Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1886-02-09
MISCELLANEOUS p
AFFAIRS ait Pananfa.9 .9lini'o

IA 4EIcHO OI-OuLS 10 Al ASSSaPS W, AT
interesting letter from Panama, from
WHICH he permits us to makei ths
following extracts, feeling quite sure
that they wilt prove of interest to-
our readers: SD dEhuGYfr. III iaii!
The general prosperity 4ierrelN2ass'
you may readily understaHd4de-
pehtls almost entirely upon the canal
company. When money Is. plentiful
With The eompahyyf and votk pushed
actively, business qbooms, and MONEY,
ciFctftate5 freely. mo" i'.-'''>E l ~ -
Aside from the merchants ana their
etnpIByees, YOU might Safely say that
every other person in town IS EN-
pf6yhd ny and dependent upon the
caiihf colhpsny:.' 49, ~ u ''..'' -:
h3Vith this EXPLANATION you will bet,
ter and more fully comprehend the
cohdltion of affairs when 1 say that
the canal Itonpatiyis doing absolute
ly nothing, and has done nothing for
the past year. And lfurtherinoFe We Z
do not hear THE 7hsnSli pr6Hisey OF
work being trssuYned ana pttshed With
vigor during the coming dry Ssas9fn,
upon WhiEii We are Just entering. "
'Tief truth is the Panstna' canal
scliehe is1GA great fraud ahnRo1ther
soutE sta BubbIeE tile" delided
stdckhoidtrs Are beginning TO ope1
their eyesAlaiidi money isH scarce. .Tm imI4
TIE 7eotnpHhy IS actually bahktupt
nov, as any Intelligent person can
see 'By'a, careful Study OF the COM
pany's financial condition Let me
briefly give, yoh SOME facts which
speak TolHnes.. and Which may p6s-'
sftiIy Interest you.a Hii"i 'i2'''' ''",
The coabd1y 'tomHiGheed H6para-i
tions III 1850 and was formed 9h the
n6tnifIaf basis OF a capital Of #. 800, Z
600, dTvfded intd 900, 900 5kdFeg
Of hfr .561! OF these, 10, 900 sh3qes
weren Si3'ea TO promoters hs Pdid up.
ptherefdtg they, REPRESENT aett' hpt
irhe fehdiBing $50, 1000 islhates bad
| half their par value called for, bfihg2
| ing in Fl. f47, 300. 900. II |ii't
The directors have allowed more
than two years toriapsn since last call
On Stockholders Iand Brent4a lawetle-
bars them from further call under
such circumstances, and gives hold
'ers of stock a right to consider it As
lilly paid for. an.n E7af ~" n""i 80
On September 4 1882, Q the COM
pdny contracted as per cent loan to-
raise money for purchase of Panama
r. r. +: 25O,O0O bonds of,fr.50O each
(with security of p. r. r. were sold
at fr.4379 each, producing fr.l09,
375,OO0: Ia b. r.g-n- q
OF the 10000 shares in the p. r.
r. thercanaI company bodght '6S. .534
at. u price OF S250neach of principal
and 81 tof interest, Beforelthe ca
nal company commenced operations
the z. r. RI shares were at $50. t"'.
In October 1883, the canal cont
pany issued another loan az , per
cent. GOO, 900 honds,of fr 500 each.
equatto fir. SOC, 600, 900 These bonds
were sold by the brokers at ffr. .255
each. producing Boninaliy fr.17l,.
900, 900, hut as brokers received fr. 35
for each bond sold. the amount real
lied was only fr.1j0, ,0o0, 900. In
September, 1884. third loan was
put on the market: 397.3S7 bonds Of
frisco each at 4 per cent hominally
frj193, $4,000. Sold for about
frll1O, LOO. .O00. ara r,- - ..'
The statement of accounts thus
appear5.f. hati .. r.gr.E -st' - .
Rec;drfrom Stock and Bondbolders
Loan Stoclsholder7 lsn- 14T 500, 200
1st Loan mott asE,i lO9. .3T5. 900
E2dDhi.s jcrInltf L $50. 100000
3dsdis.d brug:s-rf 10000, 900
= baErFu h4rr!a, J. r.. = --------4-f
r. fr.5l6,s75 900
For which Company owes ID
Price of stock, par 300. 0.0O6. 900
1seIioaiI n"iTrfIGrla l25iUO6. 600
2d og1i III -t@ 500. 900. 600
| Sd 9se 1sh it i93i iG93, GOO
-T-s--f T.T F.sgai'uI II 20 % -
g2t.'aizH rann fr.9isl69s. 900
companY's financial rep6rt-ai-
though obscure in the extrene and
iintehded TO puzzle even an expert
neutrality-suspicious. an expenditure OF
| fr 354 900. 900 to June 30, 1884,
which would leave nearly FIJI 81, ,0B0.-
COO on hand ttenh1gl nionths ago
tAt9 rate of former expenditufes It is
tipidin the cash must lie nearly 7ex-
Ihansted. Daring past 6 months the
company has been trying 70 raise
an6thgr' loan in Paris, but has not
tsueceeded The stock and bond ob-
legations represent an annual charge
for interest of fr.30.622, ,74O. From
canal point of view the outlook is
dnything but encouraging. P0liti-
calty the country is upset. The con
E,stihtion has beenidecIared no longer
| TO exist-and we are really under a
dictatorship. A packed cOnyen-
tion5is now in session at Bogota max
ing 4 new constitution according to
the ideas of DR.. Nunez, President of
I of the Republic We may have iar=-
other revolution in the course Of. q
few months.