Evening star., 1902-01-04
FORM AL OFFER MADE
Proposition to Sell Panama Canal
Properties.
SUBMITTED TO THE AUTHORITIES
Commissions Estimate of S4O,-
100000 Adopted.
THE PRESIDENT INFORMED

A formal proposition to sell the Panama
canal properties to the United States gov
ernment for $4,000, 900 was today submitted
TO the authorities here. 1t was made by
Mr.. Boeufve. representing the company, to
Admiral Walker. chairman of the 18TH
mian canal commission Mr.. Boeufve acted
under cable instructions received this morn
ing from the Panama Canal Company ott-
cials at Paris. Admiral Walker brought
the proposition to the knowledge of the
Secretary of State and the President to-
day, going directly to the State Depart
ment for that purpose.
LOnE-COnsfdered Plan.
The submission of this offer carries out
plan which has been under consideration
for the last two weeks. The first step was
taken when Mr.. Hutin retired from the
presidency of the Panama Company. This
brought about an entire change in the
management, the main feature of the
change being that those in authority de-
sired to make definite offer of the Pam
anna properties to this government for
S4000O,OOO. There have been numerous
meetings ut Paris with this end in view, but
the one which brought about the final prop
osition was held yesterday. 1t has been
the intention to make the offer through
MIR. Edward Lampre, secretary general oil
the company. who is due to arrive at New
York on the steamer Aquitaine tomorrow,
but the meeting appears to have taken
view that the offer should be made with
out waiting for the arrival of Mr.. LamprH.
Accordingly the cable instructions to NJ.
Boeufve were forwarded here and received
by him this morning. He went at once TO
the office of the isthmian canal commits
sion and there advised Admiral Walker OF
what had been the determination of the
company.
The Notification.
In substance the notification delivered to
Admiral Walker was follows:
THE Panama Canal Company declares
itself ready TO transfer to the government
of the United States. payment of S40,
N0.tS0. its properties and concessions, esti-
mated at that amount by the isthmian
canal commission, in conformity with the
terms and conditions of the estimates of
said commission
The submission of the matter to Admiral
Walker instead of TO the Secretary of State
or the President was in order TO observe all
due prOprietiCs in the case. it being consid-
cred desirable that the chairman of the
canal commission should be the one to COM
municate the Offer to the Secretary of State
and the President. Except to submit the
proposition in The foregoing term there
discussion with Admiral Walker
as TO what further steps were likely to be
taken. except TO bring the proposition to
the attention of the Secretary of State and
the President. But il is understood to be
the desire of the Panama canal officials
that a supplementary report shall be made
by the commission, taking into considera-
tiOn this latest offer.
The President Informed.
Admiral Walker called at the State De-
partment at noon and communicated to
Secretary Hay the offer which Mr.. Boeufve
had submitted in behalf of the canal COM
pany. The matter was soon thereafter
brought to the attention of the President
As to the next step, it can be stated that
the President will communicate to Congress
that this offer has been received This
course will be pursued because the admin
istration holds that the canal question is
now purely one for legislative determna-
tion. and that as Congress is about to con-
of all facts that have come to the knowl-
edge of the executive branch.
Canal COMMISSIONS Estimates.
The offer made to Admiral Walker and
later communicated to the President and
Secretary of State makes reference to the
estimates of the isthmian commissions re-
port This feature of the commissions re-
port appears under the caption Total
Value of the Panama Canal" and is as fol-
lows:
Summing up the foregoing items the
Iotai value of the property is found to be:
Excavation already done S21414OS3: PAN
anna railroad stock at par Sc, $50 900: mans
drawings and records, S2.Of0O0O To which
add 10 per cent to cover omissions, making
the total valuation of the Panama canal
S40. COO