The Birmingham age-herald., 1913-08-07
The Matter of Finance

which Mr.. Trumbull considers we'll worthy
the consideration of the American public
| is the manner in which the whole propo-
| sition was financed. There was no ne
cessity of approaching capital to tempt
funds. The securities which provided the
funds had the guarantee of the federal
government behind them and they con-
tained special privileges which made a
ready market for them certain even at II
low rate of interest. There was no need
of organizing underwriting syndieates.
| Nobody got commission or bonus in re-
\ turn for securing capital ultimately
| these funds will be liquidated by means
of taxes paid by the American people.
| Mr.. Trunlbull seems to think. that if the
railroads of the United States. had in re-
| cent years been able to secure needed cap
! ital as easily as the Panama canal COM
| mission has secured its funds, the rail-
| road managers would not now be in per-
pleXity respecting the increase of their
terminal facilities, the improvement of
their tracks, the perfecting of their equip
ment and the offering of facilities 10
American business men and farmers for
| transportation of their products which
would be equal to the demand of that
transportation.
The Panama canal is to cost somewhere
| between, S30O, 100000 and S400, 100000. Mr..
Trumball calls attention to the fact that
the railway companies of the United
States spend each year much more than
that sum in making improvements or in
keeping up the equipment, roadbeds and
terminal facilities. The Pennsylvania
Railroad company and the New York
Central Railroad company, in addition to
the wonderful engineering and scientific
achievement which have made their ter
minals in New York city now the wonder
of railway men and men of science the
world over. were also compelled In every
eXpedient manner possible to secure funds
aggregating about two-thirds of the
amount needed for the building of the
Panama canal, and this great expenditure
is made simply for the purpose of perfect
ing the terminals in New York city. The
New York city aqueduct, which is to be
completed probably within another year
or year and half, Mr.. Trumbull re-
CARDS as more wonderful from the poiut
of view of science and engineering than
is the work done in the Panama isthmus.
That aqueduct when completed will have
cost approximately $200.00O.000. possibly
three-ffths of the total cost of the Pan
anna canal.
The Commercial Point of View
1t would not be assuming too much to
say that Mr.. Trumbull does not look for
the gerat commercial business carried
through the Panama canal, which some
others have forecast. In this respect he
agrees with some of the authorities of
Great Britain. He does not see how the
canal can compete with commerce that
is carried through the Suez canal, since
that commerce is participated in by 900,-
100000 people. Not until portion of the
antipodes and a portion of the Orient ere
reached can there be anything like COM
petition between the two canals. But he
is persuaded that very great commerce
will be developed by means of the canal
with South America and a considerable
commerce with our own Pacific coast
He is certain that the years will be many
before the tonnage carried through the
Panama canal will approximate that al
ready carried through the 500 cor
which connects Lake Superior and Lake
Huron But the international political in.
huences created by the canal and the es-
tablishment of new and great commerce
with South America by means of it are
features of this work of which Mr.. Trum-
bull speaks with enthusiasm.