The Providence news. (Providence [R.I.]) 1891-1906, 1902-01-21
Recommends That Offer of Panama
Canal Co. to Dispose OF Its Works
and Franchises for $40,0O0,0OO
Be Accepted.

Washington. Jan. 2.--Yesterasy after
noon the president sent 20 congress the
supplemental report of the Isthmian canal
commission. IN which il is unanimously
recommended that the offer OF the new
Panama Canal company 20 sell all OF
its rights. property and unfinished work
10 the United States for o,O0o be se-
cented
The president accompanied il only with
3 note OF transmittal. The senate ordered
that tho report be reprinted in the con-
Rressional Record and also I'm document
form.
After quoting the correspondence which
passed between the commission ana the
officers OF the Panama Canal company I'm
Paris, the report says:
The "totality. without exception OF SIS
property and rights on the isthmus. D."
mentioned In the cablegram OF Jan. q in
rludes the following classes Of property
PROPERTY INCLUDED.
J. Lands not built on.
There are So parcels OF land the title
20 which rests in the canal company
amounting 10 about 5000 acres.
These parcels with the lands belonging
20 the railroad COMPANY cover nearly
All of the ground required for the actual
construction OF the canal
=, Buildings. The number OF buildings
scheduled is -tSi. divided among AZ sub.
classified ones. They are used for offices
quarters, storchouses. hospitals. shops.
Stables aud miscellaneous purposes.
ArlorE them are two large permanent
buildings In Panama. one used as the
headquarters residence and the other. ~
a..
at Coon and Panama ana several import
ant buiinss az colon These buildings
arc furnished.
y Plant There r. an Immense amount
of marhincry consisting of floating plant
uprs, launches. dredgcs etc.
THE WORK DONE
g. Work done The excavation already
accomplished upon tile main canal line.
mepd'i by the commission, was carefully
cHr7nufcd ard was found 90 aggregate
5l.f,aM5 cuhlc Yards. tcpporary diver
Ni1n uf Tho Panama railroad has been
made - Hle Culchra cut which also must
be congidt red
Iv usin~ thc same classification of ma
f"rials ana The same upit prices with the
other estimates with 80 per cent added
Tor contingencies. the value OF tho work
which has been douc is found to be.
Canal excavations. s2Io3oSS ChaEres
diversion Ti111SG
Gat'Ht diversion. 81 500, ,iJf
Railroad dlr~rsion four milesl. s2o0mo
Total So a5N2s
C0rtirgencies ~ per cent sl.57Goo5
A-srsg sgdte sg7isi.oS2
2 Tarama railroad or the existing
TaQne shares of The PaHama railroad tho
canal company viii transfer an but about
Jim shares 20 the United states The lat
1ar arr hold by few individuals residing
in various parts of the United states and
in Europe, "a par yajuc the 1865 shares
50 hc transferred 90 th" United States by
The canal company IS SGSS6.3oo
CONDITION or FINANCES.
against this property are mortgage
bonds 20 the amDInt Of S,i3g.0oo. OF this
amount the company owns ss1l 00i. which
81 has pledged as collateral for US debt
90 the Panama Canal company described
hclow. II also holds Sl.o6ifo0 IN its treas
lry, subject 10 sale or cancellation, leav-
jag sl.5oi 0oo outstanding in The hands of
the public The bonds boar iie per cent
interest.
There are outstanding also SaaGOO0 6
per cent sinking fund subsidy bonds. bur
this liability is an amortization nf the
snnual payment OF i295WD due thc Colom.
tihn government under Its concession for
tho period ending Nov. i. lSlo
The railroad company owes S9ss.@S t1
the Panama canal company. mainly od
HcC0Uut OF the construction OF tho pier st
ia Boca
It's total liahiiities therefore are So
1g0eiS not counting the sinking fund sub
sidy bonds. OF which tho Colombian gov
cnment has received the benefit and for
which q should make allowance Go ,ue
I nitod States in the negotiation fov
treaty rights
It's cash assets January r. Is2 were
tiSs $50.
STEAMERS OWNED
u owns three passenger and freight
steamers of American registry uf ap-
rroxlmately 2U0 tons net each. For the
yast year % has operated line of Char-
tered steamers OF American registry Dc
tween san Francisco and Panama. These
steumers Oh abe Atlantic and Paciic con-
stitute the Panama Railroad Steamship
line.
The company owns an undivided half in
ferest IN the Islands of Naos. Cuiebra. Pc
rico and Flamenco Ga the BAY ~ Pana-
MA. tho Pacific Mail Steamship CO. being
the Joint owner
Bcsides its right of way. terminals
rgharvos and considerable areas ~ laud
81 owns nearly the whole OF the town of
colon. the houses there being construct
ID Under leases
The railroad company has no operauul
contacfs which cannot be terminated iu
% days
The work of constructing tho canal
nNlii largely Increase the business of the
yaliroad and will enable II 20 pay on itr
liabilities ~ n very few years. Aftor IN,
sorn pistiOn of the canal les commercial
value will probably cease, but it will
have value Incidental TO that of tho
operation Of the canal
MAPS. DRAWINGS AND RECORDS.
8 Maps, drawings and recorIs the
value OF the maps drawings and records
fn Paris. on the isthmus. or eisewhCrc. all