The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-13

| ject during the past five years shows
! that while the sentiment in favor of the
construction of a canal has grown stead
| lily, faith in the Nicaragua route as the
most practicable has suffered a steady
decline. This decline has been due, more
than anything else, perhaps, to the I'M
| certainty of the cost of carrying out the
! project. The first estimate of the Mari
time company was S67, 900. After doing
/ more or less work on the canal the Mari
| time company ceased operations in 1898
| for lack of funds. In 1895 congress ap-
| pointed the Ludlow commission to ex-
anime and report upon the Maritime
| placed the cost of the canals completion
at $133 472,S93. The Walker commission,
appointed subsequently, increased the es-
timate at S140,c60000.
| Up to the outbreak of the war with
Spain the project of constructing an 18TH
milan canal, while acquiesced in by the
general public in he United States, had
| received ardent advocacy only In quarters
where a special study of the subject had
| been made. But at The commencement of
| that conflict the people of the United
| States received an impressive object les
| son or the need of a canal. That lesson
| YVES the historic trip of the battleship
Oregon. With the declaration of hostil-
tiles American attention was absorbed by
the possibility of the Spanish fleet under
Admiral Cevera making sudden attack
upon some one of the important cities of
the Atlantic cost. At that time the Ore
| gon, a newly constructed battleship, was
| on the Pacific station. 1t was considered
desirable to have the ship added to the
strength of the Atlantic fleet Orders
| were sent to her commander, Capt. Clark,
to bring her around Cape Horn using all
speed possible. The American people
watched with anxiety the famous voyage.
| 1t furnished an argument for the con-
struction of an isthmian canal more eflec-
tive than a century of discussion.
But coincident with the making up of
| the American mind that a canal must be
built there came the conflict of opinion
as to the choice Of routes Those who
were interested in the Panama enterprise
| were quick to see the opportunity opened
| 10 them.
American Auxiliary Company.
| When the commission that was appoint
ed by President Mckinley, In 1899. to ex-
anime the American isthmus at every
available point in order to determine the
most practicable and feasible route for
! ship canal. went to Paris to examine the
| plans of the Panama company, the com
pany, realizing the improbability of its
| being able to raise sufficient funds in
| France to go on with the enterprise to a
successful conclusion decided to take its
chances in competition with the Nicara-
qua project before the American congress
At a meeting Of the directors it was de-
| cided to transfer all property Of the COM
pany. its rights and powers, together
with those of the American auxiliary COM
pany, to a new American company That
company was organized under the laws
of the state of New Jersey. with the title
of the Panama Canal company of Amer-
| ca. The capital was fixed at $4,000 900,
and the eompeny was authorized to in
crease the amount IL necessary. The ar
rangement which 1t made with the French
company in taking over its rights
TO pay the shan eholders of that company
partly in money, but mainly in shares of