The Savannah morning news., 1902-01-05
WANT $4O,OOO,OOO
PANAMA CANAL COMPANY'S OFFER
TO UNITED STATES.
COMPANY MEANS BUSINESS.
PROPOSITION SUBMITTED TO AD-
MIRAL WALKER.

Was hmm ediately Communicated by
welt and Secretary Hay and Will
he Brought to the Attention of
Congress - Company Concluded
That Further Delay Was Danger
Ous-The Price Named Is the Value
Estimated by the Isthmian Cnnnf
Commission.
Washington, ian. A formal prop
osition to sell the Panama canal prop
critics to the United States government
for 10000, 900 to-day was submitted to
the authorities here, 1t was made by
NJ. Boeufve, representing the company
to Admiral Walker as chairman of the
Isthmian Canal Commission. M
Boeufve acted under cable instructions
received to-day from the Panama
canal officials at Paris. Admiral
Walker brought the proposition to the
knowledge of the Secretary of State
and the President, going directly to
the State Department for that pur-
pose.
The submission of this offer carries
out plan which has been under con-
sideration for the last two weeks. The
first step was taken when M. 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 desired to
make definite offer of the Panama
properties to this government for $780,
100000. There have been numerous
meetings at Paris with this end in
view, but the one which brought about
day. 1t had been the intention to make
the offer through Edward Lampre, sec
retary general of the company who is
due to arrive at New York on the
steamer AQuitaine tomorrow, but the
meeting appears to have taken a view
that the offer should be made without
waiting for the arrival of M. Lampre.
Accordingly the cable instructions
were forwarded to NJ. Boeufve. He
went at once to the Office of the 18TH
mian Canal Commission and advised
Admiral Walker what had been the
determination Of the company. In sub
stance the notice to Admiral Walker
was as follows:
THE Panama Canal Company de-
clares itself ready to transfer to the
government of the United States on
payment of $40, 900, it's properties
and concessions, estimated at that
amount by the Isthmian Canal Com
mission, in conformity with the terms
and conditions of the estimates of said
commission"
Except to submit the proposition in
the foregoing terms, there was no dis
cussion 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.
Admiral Walker called at the State
Department this noon and communi-
Gated to Secretary Hay the offer which
M. Boeufve had submitted in behalf
of the canal company. The matter
soon thereafter was brought to the at
tention of the President.
1t can be stated that the President
will communicate the proposition to
Congress. This course will be pursued
because the administration holds that
the canal question is now one for leg
islative determination, and that as Con-
gress is about to consider the subject
it should have possession of all the
facts that have come to the executive
branch.
The Commissions Estimate.
The offer as made to Admiral
Walker and later communicated to the
President and Secretary of State refers
to the estimates of the Isthmian Com
missions report. This feature of the
commissions report appears under the
caption ::Total value of the Panama
canal" and is as follows:
Summing up the foregoing items,
the total value of the properties is
found to be:
Excavation already done, $27, ,474, 033;
Panama Railroad stock. at par $780,
900; maps, drawings and records, ST.
100000
ITO which add 10 per cent. to cover
omissions, making the total valua-
tioh of the Panama canal $40, 000, 900"
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