The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-06-18
Dissatisfaction in the Ranks of
Stockholders in the Nicaragua
Company.
Discrepancy Between the Esti-
mated Cost and tho Contracts
Already Made.
Big Salaries Paid Onicials More Orna-
mental Than Useful-The Charges
Denied BY Parties Accused.

New YORK, June H.--For some time past
there has been broodinR in the Nicaragua
Canal company spirit of dissatisfaction
which has at last assumed Importance.
forming basis upon which will be built
an effort to ohst the present management
at a meeting to be held in Denver, June Is.
A circular addressed to stockholders was
issued to-day by d. G. Knight, until lately
resident director at Nicaragua of the Mo
aragua Mail, Steamship and Trading Com
pany. In this Mr.. Knight makes some seri-
Gus charges.
He says: 1.-THE parties whose policy is re-
tarding this great enterprise are Hiram
Warner Miller. Messrs. DAILY, Hoyt and
Mason, attorneys to the company; A. O..
Cheney and A. g. Menocal. Get them and
some of their nominees here and in Nicar.
aqua out of the way and the enterprise will
succeed
He then points out that, although Super
intendent Menocnls estimate of the cost of
the canal is $65. .OOO, 900, the contract made
by the construction company with the canal
company calls for the payment of $500, 0,0O0,-
COO in bonds and S75 900, ,O0O in stock by the
latter to the former.
The first presidents, secretaries and treas
urers of these companies worked for honor.
but since the 1889 election the following
enormous salaries have been paid, unknown
to most of the stockholders: Maritime COM
pany, president, Mr.. Hiram Hitchcock, $685.
600 a year; secretary and treasurer, Mr.. At
kins, $40, 600; counsel. Messrs. DAILY, Hoyt and
Mason. $4,000 year; agent in Nicaragua,
NJ Enn I'm uAo
Rica, $1,000. Total, $5s,O00 year. Con-
struction company, president, Hon. War
ner Miller, $4,000 a year; counsel, 'Messrs.
DAILY, Hoyt and Mason, $4,000 a
year: chief engineer, Mr.. Menooal, $4,000
year; general manager, $4,000 a year; pur-
chasing agent, 4. Q. Cheney, $4,000 a year;
office rent, $4,000 year. Total, $4,000 a
Year; grand total. $3.50 a year.
This is exclusive of clerk hire and all other
expenses. The president, secretary and
treasurer of the Maritime company have no
duties at present. He charges that $150,OO0
was expended to secure the passage of the
charter Of the Maritime company through
congress.
He asserts that when A. G. Cheney was
president of the construction company he
secured an appropriation of S25, 600 to the
Finance compnny's undertaking, and has
never rendered any accounting of the ex-
penditure of this money. He asserts that
Hiram Hitchcock, president of the Nj arl-
time company, secured the passage of a
resolution awarding him $4,000 for back
pay, and an annual salary of $25,O0O.
He alleges that in paying $780, 600 for line
steamers in Nicaragua the construction
company paid three times what the
steamers were worth, having at the time in
their possession evidence showing what the
real value was. He intimates. rather than
asserts, that Mr. Menocal, the engineer, re-
ceved q coal mine for negotiating con-
tract with the government at Costa Rica.
He asserts that there is msmanngement
in purchasing the business of the company.
He asserte that Warner Miller, al president
of the Carolina Lumber and Creosote COM
pauy, is renping profit at the expense OF the
best interests of the Nicaragua Canal Con-
structlon company, of which he is also
president.
These charges are brought solely on Mr..
Knights own responsibility. He does not
substantiate them by any strong array of
documentary evidence nor by testimony of
others who are familiar with the atfairs of
the company which he assails. On the
other hand. the gentlemen against whom he
brings these charges categorically and sue
cinctly deny them.
They say that Mr.. Knights present posi-
tion is simply that of discharged employe,
who is seeking to be revenged upon the
people who have found it to their interests
to dispense with his services.
1t is for the stockholders to decide whether
they will take Mr. knights advice and elect
new board of directors, or whether they
will stand by those in whom they have re-
pOHed confidence in the mast.