Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-29
no BUILD THE PANAMA CANAL.
Secure Control of the
French Company.
CNew York Worl

(NeW York WOrld)
The Panama Canal Company Of Anne
rica. with a capital of s3OO10.CoO was in
corporated at Trenton yesterday by at
torneys, representing a syndicate Of Anne
rican capitalists formed to complete the
canal across the isthmus.
This company represents the reorgani-
cation of the New Panama Canal Com
pany, successor to the De Lesseps con-
Germ. The French interests have been
acquired, and the new company is Anne
rican throughout.
The American syndicate announces that
It intends to finish the canal as soon as
it can be cut through, whether the United
States participates in the construction or
not.
Back Of the new company is a strong
combination of American capitalists.
Among those mentioned by the attorneys
for the incorporators as being interested
in the company are:
RICH MEN INTERESTED.
J. Edward Simmons. president of the
Fourth National Bank; Kuhn, Loeb K Co.;
Edmund G. Converse, president OF the Ma
tional Tube Company Warner Van Nor
den, president of the Bank of North Anne
RIGA; August Belmont. Levi p. Morton,
John w. Seligman. c. r. Flint, j. II. De
Lar Mar. and Vernon II. Brown, of the
Cunard Steamship Company.
Only three incOrpOratOrs are mentioned
William =. Chapman, of No. 80 west
Forty-ffth street, and Henry w. Clark,
of No. 239 west Seventy-fourth street,
this city. and Francis d. Pollak, Of Sum-
nit, y. j. The attorneys for the incor-
porators are Nelson X. Cromwell and
Francis Lynde Stetson.
BY its charter the company is empow
cred TO increase its capitalization from
S}OOO0OOO to $1Z0,00O00O, and it is granted
the privilege of charging. completing,
and operating not only the partially built
canal and railway, but steamship lines,
wharyes, and warehouses.
1t is also granted the right TO enter
into an arrangement with any govern
ment in connection with the completion
and operation of the canal
The capital stock is divided into 5000
600 first preferred. 15,000OOO second pre-
ferred. and 100000 common shares.
The incorporation of the new company
yesterday is the elimination of n pro-
ject whicn has been under way for nine
months The promoters sought 20 secure
absolute control Of the Panama Canal
Company, a French concern, with little
American capital interested. This was
the successor Of the De Lessepes com
pany.
AMERICANS SECURE CONTRACT.
The French company prosecuted the
work with varying vigor and the Ameri-
cans believed that with the canal nearly
half completed, and with the machinery
and other facilities at hand this would
be the most feasible and least costly
route for an interoceanic canal. Pro-
ceeding upon this idea the American pro-
motors succeeded a few weeks ago in
purchasing practically the whole OF the
French interests, and the formation OF
the company incorporated at Trenton
yesterday followed.
Representatives of the company de-
cared last night that il is the intention
TO 90 right on with the canal without
making any further appeal to the United
States Government. They said the back
ers of the new company were confident
that the canal would be "A successful en-
terprise.
Nelson r. Cromwell one OF the COM
pany's attorneys, said last night.
"rhe canal will now be completed UNI
der the direction Of American capitalists.
They are satisfied that the Panama is
the only practicable route.
"The canal is already at least two
Gfths completed. 1t is navigable for
twelve miles inland on the Atlantic side
ana four miles inland on the Pacific. Sew
eral thousand men are now at work on
the canal. Some OF the most competent
engineers in the world are now In the
employ Of the company. These engineers
have made a report which definitely dis
poses Of all the problems OF construction
800 100000 NEEDED.
1T is estimated that II Will cost 800
100000 more 20 complete the work. The
new company proposes 10 have the canal
open AT the earies. practicable date.
1.-THE entire route lies i'm the Republic
of Colombia. which has had a treaty
with the United States since 1876. Sc
curing the protection of the canal"
II IS understood that J. u Morgan <
Co are also interested i'm the canal COM
pany. The attitude OF the United states
toward this big American enterprise is
probematical The Isthmian Commits