Condon globe. (Condon, Gilliam Co., Or.) 189?-1919, 1900-01-04
AMERICANS BUY A CANAL.
At Least They Now Own an Interest in
the Panama.

At Least They Now Own an Interest In
the Panama.
New York, Dec. 80--The incorpora.
tion Of the Panama Canal Company Of
America is said to be the first move in
plan to transfer the Panama canal to
Americans In order that 1t may have
better chance in the struggle with
the Nicaraguan concessionaries. The
banking houses and individuals who
are understood TO be interested are:
August Belmont g. Co., Kuhn, Loeb g.
Co., Levi r. Morton, Charles X. Flint,
J. 4. Simmons, president OF the Fourth
National bank; Edward Sweet, George
Sheldon 81 Co., Barring, Magoun 81 Co.,
and George w. Young. president OF the
United States Mortgage e. 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 Openheim, who came
to this city from Paris several months
ago, and leading financiers OF America.
The representative OF the French com
pany came to this country empowered
to transfer the rights Of the company
having now been Incorporated, the
transfer will very shortly be effected,
the transfer to be given formal approval
by the shareholders in France. These
shareholders receive shares in the new
American company in proportion to
their holdings in the old.
This "Americanizing" OF the Pana
ma canal, as one of the gentlemen in
terested in the new company styled 1t
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 1t
on the same base as the Nicaragua
canal before the United States govern
ment.
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
81 900, 900 was appropriated for its use
through tthe river and harbor bills.
Its report will undoubtedly be final as
far as the United States Is concerned as
to the best route for a canal. Its par
ties, both engineering and exploring,
are now scattered over Central America,
obtaining material to assist the com.
mission in forming conclusions.
The French company, realizing the
Importance OF the commissions find
ings, has taken the steps which have
been described, believing that the canal
commission would naturally be enabled
to judge more impartially between the
two routes with both under American
control. The gentlemen OF the French
company long since recognized that
the undertaking OF canal across Mica.
ragua either by the United States or by
private parties with the assistance or
Endorsement OF the United States would
be most serious blow to their project,
but the American financiers 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
iesirability, they argue that the
"Americanizing" of Panama is the
only way by which the 400 shareholders
can have any hope of any return from
the 5000. 900, 600 which has gone out of
France and into the canal, and they be.
lieve that this arrangement can pro-
luce only good feeling between the two
countries.
Since 1884, when the French COM
pany was formed, there has been ex-
pended in work ON the canal something
like $1,000, 900. Several thousand
men, mostly negroes from Jamaica,
have been employed, and experts de.
clare that the money has been proprely
expended, and that good progress has
been made. There is 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 it goes over the route, which will
probably be during February. The
canal is about two-fths completed,
and the new American company esti-
mates that the cost of completion
would be about 500, 100000.