The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-05
MADE FORMALOFFER
The Panama Directors Want to Sell to
This Country.
THEY WANT $4,000, 900.
Offer Carries with II All Properties
and Concessions.
ARE READY TO TRANSFER AT ONCE.
The Offer Was Made to the Isthmian
Commission.
THE STATE DEPARTMENT WAS NOTIFIED
Tho President VIII Imme dlateiy Lay the
Matter Before Congress- as Soon
as Il Resumes.
RE READY TO TRANSFER AT ONCE.
The offer Was Made TO the Isthmian
Commission.
THE STATE DEPARTMENT WAS NOTIFIED

Paris. January 4.--The directors of the
Panama Canal company met at the com
pany's office today, and, sfter brief SEES
sion, came to a defnhSe decision to
offer TO sell the canal property to the
States for $4o,ooo.ooo. This price includes
the excavations canal railroad, machinery
ana all the other itenas specified in the
isthmian canal commissions report. The
company's representative in Washington,
NJ. Bocufve, received a cable message to-
day instructing him to formally submit
this offer to the president
Washington, January A formal prop
ositiou TO sell the Panama canal proper
ties was submitted 70 the authorities here
today, and it was made by NJ Boeufve,
representing the company, to Admiral
Walker, as chairman of the isthmiaa canal
commission. NJ. Boeufve acted under ca
bic instructions received today 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 purpose.
The submission of this offer carries out
plan which has been under considers-
ton for the last two weeks The first
step was taken when NJ. Hutin retired
from the presidency of the Panama com
pany, This brought about an entire
change in the management the main fea-
ture OF the change being that those in au-
thority desired to make a definite offer of
the Panama properties TO this government
for $40, 900. 900. There have been numer-
Gus meetings at Paris with this end in
view, but the one which brought about the
final proposition was held yesterday. IL
had been the intention to make the offer
through MIR. Edward Lsmpre secretary
general OF the company, who is due to at
rive at New York on the steamer L'Aqui-
, taine tomorrow, but the meeting appears
to have taken view that the offer should
be made without waiting for the arrival of
| M. Lampre Accordingly the cabinet in
structions were forwarded TO M. Boeufye.
He went at once TO the Office OF the 18th,
milan canal commission aud advised Ad-
miral Walker OF what had been the de-
termination of the company. In substance
the notification as delivered to Admiral
Walker was as follows:
"The Panama Canal company declares
itself ready to transfer TO the government
OF the United States, on payment of S4o,-
600 600 its properties and concessions, es-
ilHidNCu dL ihdN duiOulll ny
canal commission. in conformity with tho
terms and conditions of the estimates Of
said commission"
Except to submit the proposition in tho
foregoing terms there was no 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.
Admiral WaIksr c,Iied ~ the state de-
partment at noon and communicated to
Secretary Hay the offer which M. Boeufve
had submitted in behalf of the canal COM
psny. The matter was soon after brought
to the attention of the president.
II can be stated that the president will
communicate the proposition TO congress.
, This course will be pursued because tho
administration holds that the canal ques-
ton is now purely one for legislative de-
termination, and that as congress is about
to consider the subject il should have pos
session of all the facts that have come to
the knowledge of the executive branch.
The offer as made TO Admiral Walker
and later communicated 10 the president
and secretary of state refers to the esti-
mates of the isthmian canal commissions
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 property is
| found TO be: Excavation already done,
! SzzAzAo33; Panama railway stock at par.
! S6.8soooo; maps, drawings and records,
So, 100000. To which add 10 per cent TO
cover commissions, making the total valua-
lions of the Panama canal $4o,ooo,ooo.'
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