The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-21
THE RAILWAY.

%. Panama Railroad.-Of the existing TO-
600 shares Of the Panama Railroad the
Canal Company will transfer to the United
States all but about LOO shares. These lat
ter held by a few individuals resid-
ing I'm various parts of the United States
and in Europe At par the value of the
IS, ,s63 shares to be transferred to the
United States by the Canal Company is
s6.SS6300. Against this property are mort
gage bonds to the amount of So 4S9 O0O OF
this amount the company owns sS71 900
which it has pledged as collateral for it's
debt TO the Panama Canal Company de-
scribed below and it also holds i'm its treas
ury sl.O64.O00 subject to sale or canceIla-
ton leaving outstanding I'm the hands of
the public 81. $4,000. The bonds bear Az per
cent. interest. There are outstanding also
S996.0O0 per cent. sinking fund subsidy
bonds. but this liability is amortization Of
the annual payment of $2250OO due the
Colombian government under its concession
for the period ending Nov L. 1901. The rail-
road company owes 1886 9lS TO the Panama
Canal Company. mainly on account of the
construction of the pier at La Boca It's
total liabilities, therefore. are 2.49O.91S 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 United States i'm
the negotiations for treaty rights. Its cash
assets Jan. 10, 1902, were $43S 569 IL owns
three passenger and freight steamers of
American registry. of approximately 1000
tons net each. For the past wear il has
operated a line of chartered steamers of
American registry between San Francisco
end Panama These steamers on the At
lsntic and Pacific constitute the Panama
Railroad steamship line. The Railroad com
pany owns an undivided half interest in
the islands of NaOs. Cu!ebra. Perico and
Flamenco in the bay of Panama. the Pa
cific Mail Steamship Company being the
Joint owner. Besides its right of way ter
minais. wharves and considerable areas of
land. IL owns nearly the whole Of the town
OF Colon. the houses there being con-
structed under leases. The railroad com
pany has operating contracts which
cannot be terminated in ninety days. The
work Of constructing the canal will largely
increase the business of the railroad. and
will enable IL to pay off its liabilities in a
very few years. After the completion of
the canal it's commercial profits will prob
ably cease. but 1t VIII have value Incl
dental TO operating the canal
"6 Maps. Drawings and Records-The
value OF the maps. drawings and records in
Paris. on the isthmus or elsewhere, all of
which are TO be transferred 10 the United
States. is placed at 100000.
VALUE OF PANAMA PROPERTY
Summing up the foregoing items. the
total value Of the property is found to be:
Excavation done .....................s27,474 ,474.0SS
Panama Railroad stock at par. 6.SS6 800
Maps, drawings and records. 100000
To which add 10 per cent. TO cover
Total $40 900 900
THE last item is intended TO cover any
buildings. machinery, railroad shares. ad-
ditiOnal excavation 10 date of purchase
and other assets which may be OF value TO
the United States and have not been in
cluded in the other items
The estimated cost OF constructing the
Nicaragua canal is S45. 60. .7O4 more than
the cost OF completing the Panama canal
The estimated annual cost OF maintenance
and operation Is 81 300O00 greater al Mica
ragua than at Panama.
'The Panama route would be 1916 miles
shorter than the Nicaragua route from
10 sea. with fewer locks and less curv-
ature. both in degrees and miles. The esti-
mated time for "A deep draft vessel TO pass
through the Nicaragua canal was placed
~ thirty-three hours, as against twelve
hours for the Panama. these estimates be-