Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-01-21
THE CANAL REPORT
Is Unanimous in Favor Of USE
ing Panama Route.
Recommends That Offer to Sell for
$4,000, 900 Be Accepted.
Route Is Shorter and Can Be Built Cheapes
Than Nicarasuan.

Washington. Jan. a0.-The Presi
dent, today, sent to Congress the sup
Elemental report of the isthnian canal
commission in which it is unanimously
recommended that the offer of the new
Panama Canal Co. to sell all of it's
rights. property and unfinished work
TO the United States for $40, 900. 900 be
accepted. The President accompanied
Senate ordered that the report be re-
printed in the Congressional Record
and also in document form.
After quoting the Correspondence
which passed between the commission
and the officers of tine Panama Canal
Co. in Paris, the report says:
The totally. without exception, of
it's property and rights on the isthmus."
mentioned In the cablegram of Jan. 9.
include the following classes of prop
erty:
/. Lands not built on-There are Sc
paroles of land the title to which rests
in the canal company amounting to
about $4,000 acres. These parcels with
the lands belonging to. the railroad
company cover nearly all of the
ground required for the actual con-
struction Of the canal.
.. Buildings-The number of build
ings scheduled Is 243l, divided among
AZ SUBJ classified ones They are used
for Offices, quarters, storehOuses, hos
pitfalls, shops. stables and miscellaneous
purposes. Among them. are two large
permanent buildings in Panama, one
used as the headquarters residence and
the other as the general Offices, large
general hospitals at Colon and Pana-
ma; and several important buildings.
at Colon. These buildings are FUR
nished.
3. Plant-There Is an immense
amount Of machinery consisting of
floating plant (tugs, launches, dredges.
etc).
4. Work done-The excavation al
ready accomplished upon the main
canal line, which will be Of value in
the plan recommended by the COM
mission, was carefully computed and
was found tosaggregate 36.6S9.965 cubic
yards. A temporary diversion OF the
Panama Railroad has made at the
Culera cut. which also must be con-
sidered. By using the same classifi-
cation of materials and the same unit
prices, which the other estimates. with
20 per cent. added for contingencies.
the value OF the work which has been
done Is found to be: Canal excava-
ton. $2f,02O,3SS: charges diversion.
SIT, 1856; Gatun diversion, $1,396,466:
railroad diversion a miles), 100000
total. $22.s96,02S; contingencies. 20 per
cent, S4,579,005; aggregate, $27.474,-
033
5. Panama Railroad-Of the exist
ing 10000 shares of the Panama Rail-
road. the Canal Co. will transfer all
but about 100 shares to the United
States. The latter are held by few
individuals residing in various parts
of the United States and In Europe.
At par value of the 6S.S63 shares to be
transferred to the United States by
the Canal Co. is $6,SS6.300. Fl.
Against this property are mortgage
bonds to the amount of $3,439,0O0. or
this amount the company owns SS7i, 900
which it has pledged as collateral for
its debt to the Panama Canal Co. de-
scribed below. 1t also holds $1,064. 900
il it's treasury. subject to sale or cam
collation.. leaving $1,504,000 outstand-
ing in the hands of the public. The
bonds bear AZ per cent. interest. There
are outstanding also 1896, 900 6 per cent.
sinking fund subsidy bonds, but this
liability is an amortization of the an
nual payment of $225,0O due the Co.
lolnbian government under its conces-
SIGN for the period ending Nov. I. 1910.
Continued on page 3I