Items of Interest May 7, 1904 Issue

Items of Interest

The contract by which the ownership of the Panama Canal passes to the United States was signed, sealed, and delivered complete on the 23d ult. The document bears the names of President Bo and Director Richman of the Panama Canal Company.

Secretary Shaw has been perfecting the details concerned in the payment of the forty million dollars to the Panama Company. These will be paid to the Banque de France in Paris, which is to receive the amount for the Company. It is expected that twenty-seven million dollars will be drawn from the depositary banks and the balance paid direct from the Treasury. The payments may be made at intervals so as to avoid any strain on the money market.

Two payments have already been drawn for the Republic of Panama. One of a million dollars in favor of J. P. Morgan & Co. to reimburse them for money advanced to the Panama junta, and one of nine million dollars to be handed to the minister of Panama when he arrives.

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