The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1890-12-11
NICARAGUA CANAL ENTERPRISE.
Annual Report of the Company Showing
Progress of the Project.

WASHINGTON, Dec. 9.-The Maritime
Canal company of Nicaragua, pursuant tc
act of Feb. 20, 1889, has filed with the secre.
tary of the interior, its annual report
covering operations of the company during
the year ended Dec. 1, 1897. The report
says that during the past year operations
on the Nicaragua canal have been prose-
cuted with diligence and energy, and great
progress has been made in the work of con-
struction.
The final plans are detailed. The sur
veys OF the canal, its harbors, locks and
other accessory works have been COM
pleted and verified, and no efforts spared
in perfecting the location of the route from
ocean to ocean. Additional barracks, store
houses and machine buildings have been
erected and warehouses built for the receipt
and storage of supplies. Parts of San Jus-
Milo, Descado, San Francisco and other
navigable streams have been grubbed and
channeled and made ready for further
operations. About 100000 cubic yards OF
canal have already been eXcavated and
several miles of aqueduct, which is intended
to supply fresh mountain water to the COM
pany's headquarters, have been completed.
Ten miles of ra lroad, now under con-
struction from the Atlantic port to the
divide, have already been practically com
pleted, and will soon be in operation.
WASHINGTON, Dec. 9.-rhe depots and
locomotive houses have been erected and
others are in course of construction. Very
satisfactory progress has been made on the
break water, which is to protect the At
lanlic harbor from drifting sands. .
During the year the company has pur-
cha ed dredging plant at Panama owned
by the American Constructing and Dredg
ing company. The greater part
oa,u.bla OF the plant PbaI hssn which is very
from Colon to Graytown. I he very impor-
taut work of dredging the harbor of San
Juan Del Norte is being energelically pros
eculed
Great improvements in the hospital ser
vice have been made during the year. The
health of the employees has been very good
and there has been no deaths from fever
during the last three months.
The report shows that since the organiza-
ton of the company 10, l45 shares Of stock
have been subscribed for at par, $lU0, of
which 81 OH, ,450 in cash has been paid
into the company's trea ury. Since its
organization the complny has expended
for work and materials $772, 263 in cash and
", 100000 of full paid capital stock of the
company, and is obligated for $4,2S6,' 90 of
its first mortgage bonds 1t has also is
sued 100000 shares of its capital stock of
the par value of $l2,C00,0O0 i'll payment for
concessionary rights, privileges, franchise
and other property.
The government of Nicaragua by COM
municatlon dated November 8, 1890, has
officially declared that the company has
more than complied with the articles of
concession. The liabilities of the company
consist of amounts still due under conces-
sions grated it and 81, 2S6, 900 of the bonds
above mentioned and cash liability out
standing and unpaid to an amount not ex-
ceeding $4,000. The report is signed by
Ham Hitchcock, president, and Thomas
B. Atkins, secretary.