New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-28
TO BUILD PANAMA CANAL.
AMERICAN COMPANY INCORPORATED
FOR THAT PURPOSE.

| TO ACQUIRE The RlGf1lo Or IliH
CoMPANY-THE CAPITAL PLACED AT
soooo ooo-wELL KNOWN FINANCIERs
SAID TO BE INTERESTED.
Trenton, ~ j.. Dec. 27-The most Interesting
! company to be Incorporated here for some time
| filed its papers with the Secretary OF state TO-
day It's name is the Panama Canal company
Of America. It's capital Is $30000OOO, which
| may be increased at any time.
The papers set forth that the company Is or
! ganlzed for the purpose Of acquiring the prop
erty and the rights Of the Compagnie NouVehe
! du Canal de Panama, a French corporation III
q maritime ship canal and a railway across the
Isthmus Of Panama from the Atlantic 10 the
! Pacific Ocean When these rights and proper
| ties have been acquired the newly formed cor
poration It is said, will have the power to oper-
ate the canal and railroad. and also to enlarge
them and to enlarge and operate other con-
nected interests The company is empowered
TO operate ships and steamship lines carry
| malls passengers and merchandise; operate tele-
graph and telephone lines maintain wharves,
warehouses and generally to engage In any
business advantageous to the companys busi-
ness The articles also empower the company 10
enter into arrangements with any government
that may seem conducive to the companys OBJ
ject including the obtaining of rights privileges
and grants.
The capitalization is divided into three parts
The first Is an issue Of S50OO00O Of first pre-
ferred stock, bearing per cent guaranteed
non-cumulative dividends The second is an
issue Of S150O0O00 Of second preferred stock
bearing per cent non-cumuative dividends
The remaining S1OOOOOo0 is to be Issued In
common stock.
The corporators Of record are William J.
! Chapman jr.. OF No 80 West Forty-hfth-st.'
New-York City; Henry Clark, No 239 west
Seventy-fo fourth st. New-York City. and Francis
D. Pollak, Of Summit, \. j.
a statement purporting to be Issued by Will
lam Nelson Cromwell and Francis Lynde Stet-
son, counsel TO the company just incorporated
was sent to The Tribune last evening. II says
among other things:
The company has been incorporated for the pur
! pose OF accomplishing the Americanlzation OF the
! Panama Canal. which will be completed under the
largely Interested in the Development Of the hnan-
cal plans necessary 10 that end. ne pldn Tor Jtle
| Amcricauizatou OF the canal I'm the manner de-
scrlbed has been under consideration for some time
The COMPANY VIII nave 'n' snipVl' ip1 ~ - 1i E9oSn
merchants, hndnclers ana capt. OF WI NS
| financial ability standing and repute. who, after
eadetGi H. Piro Inn'G a0nl m is thr oniy feasible and
| practicable route, and that - compeu"n VII Sc
r
way between the Atlantic and the Pac!hc In me
! quickest possible time and by the most Ie4siolse
and Is ooen on both sides hclnf nangnod" ,i9r t9r
twelve miles inland on the Atlantic sitc an ana & iou'
miles Inland on the Pacific. For the last rev years
ca ed mo-, tho rndst dficut portion ot the work
ma ,be directon Of most competent BOARD OF
| Fnglnoers The French company has called 10 us
| aH in The solution OF the engineering problems an
! international technical commission, compose ol
reeosr when de,n.iey dsposcs OF all tire problems
] cd determines
The cost ~ tho completion Of the work Is .sii,,
mated AZ UooOo0o. One-half OF the total cost - OF
| tho canal has already been expended. Ihe curHIt
turc of the canal Is matter OF !mpor ~ M 20
gators. ~ easy curves facilitate ana r'na,r sbe M
Tho massage of large vessels The curves upon ms
route are favorable as upon any known carnl %
! n VIII bc the purpose ~ the new cotnPaig, ~, ~
press tho completion u the canal at the earliest
! practicable date Excellent harbors on me Atlanuc
/ - the route ana ability 20 complete in compara-
lively short time prcseR, ond Sbisb distingish
this project from All others.
DIPLOMATIC SITUATION SATISFACTORY.
The Diplomatic situation Is mos, satisfactory The
| route of tho canal lies entirely In the kepuoHC VI
9iomn9 WIZ ~ ,Sr Tn,ed states privileges rcspcct
INK the protection ot the canal or me very hisat
g,T5cl rself as charged with the duty or protecting
| the Interests OF the Panama Railroad uompa"s,
,,nr5 - tha canal itself the same governmental
| rrotectIon These rights have been TcqueIuy *
crrscd by the United states ana recosh'%eu oS inv
Tho time Of transit VIII he me ShorlrSt %' ,on1y y
| rossihla trans-lsthman route. not over hhe'''"
| hours being required In transit ,, ,...h
The plans proposed 6y me srage of vessels
of The largest known construction. and provide r2r
! svstem of double locks ~ varying size Whicn
| sinnllncs and facilitates operation ,-,u
| The concession under which the canal IL nelng
Go ,os,Ioncd Indcr II the rights OF citizens OF
he Tri,ed states in the OF the canal are fully
"'s1 s1 %, th@sc Consultations have had great weight
with American capitalists who are giving their
| support to the new company
\ TALK WITH MIR. CROMWELL.
This is distinctly American enterprise
said Mr. Cromwell to n reporter Of The Tribune
when seen last night ut will be carried through
with American capital and It Is an outcome Of
American brains For some time number OF
prominent men Of this and other cities have
been investigating the subject. They have
made a thorough study Of the conditions which
would enter into successful completion OF the
Panama Canal. and they now ready to COM
plete the work This is not a vsion-adream.
II is a fact. The men IN this company are not
| promoters They are men who represent the
best business and financial interests OF the coun-
try The work will be carried on with private
capital and the Government will not be asked
to aid. The French company will retain small
interest but the controlling shares VIII be In
American hands.
THE completing Of the Panama Canal is a
matter OF vital and unqualified importance. IL
Is a live subject to-day. and with the new In
terests I'm Cuba and Porto Rico there Is more
than ever need for II. The canal is already
two-hfths completed and the rest is under active
construction with force Of four thousand men
at work all the time. 1t is impossible for me to
give out the names OF the I'm the new com
pany at present. They include some OF the
most prominent bankers In Wall Street"
II was said last evening that the capital of
the company will be increased to S1200OO000 at
an early date and that some of the financial
men behind the company's promoters are j.
Edward Simmons OF the Fourth National Bank;
Kuhn Loeb e. Co. Edmund c. Converse. presi-
dent Of the National Tube Company; Warner
Van Norden. president OF the National Bank OF
| w GaIo q, - rtp