The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-14
THE PANAMA CANAL ONCE MORE.
A New French Corporation Organized
to Complete the Work.

to Complete the Work.
Engineering News.
AS some of our readers may recall, after
the Panama bubble burst in 1890 and work
on the canal came TO a standstill the COM
panyS df1{tTS were placed by the courts in
the hands of 'liquidator," or receiver, as
we should say who remained in charge un-
III 1894, when the concession and all the
assets OF the old company were transferred
10 the new company. According 10 infor-
maCon from oInclal sources, this new COM
pany was organized by leading bankers and
nnanciers of France, who had no connec-
tion Whatever with the old company, and
by them working capital of $l3,v1O.000 was
subscribed. In taking over the old COM
pany no cash was paid for its assets, but
the holders of stock in the old company are
entitled 10 receive certain part of the
residuary profits of the new company from
the working of the canal should there be
such profits after the charges on the Sc
curitles 70 be issued by the new company
have been provided for.
From all We can learn this new company
mas devoted itself almost entirely to the
task of investigating the engineering prob
lens at Panama and determining in the
most thorough manner the best solution of
these problems. De LeSSeps's proposition
for a sea-level canal was abandoned, it
will be remembered, even before the col
lapse of the old company, but the details of
a new location, the height of its levels, the
lift Of its locks, and, more important than
all, the questions of the control of the
Chagres river and of the sliding of the
great earth mass at Culebra, had all to be
the new company
The detailed plans thus prepared were
submitted first to a board of French con-
Sulttng engineers, which included represent
atlVes of the receiver of the old company.
After this board had further elaborated the
project and approved it in detail an interna-
tlonal engineering commission was appoint
ed, which again Went over the entire prof.
ect, visiting and inspecting the works on
tne lsthmus ana examining the engineering
problems involved.
General Abbot's paper in this issue of
engineering News is the first publication to
pc made anywhere respecting the work of
this commission and the conclusions which
they reached. According to this paper, a
satisfactory plan has been developed for the
control OF the ChagreS, and the water sup
ply for the summit level. Additional work
at the Culebra cut has shown that the slid
ing of its sides can be successfully con-
troiled. The work actually done by the old
company is estima ed to have been equval-
ent to an eXpendii IRE of about Sips 600 Co.,
and the cost of tt work remaining to be
cone TO complete the canal ready for traffic
is set at $100000,000. The time required to
complete the canal is apparently fixed by
the excavation remaining to be done on the
great Culebra cut, and is set at ten years.
The interest charges on the cOmpanys Sc
curities during the period are apparently
not included in the above 800 000, 600, and
Will increase the actual cost of the canal by
One-fOurth or more.
General Abbot's paper makes little or no
ailusion to the financial status, prospects or
plans of the new company, which is the
question of greatest practical interest just
now; and the company's representatives in
this country are not authorized to make
any statement as to it's future policy, ex-
cept to say that no governmental aid will be
asked from any source.
From all the information that we can
CLEAN, however, we believe that a few
months hence, when the complete report of
the international engineering commission is
made public, an effort will be made to raise
funds for the completion of the work. and it
seems quite probable that the project will
be placed in so favorable a light before
irO i0RG nnf fhG rod
amount may be obtained.
This report of the engineering commission.
we are informed, will probably be ready
for publication before the close of the year,
and will be accompanied by reports pre-
pared by eminent French statisticians
(among them M. Leroy Beaulieu) upon the
probable traffic and earning power of the
canal. This is a matter which has been
heretofore lightly passed over both by De
Lesseps and the Nicaraguan canal promot-
ers. and the results of a careful statistical
inYaStiga ton will he awaited with interest