The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-29
PANAMA CANAL COMPANY.
COMBINATION OF FRENCH AND
AMERICAN CAPITAL.
Ths Hope IL 10 Have Isthmisn Route
Considered BY United States I'm
Detcrmining Upon Interocean
Waterway-Nearly Half Built.

NEW YORK. DEC. 2.-The incorporation
Of tho Panama Canal Company Of America
Is said to be- the first move In plan to
transfer the Panama canal to Ameficans
in order that It may have q better chance
In the struggle with the NicaraSuan con-
cessionaires The banking houses and in
dividuals who are understood to be inter-
ested are: August Belmont & Co.. Kuhn.
Loeb q Co., Levi p. Morton, Charles b.
Flint, J. r. Simmons. president Of the
Fourth National bank: Edward Sweet &
Co., George Sheldon q Co.. Barring, Ma
goun & Co., and George w. Young. presi-
dent Of the United States Mortgage and
Trust Company.
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 negotia-
lions between Representatives Of the French
company. including Baron Oppenheim, who
came to this city from Paris several months
ago, and leading flnanciers OF America. The
representative Of the French company came
to this country empowered to transfer the
rights OF the company to an American COM
pany and this company having now been
Incorporated, the transfer VIII very shortly
be effected, the transfer to be given formal
These shareholders will receive shares in
the new American company in proportion
to their holdings in the old.
canal, as one Of the gentlemen interested in
the new company styled It yesterday, has
been brought about in order to place the
canal on a footing In America more salts
factory to the French company and to
place 1t on the same basis as the Nicara-
qua canal before the United States gov
eminent
Admiral Walker as chairman. II now at
work making an exhaustive study of all
possible routes for canal across the 18TH
was created in the closing hours Of the
last congress and $1.000000 was appropriat-
ed for Its use, through the river and
harbor bill. Its report will undoubtedly be
cerned as to the best route for canal.
Its parties, both engineering and exploring,
are now scattered over Central America,
obtaining material to assist the commission
in forming conclusions.
The French company, realizing the i'm
portance Of the commissions findings. has
taken the steps which have been described.
believing that the canal commission would
naturally be enabled to Judge more impair
TALLY between the two routes with both
under American control. The gentlemen
ed that the undertaking OF a canal across
Nicaragua, either by the United States or
by private parties with the assistance or
be most serious blow to their project, but
the American fnanciers who have formed
the new company know that the two routes
are on the grounds OF engineering and gen.
eral desirability. They argue that the
"Americanizing" of Panama IL the only
way by which the 400 shareholders can
hay have any hope Of any return from the
500. 100000 which has gone out of France
and into the canal and they believe that
this arrangement can produce 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 IS 900, 900
Several thousand men. mostly negroes from
Jamaica, have been employed and experts
declare that the money has been properly
expended and that good progress has been
made. There lie large number of men at
work on the canal at the present time and
this force will be found at work by the
canal commission when 1t goes over the
route. which will probably be during Feb
ruary. The canal is about two-ffths COM
pleted and the new American company esti-
about $100000.000