Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1902-01-21
FOR PANAMA ROUTE.
The Canal Commissions I'm
aninous..R Report, Presented
to Congress.
PROPERTY WORTH SAC, 600, 900
figures Of Estimated Value Of Differ
ent Portions of the Work Given.
Estimated Cost Of Building and
Maintenance Less.

WaSnl1SIDU, Jan 81 Inc pFFSis
dent yesterday sent to congress. with
message simply of transmittal. the
supplemental report of the Isthmian
canal commission, in which It Is
unanimously recommended that the
offer of the new Panama Canal com
pany to sell all of its rights, property
and unfinished work to the United
States for S40,000,000, be accepted.
The senate ordered the report print
ed in the Congressional Record and
also as q document. The report con.
tanned the following, in part
The total value of the property Is
found TO be:
Excavation done .......... S27, 474,o33
Panama railroad stock at
par ............-..... 6.SS6,3o0
Maps, drawings and records 100000
Total ............... $50, 1860. 1898
To which add 10 per cent
to cover omissions. $500. S,639.667
Total ................,$ $40, 900, 600
The last item Is intended to cover
any buildings. machinery, railroad
shares, additional excavation 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.
The estimated cost of constructing
the Nicaragua canal Is S45, $50, 704
more tnan the cost of completing the
Panama canal.
The estimated annual cost of main
tenance and operation is $1,000 900
greater at Nicaragua than at Panama
The Panama route would be 134.6
miles shorter than the Nicaragua
route from sea to sea, with fewer
locks and less curvature, both in de-
srees aud miles. The estimated time
for deep draft vessel to pass
through the Nicaragua canal was
placed at 80 hours, as against IL
hours for Panama, these estimates
being the time OF actual navigation
and not including delays for winds,
currents or darkness.
Estimated Time of Passage.
If the passage were made without
interruption about a day could be
saved by the Nicaragua over the
Panama route by ordinary steamers
handling commerce between our Pa
CHIC 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 steamers, the use
OF which is increasing. Between At
lanitc ports and the west coast of
South America. the Panama route
has the advantage Of about two days
and between gulf ports aud the west
coast OF South America the Panama
route has the advantage OF about one
day.
The total liabilities of the Panama
railroad are S2,40,918, not counting
the sinking fund subsidy bonds, for
which the Colombian government has
received the benefit and for which
it should make allowance to the Unit
ed States in the negotiations for
treaty rights.
It's cash assets Jan. 10, 1902, were
$43S, $50.
Ii owns three passenger and freight
steamers of American registry, of ap
prQximately 1000 tons net each, alao
a lot OF property, including an undi-
vided half interest In some islands.
The railroad company operates a
steamship line between Panama and
San Francisco.
The railroad company has no oper-
ating contracts which can not be
terminaed in 80 days.
The work OF constructing the canal
will largely increase the business of
the railroad, and will enable 1t to pay
off its liabilities in very few years
After the completion of the canal its
commercial profits will probably
cease, but it will have a value incl
dental to operating the canal.