In his Message to Congress the next December, President McKinley stated: "The contract of the Maritime Canal Company of Nicaragua was declared forfeited by the Nicaraguan Government on the 10th of October, on the ground of nonfulfillment within the ten years' term stipulated in the contract. The Maritime Canal Company has lodged a protest against this action, alleging rights in the premises which appear worthy of consideration. This Government expects that Nicaragua will afford the protestants a full and fair hearing upon the merits of the case." But another company had been put into the place of the Maritime Canal Company, by action of President Zelaya, of Nicaragua, who, in 1898, granted to Edward Eyre and E. F. Cragin, who represented an American Syndicate, the right to construct the canal when the contract with the Maritime should have lapsed. This transaction, however, lacked confirmation by Costa Rica and the United States. CANAL, Interoceanic, A. D. 1893-1900. The Panama Canal Concession twice extended. Formation of new company. See (in this volume) COLOMBIA: A. D. 1893-1900. CANAL, Interoceanic, A. D. 1899 (December). Transfer of the Panama Canal to an American company. The transfer of the Panama Canal from the later French company to an American company, chartered in New Jersey, was accomplished in December, 1899. The new company received all the property, rights, and powers of its French predecessor, the consideration to be paid to the latter being mainly in the form of shares in the American company. [Image: Map of Central America showing the Isthmian Canal Routes] {67} CANAL, Interoceanic, A. D. 1900 (November). Preliminary report of the Isthmian Canal Commission in favor of the Nicaragua route. The preliminary report of the Isthmian Canal Commission, appointed under the Act of March 3, 1899, was presented to the President on the 30th November, 1900, and communicated to Congress at the opening of the session. The Commission reported in favor of the Nicaragua route, essentially on the lines laid down by the previous Nicaragua Canal Commission, as defined above. It found that the choice of routes lies between this and the route of the partly constructed Panama Canal, and its discussion of the question presented the following views: "(a) Between New York and San Francisco, the Nicaragua Canal route would be 377 nautical miles shorter than the Panama route. Between New Orleans and San Francisco 579 miles would be saved, and, in general, the distances between the Atlantic and Pacific ports of the United States are less by way of Nicaragua. Between our east coast and Yokohama and Shanghai the Nicaragua route is somewhat shorter, but for the trade of our eastern ports with the west coast of South America the Panama route is not so long as the Nicaragua.