Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-06-14
FROM GULF TO OCEAN.
An Interview With Director Of
the Florida Ship Canal.
Prospects Of the Enterprise. and
the Men Who Are Push.
ing IL.
Nashville American, II.

reporter, at the Maxwell, last even,
ing, Mr.. Charles II. Jones, one Of the
directors OF the Florida Ship Cana
Company, made the following inter
esting statement:
He said he was on his way bach
from New York to Jacksonville, Fla
and attended the meeting of the direc.
tors Of the Florida Ship Canal Co.
held in New York last week, in the
formation of which he acted as secre.
tary pro TEN. in the absence Of Mr.
George Q. Gorham. On the day prior
to that meeting, Governor Brown
signifed his formal acceptance of the
presidency of the canal company
He did this, after having had loLl
consultation with Jay Gould, who
recommended him to go into it active
ly and prosecute the building of il
vigorously, saying it was one Of the
greatest enterprises OF the country.
The chairman of the executive
committee of this committee expects
to get report and chart of the pre-
liminary survey by the end of this
week.
The celebrated General Charles P.
Stone, of Egyptian fame, is chief en-
gineer. and was appointed at the
recommendation of Senator Sherman.
If General Stones report turns out as
expected it is altogether probable
that Mr.. Sherman will identify him
self with the scheme and be promi-
nently connected with its financial
management.
The securities of the company will
not be put on the market until the
line is located, the termini selected
and the specifications for contractors
prepared. 1t is expected this can be
done by September /.
Governor Brown was voted salary
of $4,000 per annum as President,
and Senator Window has been pro-
posed as Vice President, and holds
the matter under advisement.
General Stone expects to be in
Florida in about two weeks, when the
work Of surveying the actual route
will be begun. His assistant, Mr.. A.
+. Hill, is now in the field finishing
the preliminary survey.
1t is expected that the most difficult
obstacle the company will have to sur
mount will be the securing of termini
on the Atlantic and Gull coasts, but
the engineers have been already offered
the choice of two suitable points on
the Atlantic and two on the Gulf side
Of the peninsula, either enc of which,
it is thought, will be available for the
purpose,
General Stone thinks be will be able
to make his 6nal report within the
next six weeks.
Arrangements have been made to
secure two powerful dredges, already
built in Philadelphia, for the Panama
ship canal, and costing 100000 each,
which will be put in operation as soon
as the work is commenced. Each of
these dredgeS can do the work of five
thousand men.
Upon the data, made up from the
surveys already made by the govern
ment with view of building a lock
canal, it is estimated that the present
ship canal can be completed within
two years after it is commenced.
Offers have been made by both
English and American syndicates to
take hold Of the company's bonds
issued.
Mr.. Jones continued by saying that
the character Of the gentlemen con-
nected with the enterprise guaranteed
its being a legitimate enterprise and
rot mere speculative bubble, for
none of these gentlemen could afford
to lose caste and character by being
connected with any enterprise Of the
latter sort.
The project is the building of tide
water canal, one hundred feet wide,
and thirty feet deep, crossing the
entire peninsula so that the largest sea
going vessels can pass through it heav-
lily laden.
In order to estimate the profit to
be made by the company construct
ing this canal the nominal cost of
the Suez canal is taken, which was
some $92,0OO0OO. Even on this
inflated capital dividend of twenty
three aud half per cent was
paid on the investment with the pro-
ceeds Of last years earnings. It is
also estimated that the traffic now
awaiting the opening Of the Florida
ship canal is at least twice as much as
that passing through the Suez canal
last year. so that half the tonnage that
would pass through the Florida ship
canal would pay as much as tweutyN
three and a third per cent. But the
estimated cost of the Florida ship Ca
nal is only between twenty-five and
thirty millions. From these facts the
profit on the enterprise can be safely
estimated as very great" remarked Mr.
Jones.
Mr.Jones is the editor Of the Times
Union Of Jacksonville, the only daily
paper in Florida.