New-York tribune., 1902-01-21
FOURTH-wORR DONE.
FIFTH-PANAMA RAILROAD.

OF the existing 10000 shares Of the Panama
RaAroad the canal company viii transfer to
me United States all but about LOO shares
These latter are held by few individuals re-
slolng IN various parts OF the United States and
IN europe. AT par the value of the IS S63
shares 10 be transferred to the United States by
the canal company is Sc SS6, 300.
Against this property are mortgage bonds
tc the amount Of So, $4,000. OF this amount
the company owns SS71,000, which ii has
pledged as collateral for its debt TO the Panama
Canal Company described below and Il also
holds in its treasury $1O64. 900 subject TO sale
or cancellation leaving outstanding in the hands
Of the public S1.504OO0 The bonds bear Az
Per cent interest.
There are outstanding also 1896. 900 6 per cent
sinking fund subsidy bonds, but this liability is
amortization OF the annual payment OF
S225,OOO due the Colombian Government under
Der l. 1910
The railroad company owes s9S6,91s to the
Panama Canal Company, mainly on account Of
the construction Of the pier at La Boca.
Its total liabilities therefore are 81. .490.91S,
not counting the sinking fund subsidy bonds
for which the Colombian Government has re-
ceived the benefit and for which IL should make
allowance to the United States in the negota-
tions for treaty rights
It's cash assets January 10 1902, were
S43s,569. 1t owns three passenger and freight
steamers Of American registry. of approximate
ly 1000 tons net each. For the last year it has
operated a line of chartered steamers of Amerl-
registry between San Francisco and Pana-
ma. These steamers on the Atlantic and Pacific
constitute the Panama Railroad Steamship
Line.
The railroad company owns an undivided half
interest in the islands Of Naos Culebra, Perico
and Flamenco. in the Bay of Panama, the
Pacific Mail Steamship Company being the joint
owner
and considerable areas Of land. it owns nearly
the whole of the town Of Colon the houses
there being constructed under leases.
The railroad company has no operating con-
tracts which cannot be terminated in ninety
days.
The work of constructing the canal will largely
~, ar,I mill
enable il to pay off its liabilities in a very few
years. After the completion Of the canal its
commercial profits will probably cease, but 1t
viii have value incidental to operating the
canal
SIXTH-MAPS. DRAWINGS AND RECORDS.
The value of the maps. drawings and records
in Paris. the isthmus, or elsewhere, all Of
which are TO be transferred to the United States
is placed at 100000
Summing up the foregoing items, the total
value Of the property is found TO be:
Panama Railroad stock at ssss 300
Maps. drawings and records 2oooooo
To Which add 10 per cent to cover omissions $50
Total $40 600 900
The last item is intended to cover any build
ings. machinery railroad shares additional ex-
caYation TO date OF purchase, and other assets
which may be of value to the United States and
have not been included in the other items.
ADVANTAGES OF PANAMA ROUTE
The estimated cost Of constructing the Mica
ragua Canal is S45 $50 704 more than the cost
OF completing the Panama Canal.
The estimated annual cost of maintenance
and operation is S1,300.0o0 greater Nicaragua
than ct Panama.
The Panama route would be 1916 miles short
or than the Nicaragua route from sea TO sea.
with fewer locks and less curvature both in de-
grees and miles. The estimated time for a deep
draught vessel to pass throug hthe Nicaragua
Canal was put at thirty-three hours as against
twelve hours for Panama, these estimates being
the time OF actual navigation, and not including
delays for winds. currents and darkness.
II the passage were made without Interrupt
tion, about day could be saved by the Mica
ragua over the Panama route by ordinary steam
ers handling commerce between our Pacific ports
and all Atlantic ports, and about two dayU by
steamers of the same class trading betweez. our
Gulf ports and North Pacific ports. The time