The morning call., 1892-06-02
NICARAGUA CANAL.
Important Action Taken by the
Chamber of Commerce.
A Message to the st. Louis Convention Ex-
pressing the Sentiments of California
Merchants Canal Bonds.

A special meeting Of the Chamber OF Com
merce was held yesterday for the purpose
of expressing to the Nicaragua canal con-
veHtion, soon 10 convene at ST. Louis, the
sentiments OF California merchants con-
corning the completion OF this great work.
The mercantile community was well repre-
sented and E. B. Pond presided. Frank S.
johnson offered the following resolutions.
which were unanimously adopted without
discussion:
WHEREAS, The early completion OF the Mic
aragua canal is OF great importance TO the CON-
meIce Of this country, and particularly OF the
Pacific Coast; and whereas, an American COM
pauy has undertaken the construction OF this
canal, and has already expended thereon The
sum OF about S5,OO0,OUO and The w0Ik Is oelnR
prosecuted as rapidly as the means secured VIII
permit; and whereas, The construction company
now offers TO the public. through the Dank OF
California. S50O0,OOO OF collateral per cent
trust bonds, with interest secured, Tor the pur-
pose of obtaining money necessary 10 prosecute
the work OF construction vigorously and cohlluu-
ously, Il IS
San Francisco, In view of the important Dement'S
to accrue from the Nicaragua canal, aud having
confidence in the wisdom. Integrity ana aOlllly
Of the construction company, recommends the
bonds now offered through the financial agent OF
the company-yiz, the Bank OF Calliornla-as I'D
our opinion a safe and desirable investment.
Resolved That we believe I'D no way can the
people Of this coast better express the desire 10
promote Tie growth aud prosperity % the coast
than by aiding the construction OF the MICA
raugua Canal and that safe and practicable
way OF so doing Is by investing In the bonds now
offered
PesoIt ed. Thatthese resolutions be telegraphed
to the National Nicaragua Canal Convention at
81. Louis IN care Of Captain w. l.. Merry, who Is
now there.
A long communication was read from
Arthur r. Briggs, in which, after referring
to the Importance of the project in gen
eral way. he SAYS;
European capitalists have already discovered
that the Nicaragua canal not only feasible put IS
sure TO be pI ofIable Institution. and stand ready
with millions of dollars OF capital to complete
the great work. But the men who have secured
the concession to build the canal do not want
European capital. They are Americans, aud
wish 10 buid L with American money. C0nse-
Queutly the issue OF bonds Tor the loan OF
So 600 900 has been made IN bonds OF $1,000,
$500 and 500 each, so that people OF even mod
crate means can become Investors. The interest
on these bonds al per cent for nYe years has
been guaranteed by The Manhattan Trust Com
pany OF New York. one OF The WealtheSt and
most conservative financial institutions IN the
country. The purchasers OF bonds are given as
a bonus 20 per cent Of their subscriptions In
Maritime Canal Company sock thus giving sub
Scribers q personal ownership aud interest In
canal.
The proceeds Of the sale OF The Nicaragua
cana Bonds are to be used by the construction
com amy IN vigorously prosecuting the work OF
buuuiug the canal
Tie men who have interested themselves in
The canal project re not actuaJed By mercenary
motives. They ale working for glory as well as
fame. EX-Uuiied States Senator Warner Miller,
president OF the canal company, devoles his entire
time TO The interests of the canal aud does not
receive any pay Tor his labor or his valuable
time.
Among those present were: Frank S.
Johnson, General w. h. Dimond, Charles
Sonutag, John Resented. Senator James
O. Fair, Colonel {. L. Taylor, 1. II. Morse
James Otis, w. Z. Y. Schenck, William
Mighel John Hooper, Z. B. Pond, j. J.
McKinnon. d. J. Staples. Louis Parrot.
Isidor Cutie. Charles r. Allen, William
Greer Harrison, Henry Mchels, Morris
Hugh Bates, James CarOlan, Stewart Men
zies, James Z. Chapman. r. ii. Mcdonald
T. 4. HabeT and Hugh Craig