commission has
now nearly completed its labors and yet
nothing definite is forthcoming from the
Panama people, it is not likely they viii
be able to submit anything of Importance
or which will influence the commission in
its final deductions. The inspiring motive
of all stories given out by the Panama
people up TO the present time has been
one of obstruction They are working
hand in glove with such opposition as
there is in this country to the building
Of canal and have more than done their
share in bringing about delay. A skilled
lobby and press agency has been at work
for two years 10 change public sentiment
In regard to the United States building
an isthmian canal and the work has GER
tafnly brought some result in confusing
the public mind as to the ability of the
new Panama company TO do business sat
sfactorily with the United States Govern
ment "