, 1881-06-05
The Greatest Activity in Building
Operations Ever Known at
the Metropolis,
Armour Said to Control the Wheat
Preparing to Squeeze
the Shorts.
Arrest of a Man Who Had Grown
Rich Dealing in Stolen
Beer Barrels.
Three Boys Buried under a Falling
Embankment in East
Broadway. =

Embankment in East
Broadway.
TEE PANAMA CANAL
SALE OF THE PANAMA RAILROAD TO THE
DE 1.EssErS LAND COMPANY.
Spfetul Dtspatcn 10 IAs Chicago Tribune
NEW YoEK, June 4.--Another important
step appears to have been taken in the reaii-
zation Of the De Lesseps Panama Canal
project in the arrangement perfected to~day,
by which under certain conditions that
remain to be fulfilled the Canal
Company acquires the right and title
to the Panama Railroad. whose cooperation
is all essential factor in the construction OF
the canal. The sale was briefly and i'll gem
eral terms only referred to In these dispatches
yesterday. 1t is known that while d. DE
Lesseps was in. America a number
Of conferences were held between
him and: the representatives Of the
railroad interest with view tn
combining the conflicting interests Of the
two, or at least harmoniztng them BY such
concessions as would satisfy the stockholders
of the railway company. Independent of the
question Of competition after the canal was
constructed, or Of its cooperation III the con-
structi0n, which was OF
TIE HIGHEST IMPORTANCE,
the Panama Railroad Company held such
concessions from the United States of Col
on1bia as to render the building Of a canal
upon ttle route proposed by De Lesseps an
impossibllity without first obtaining their
consent. At the same time masters
Of tue situation, so far rs the proposed
route was concerned, the representatives
Of the Railroad Company were fully alive to
tile fact that the selection Of any other posi-
BILE route by ". De Lesseps would obyiato
the difficulty presented by the concessions
held by them, and place the great eneineerin in
position to execute his scheme Independent
of their cooperation, as well rs to bid for the
transportation Of freights from the Atlantic
to the Pacific upon terms with which the
best equipped railway could scarcely COM
pete successfully. Under the circunl-
| stances, therefore, it was for the interest Of
! both parties to come to some understanding
! by which their cooperation could be assured.
About the middle of May Mr.. Trenor W.
Park, President OF the Panama Railway
/ Company. and one of its heaviest stockEo!t-
ers, submitted to the representative of II. dc
| Lcsseps memorandum ot teri1ls lpon which
| lie and certain gentlemen with whom he vas
associated, owning a majority Of the stock,
| WE'RE PREPARED TO SELL.
The general terms, according to statement
| Io1rlS and his nssociates we're to receive $50
ner share far the stock held by them, and
the cash in the Treasury and, all
bills receivable to be retained ~, in
the interest Of the shareholders. me
per cent of the capital stock, SO that the
actual price demanded WAS SS93 per snare.
The amount was to. be. paid BY the
Canal Company II six jnStallments. as as
follows: S~ O. Oh n affact anG %'tG!, tSa
terest at per cent from the date Of the rati-
fication Of the agreement and tue payment or
the first $4.0oo.on, but the Canal Company
rsSsr F1 rnrlge as S."larEs rmg WHOLE VI AMOUNT
at any ante bsfn1n Tltnn a proyide
M1s Three n,,onths noiice Of suci intention shall
pS E,ftt - a nrr;a1 ;Io afect vthin the nnroI
slsln.i y H. t1e. a,'ts n," r. he n,a,Ie
oppn,,afl. md a pnti thn iast nay,nent il made
t,a nrasont t'su stocEhofders of Tia railroad are
to to- rttain control Of tie Board OF Directors BY
| on nct;,,0 no;oritr Nv this arrangement
at tnp eSpiratiou Of five years the Canal
Company, BY acquiring 4 majority. of the
stock, will enter into possession Of the road.
| Mr.. Park felt bound to protect other snare
| holders than those associated with hin,
had consequently St'pus'ea ppoaea ts 1t any
amount per share that he and his associates
within three months after July !, 1851, and
TO To m sne psrsons " BIT in case
ct failure 1o feceyG such noaieg M 3 any m
holder s ti thKe fh t;x yeors o. e seecied
D aKng oai ,t t, o ftar 5ac ta r o
recciFeu ny nlnn untl altei tle - "I!4 ~