The Savannah morning news., 1902-01-21
The PANAMA OFFER
OMISSIONS REPORT TRANSMIT
TED TO CONGRESS.
IT COMPLEXITIES SITUATION.
,,ESIDENr MAKES NO RECoMMEN-
DATION.

p.vama Route Can he More
ouicI1Iy Completed at Much Less
rost and will Cost Less to Oper-
accompany Has Practically All
,he Land Needed and There Are
other Things which Would Seem
+o Wake II Advantageous.
washington. Jan. 20.-The President
.o.day sent to Congress, with mes
-,co simply of transmittal, the supple
mental report of the Isthmian Canal
Commission, in which it is unanimous
II, commended that the offer of the
New Panama Canal Company to sell all
Of its rights, property and unfinished
work to the United States for $4,000, 900
he accepted. The Senate ordered the
report printed in the Congressional
Record and also as a document.
The report gives in full the CORE
snondence which has passed between
tbe commission and the Panama Canal
company at Paris, which includes a
csplegram from the President of the
Roard. dated January 8, as follows:
THE New Panama Canal Company
declares that it is ready to accept for
the totality, without exception, of its
nroperty and rights ON the Isthmus the
amount of 10000, 000 the above offer to
remain in force up to March 4, 1903"
The report states that the 'totality"
mentioned in this message includes fif-
tv-six parcels of land, amounting to
"a 600 acres, which cover nearly all the
Ground required for the actual con-
sfruction of the canal. 1t also includes
. al buildings used for officers, quar-
ters hospitals, storehouses, etc, also
on immense amount of machinery, con-
sisting of floating plants. tugs, dredges,
locomotives, cars, etc. 1t also includes
all excavation work accomplished upon
the main canal line, amounting to
ahout &c. 700, 900 cubic yards The value
of the work already done is estimated
ar So. S95, OPS, less contingencies estl-
,}ated at s4.579,O05, leaning an aggre-
gate of S27,474,033. The offer also en-
braces all of the existing 10000 shares
of the Panama Railroad and Canal
company. except LOO shares held by
Individuals in Europe and the United
States Against this property are mort
gage bonds amounting to So, $4,000. or
fbis amount the canal company owns
SSH 900. 1t also holds in its treasury
ST 064 600 of bonds, subject to sale or
cancellation, leaving in the hands OF the
nublic ST. 5O4. 600 These bonds bear 412
per cent interest. There also are out
standing 1896. 900 per cent. sinking
fund bonds. The transfer also will in
cIude three passenger ana lrelSht
steamers of 1000 tons each.
Owns Valuable Properties.
The railroad company owns an undi-
vided half interest in the ISLANDS or
Macs. Culebra Perico and Flamenco IN
the bay of Panama, the Paclilc MAN
Steamship Company being the 1olnl
owner. Besides it's right of-way ter
17,inaIs wharves and considerable areas
of land. it owns nearly the whole OF
the town of Colon, the houses there be-
ING constructed under leases. Summing
I'm tne commission finds the total value
of the property to be as follows
Excavation work done, $27 '474,O35;
Panama Railroad stock at par, S6s6o,-
500 maps, drawings, etc, $2'Ooo'VOO.
Total. $36, $50, 1873.
Add ten per cent. to cover commits
SONS SO 6S9 ,667 total, $4O,OOo,oOO
Tho estimated cost of constructing
the Nicaragua CdIfdl 10 St0,VONs 'Nr NO.
tban the cost of completing the Pan
ANA canal. The estimated annual cost
Of maintenance and operation is $780,
600 greater at Nicaragua than at Pan
anna
The Two Routes Compared.
The Panama route would be 1S4.6
miles shorter than the Nicaragua route
from sea to sea, with fewer locks ana
lass curvature both in degrees and
miles The estimated time for deep
draft vessel to pass through the Mica
ragua canal was placed at 30 hours,
as against ~ hours for Panama, these
estimates being the time of actual nav
igation and not including delays for
winds, currents or darkness. If the
passage were made without Interrupt
lion. about a day could be saved by
the Nicaragua over the Panama route
by ordinary steamers handling COM
merce between our Pacific ports and
all Atlantic ports, and about two days
by steamers of the same class trading
between our Gulf ports and North
Pacific ports. The time advantage of
The Nicaragua route would be less in
The case of fast high-powered steam
erS, the use of which is increasing. Be-
tween Atlantic poSts and the west
coast of South America the Panama
route has the advantage of about two
Gays and between Gulf ports and the
west coast of South Amer
icd, The Panama route has the
advantage of about one day. The trade
Of the western coast of South America
Is very important one which has
hitherto been in European hands. The
oiter received from the New Panama
anal Company to convey all its prop
eIty, including all its interest in the
Fanama Railroad, to the United States
VIII make the estimated cost of the two
canals AS follows:
25335S
me transfer would give title to all
cle land now held by both the Panama
anal Company and the Panama Rail-
iodl Company, which covers nearly all
,anoS required for the construction Of
we canal. The land held by private
pdIues at Nicaragua must be acquired
si ''u us acquisition may PROVE expen-
The Question of Title.
me question whether the new Pan
ana Canal Company can make to a
ruIchaser valid title to the property
ioInerly belonging to the old company,
~ predecessor, is considered at length.
b" pe canal company Is absolutely pro-
muiled to cede or mortgage its rights
s,'uer any consideration whatever 10
dy nation or foreign government I'M
i penalty of forfeiture. The contract
,h the railroad company contains
he prohibition and declares further
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