The commission issued its report on 16 November 1901, recommending once again Nicaragua, disregarding Panama because La Compagnie Nouvelle du Canal de Panama—the throwaway company under which the French assets were organized—charged over $109 million for everything, which Walker found much too high. After some further lobbying by Cromwell and also Philippe Bunau-Varilla, the makeshift company lowered the price to $40 million on 4 January 1902. The Commission hastily reconvened on Theodore Roosevelt's urging to reconsider the question after which Panama was declared the preferred route.
