Panama and the Canal in Picture and ProseAbbot, Willis J. (Willis John)
History
Panama and the Canal in Picture and Prose
Abbot, Willis J. (Willis John)
Panama Canal (Panama) -- History
Even in so great an affair as the building of railroads, chance or good
fortune plays a considerable part. So it was the hurricane which first
drove two ships bearing the California gold seekers from the mouth of
the Chagres down to Colon that gave the railroad company just the
stimulus necessary to carry it past the lowest ebb in its fortunes.
Before that it had no income and could no longer borrow money.
Thereafter it had a certain income and its credit was at the very best.
Every additional mile finished added to its earnings, for every mile was
used since it lessened the river trip to the Pacific. In January, 1855,
the last rail was laid, and on the 28th of that month the first train
crossed from ocean to ocean. The road had then cost almost $7,000,000 or
more than $150,000 a mile, but owing to the peculiar conditions of the
time and place it had while building earned $2,125,000 or almost
one-third its cost. Its length was 47 miles, its highest point was 263
feet above sea-level, it crossed streams at 170 points--most of the
crossings being of the Chagres River. As newly located by the American
engineers a great number of these crossings are avoided.
[Illustration: CHILDISH BEAUTY WITHOUT ART]
[Illustration: A CORNER OF MOUNT HOPE CEMETERY
Names of forgotten French martyrs are carved in the stones]
Traffic for the road grew faster than the road itself and when it was
completed it was quite apparent that it was not equipped to handle the
business that awaited it. Accordingly the managers determined to charge
more than the traffic would bear--to fix such rates as would be
prohibitive until they could get the road suitably equipped. Mr. Tracy
Robinson says that a few of the lesser officials at Panama got up a sort
of burlesque rate card and sent it on to the general offices in New
York. It charged $25 for one fare across the Isthmus one way, or $10
second class. Personal baggage was charged five cents a pound, express
$1.80 a cubic foot, second class freight fifty cents a cubic foot, coal
$5 a ton,--all for a haul of forty-seven miles. To the amazement of the
Panama jokers the rates were adopted and, what was more amazing, they
remained unchanged for twenty years. During that time the company paid
dividends of 24%, with an occasional stock dividend and liberal
additions to the surplus. Its stock at one time went up to 335 and as in
its darkest days it could have been bought for a song. Those who had
bought it were more lucky than most of the prospectors who crowded its
coaches on the journey to the gold fields.
Public-domain text, read in full here on John Shaqi.
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