Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-12-28
Arrangement to Put the Panama
Ditch Under American Control,
ONLY HOPE FOR THATR0UIE
by the Transfer, the Panama Canal
Would Get Equal Consideration
with the Nicaragua Route,

New YORK, Dec. &.--Ihe lncofpofaton
Of the Panama Canal company Of
America is said TO be the first move In
plan to transfer the Panama canal to
Americans In order that it may have
better chance in the struggle with the
Nicaraguan coneessionaires. The bank
ing houses and individuals who are
understood 10 be interested are: Aug
ust Belmont & Co., Kuhn, Loeb e. Co.,
Levi 2. Morton, Charles r. Flint, j.
Edward Simons, president Of the Fourth
National bank; Edward Sweet g. Co.,
Geo. Sheldon q Co, Barring, Magoun q
Co., and George w. Young president OF
the United States Mortgage and Trust
Co.
In addition to these, several banking
houses In San Francisco and in cities
In the South and West are Interested
In the company.
The Herald says this incorporation OF
an American company Is the result OF
negotiations between representatives, OF
the French company including Baron
Oppenheim, who came TO this city from
Paris several months ago, and leading
hnanciers Of America. The representa-
tive Of the French company came 10
this country empowered TO transfer the
rights OF the company TO an American
company and this company having now
been incorporated the transfer viii very
shortly be effected. the transfer 10 De
given formal approval by the share
holders In France. These shareholders
will receive shares In the new Ameri-
can company In proportion TO their
holding in the old.
This "Amerlcanizing' OF the Panama
canal, as one Of the gentlemen inter-
ested In the new company styled IL
yesterday, has been brought about IN
order to place the Panama canal on
footing In America more satisfactory 10
the French company and to place 1t on
the same basis as the Nicaragua canal
before the United States government.
An Isthmlan canal commission, with
Rear-Admiral Walker as chairman, Is
now at work making an exhaustive
study OF all possible routes for q canal
across the Isthmus Of Central Ameri-
ca. This commission was created in the
closing hours Of the last Congress, and
100000 was appropriated for its use
through the river and harbor bills. It's
report will undoubtedly be final, so far
as the United States are concerned, as
TO the best route for cana Its par
ties both engineering and exploring, are
now scattered over Central America,
obtaining material 70 assist the COM
mission In forming conclusions.
The French company realizing me
Importance of the commissions find
lngs. has taken the steps which have
been described, believing that the canal
commission would naturally be enabled
to Judge more lmpartially between the
two routes with both under American
control. The gentlemen of the French
company long since recognized that the
undertaking Of a canal across Nicara-
qua, either by the United States or by
private parties with the assistance or
Endorsement OF the United States would
be a most serious blow to their project,
but the American financiers who have
formed the new company now that the
two routes are on an even footing, ana
that Judgment will be made only on the
grounds of engineering and general de-
STABILITY. They argue that the "Aneri-
canlZing' of Panama Is the only way by
which the four hundred shareholders
can have any hope OF any return from
the $500, 600, 900 which has gone out OF
France and into the canal. and they be-
lleve that this arrangement can pro-
duce only good feeling between the
two countries.
Since 1894, when the French company
was formed, there has been expended
in work on the canal something like
81, 900. 600. Several thousand men, most
ly negroes from Jamaica, have been
employed and experts declare that the
money has been properly expended and
that good progress has been made.
There is large number Of men al work
on the canal at the present time and
this force will be found al work by the
canal commission when II goes over the
route, which will probably be during
February. The canal is about two-iifths
completed and the new American COM
pany estimates that the cost OF COM
pletlon would be about slOO,O0O,OOO.