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 THAT ROUTE
ny the Transfer, the Panama canal
would Get Equal Consideration
with the Nicaragua Route.


OF the Panama Canal company Of
America lie said to be the FIRST move In
n plan to transfer the Panama canal to
Americans In order that II may have
better chance In the struggle with the
Nicaraguan conccsslonaircs. The bank
ing houses and individuals who are
Understood 10 be interested are: Aug
ust Belmont & Co. Kuhn. Loeb a. Co.
Levi T.. Morton. Charles II. Flint. j.
Edward simons. president OF the Fourth
National bank: Edward Sweet & Co..
Geo. Sheldon u Co. Barring. Magoun &
Co.. and George w. Young. president OF
the United States Mortgage and Trust
Co.
In addition TO these. several banking
houses In San Francisco ana In cities
In the South and West are Interested
In the company.
The Herald says this incorporation Of
an American company ~ the result OF
negotiations between representatives. OF
the French company. Including Baron
Oppenhclm, who came to this city from
Paris several months ago. and leading
nnanciers OF America. The representa-
tive OF the French company came To
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 TO be
given formal approval by the share
holders In France. These shareholders
VIII receive shares In the new Amefl-
can company In proportion to their
holding In the old.
This "Amerlcanlzing" OF the Panama
canal. as one OF the gentlemen inter-
cstcd In the new Company styled II
yesterday, has been brought about In
order to place the Panama canal on "a
footing In America more satisfactory To
the French company and to place II on
the same basis as the Nicaragua canal
before the United States government.
An Isthmlnn canal commission, with
Rear-Admiral Walker Ms chairman, Ia
now at work making an exhaustive
study OF all possible routes FOR q canal
across the iFthmus OF Central Ameri-
ca. This commission was created In the
closing hours Of the last Congress. and
N,OOV,0OO was appropriated Tor It's use
through the river and hnrbor bills. Its
report viii undoubtedly be final. 10 far
us the United States are concerned, as
to the best route for n canal Its par
ties both engineering and exporting, are
now scattered over Central America.
obtaining material 20 assist the COM
mission In forming conclusions.
The French company realizing the
Importance OF the commissions md
lngs. has taken the steps which have
been described. believing that the canal
commission would naturally be ennbled
to judge more impartinlly between the
two routes with both under American
control. The gentlemen OF the French
company long since recognized that the
undertaking OF 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 financlers who have
formed the new company now that the
two routes are on an even footing. and
that judgment will be made only on the
grounds OF engineering and general de-
STABILITY. They argue that the "Ameri-
canlzing' OF Panama " the only way by
which the four hundred shareholders
can have any hope OF any return from
the $500. 600 600 which has gone out OF
France and into the canal. and they be-
lievo 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 Ike
s.. 900 GOO. Several thousand men. moet-
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 IL a large number OF men nj work
on the canal Mt the present time and
this force VIII be found at work by the
canal commission when II goes over the
route, which Will probably be during
February. The canal In about two-iifth
completed and the new American COM
pany estimates that the cost OF COM
pletlon would be about Slo0.oOo.00O.