The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-12-28
PANAMA SCHEME E.
The French Isthmian Canal to
Be AmericaniZed
In Order to Freeze Out the
Nicaragua People.
TO BE TAKEN OVER.
Great American Financial In
terests Unite
To Buy Out the Entire Panama
Company Property.
O BE TAKEN OVER.

New York, Dec. 2s.-The Incorporation
of the Panama Canal company ofAmer-
lea is said to be the first move in plan
to transfer the Panama canal to 4meri-
cans in order that it may have better
chance in the struggle with the Mic
araguan concessionaires- The banking
houses and individuals who are under
stood to be interested are: August Bel
mont & Co, Kuhn, Loeb & Co, Levi p
Morton, Charles r. Flint, J. Edward
Simmons. president of the Fourth Ma
tionaI bank; Edward Sweet * Co, Geo.
Sheldon & Co, Barring, Magoun & Co,
and George w. Young, president of the
United States Mortgage & Trust COM
pany.
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 TINS
city from Paris several months ago anu
leading fnanciers of America. Inc rep
resentatiVe of the French company
came to this country empowered 10
transfer the rights of the company 10
an American company and TINS com
pany having now been Incorporated, the
transfer will very shortly be effected,
the transfer to be given formal approval
by the shareholders in France. Ihese
shareholders will receive shares IN the
new American company in proportion
to their holdings in the old.
This ''Americanizing~' of the Panama
canaT' as one of the gentlemen interest
ed in the new company styled 1t yeStef-
day, 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 1t on the
same basis as the Nicaragua canal be-
fore the U. S. government.
An isthmian canal commission with
Rear Admiral Walker as chairman IS
now at work making an exhaustive
study of all possible routes for canal
across the isthmus of Central America
This commission was created in the
closing hours of the last congress and
81 600 900 was appropriated for it's use
through the river and harbor bill It's
report will undoubtedly be final, so far
as the U. S. are concerned, as to the
best route for a canal. It's parties, both
engineer and exploring, are now scat
tered over Central America, obtaining
material to assist the commission in
forming conclusions.
The French company, realizing the i'm
portance of the commissions innings, mas
taken the steps Whlch nave peen descIlp !
believing that the canal commission
would naturally be nabled to Judge more more
tmpart1alIy between the Two 70 uIeS Win
both under American control. The gen-
tlemen of the French company long since
recognized that the underta41ng OF a can
al across Nicaragua either by the United
o
sfstance or Endorsement Of the United
/ States would be most serious blow to
their project, but the American hnanciers
who have formed the new company now
believe that the. two routes are on an
even footing and that judgment will be
made only on the grounds Of engineering
and general desirability. They argue that
the ''Americanizing Of Panama is the
only way by which the four hundred
shareholders can have any hope of any
return from the 5000, 600 600 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 Compagne Nuvelle
/ was formed there has been expended in
/ work on the canal something like S.. 000,-
/ 600 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 is a large number
of men at work on the canal at the pres
ent time and this force will be found at
1 work by the canal commission when it
goes over the route, which will probably
/ be during February. The canal is about
/ two-fifths completed and the new Ameri-
/ can company estimates that the cost of
!