Omaha daily bee., 1888-12-19
AMERICAN INTERESTS IN PANAMA

ANEifitI IN IN PANAMA
The threatened complete collapse of
the Panama canal scheme makes the
question of the extent of American in
vestments in that enterprise interest
ing. The full amount of capital in
vested in the project by Americans at
home and abroad will perhaps never be
ascertaincd, because the investors are
not disposed to give up the information.
1t is not agreeable to tell of ones finan-
cial blunders, particularly when there
does not appear to be the least hope of
recovering anything. But estimates
made in New York place the amount of
American investments in the Panama
canal at only about half a million dol
lars, which is Il much smaller sum than
might have been supposed, and we
have no doubt is under the real
figures. But American subscriptions
were never so liberal as they were rep
resented to be. Both for political and
patriotic reasons our capitalists gener-
ally have never thought favorably of
the Panama scheme, and about all that
was obtained in this country was sub
scribed at the outset of the enterprise,
subsequent appeals receiving no atten-
ton. 1t is very probable, also, that
many OF the first investors parted with
their stock to French capitalists who
continued to have faith IN the ultimate
success of the enterprise after all the
rest of the world had given it up as a
hopeless undertaking. 1t is quite posi-
BILE, therefore, that the loss to American
investors by the collapse Of the project
would fall below a million dollars,
which is not a very serious matter.
The Panama canal dilemma was dis
cussed yesterday at a meeting of the
Seligmans and other bankers of New
York, il is said, with the idea Of contin-
uing the project with American capital
and under American control. Such Il
plan is of questionable practicability.
A first condition to carrying it into ef-
feet would be u full surrender of French
interests in the enterprise for certainly
American capitalists would not be so
foolish as to assume any part of the
obligations of the canal company
TO French investors, and it
is very doubtful whether these
investors would be willing to make d
fun surrender. There are ma ny thous-
ands of them in France, and the refusal
Oft portion TO give up their stock would
very likely induce the whole to cling to
their now worthless paper, in the hope
that some new De Lesseps may appear
in the future, with influence enough to
secure government support and resum-
ing the work carry it TO completion.
Another difficulty would probably be to
induce our government to take the
action necessary to ecure American
control of the enterprise. There would
undoubtedly be a very strong public
sentiment against this govern
ment entering into any arrange
ment or ~''entangling alliance"
with regard to this scheme,
and we do not believe any proposition
leading to such an arrangement would
succeed. Finally, American capital can
find much safer Investment, with good
assurance of immediate or early re-
turns in other directions, and no such
plan of obtaining money by popular
subscription as was adopted in France
would meet with any success here.
The chances of the Panama canal
scheme getting into American hands
seem, therefore, very small. Meantime
the threatened collapse of the enter
prise is the chief source of popular in
terest in France, where nearly or quite
half the population is interested, and
even the possible consequences to the
peace of the country are being seriously