New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-31
IN A RECEIVERS HANDS.
THE NICARAGUA CANAL CONSTRUCTIONS
COMPANY'S EMBARRASSMENT
ITS FALL NOT UNEXPECTED THE OFFICERS DO

ITS FALL NOT UNEXPECTED THE OFFICERS DO
NOT OPPOSE THE MOTION-DEBTS MtTrRIN'.
step was taken which was thought to be likely
in Wall Street since the failure Of Horace J." hotch-
kiss e. Co. the bankers. when application was
made yesterday to place the Nicaragua 'dhd'
Construction COMPANY in the hands OF re-
cever. iIOtchkss & co. were the financial agents
OF the corporation and their bankruptcy was I'M
derstood be due to its embarrassment. Judge
Charles l.. Benedict sitting in the United states
Circuit Court. named Thomas Il. Atkins secretary
of the Maritime Canal Company Of Nicaragua
the receiver. on the petition OF Louis Chable, a
stakeholder and a creditor. The officers OF the
company made opposition To the application.
Mr. Atkins was instructed to take possession OF
the affairs of the concern ana to continue its
business He must file a bond OF $1,000 with'h
five days.
In his complaint. Chable SAYS he is a resident Of
this city and 81 900 OF the stock OF the COM
pany. The corporation. he declares organized
in Colorado in June. 1881 and has its principal
Office in Denver. Its capital stock is sl20O0WO in
shares OF 500 all OF which has been paid in
The object OF the company IL the construction OF
a canal connecting the Atlantic and Pacific oceans
with transverse and collateral branches. After ii
organized 1t entered into a contract with the
Maritime Canal Company OF Nicaragua, which was
Incorporated BY act OF Congress, by which the
Nicaragua Canal Company TO construct the
canal Nicaragua
The complaint says that the company owes one
debt of s23S OOO which is due. and has other obga-
tons. On August II unable 10 meet "A draft
for $4,000. and other debts are becoming due every
day. The company is without funds. and in the
present state Of affairs is unable To get any. The
assets are valuable but not available. They consist
OF property in New-lork ana Nicaragua, and Sc
curities of the Maritime Canal Company received
in payment for work done The Nicaragua Canal
Company is a foreign corporation. and. therefore.
creditors likely to attach these securities Pay
ment Of 5000 due to the petitioner has been refused
An affidavit by ex-senator Warner Miller. rresi-
dent Of the company. accompanies ~ti-- petition.
He declares that he knows the statements made
in the petition TO be true Hnd that the said
corporation and It's officers have endeavOred 10
raise money TO meet all maturing obligations OF
the corporation and find it utterly impossible 10
do the present time. and the corporation
has no money available assets or means OF rails
Ing money 10 meet such Obligations
Daily Hoyt Mason are counsel for the COM
pany, and Ludlow. philips Winthrop for the
complainant The officers OF the corporation are
Warner Miller. president: Jacob ". Miller secr'-
tary AMI Henry Il. Saven. treasurer. The direc-
tors are Warner Miller. Samuel Thomas. Stuy-
vesant Fish. W. Seward webb. Smith VI. weed.
" * Fairbank George W. Davis. J. +. O'Shaugh-
messy. Henry Il Saven. Jacob W. Miller Henry
T. Hoyt. j. L. Rathbone and Gordon Macdonald.
The Maritime Canal Company OF Nicaragua has
capital Of sOOOOO0 Its officers are Hiram
Hitchcock president and Themes h. Atkins. s~cre-
tary. The directors are Hiram Hitchcock. Charles
Z. DAILY Horace l.. Hotchkiss. Alexander /. Mason.
James B Eustis Daniel Ammen. Alfred H. Dsrlns.
Franklin Fairbanks e. Kideely Goodwin. Joseph
Bryan, James Roosevelt. Henry r Rowland. Iiora-
clio Guzman and Thomas u. Atkins.
Warner Miller at the Office OF the COM
pany. at No a wall-st. soon after II was an
nounced that the company had gone into the hands
Of receiver. Mr. Miller said.
"The trouble is that the company has not been
able 10 raise money upon it, bonds and securities.
The financial condition Is responsible for that. The
Nicaragua Canal Construction Company Was capt
tailed to the amount OF yl2.DJDOc. ami has spent
81 $4,000 in paying the Expenses Of surveys. pre-
llmnary work CLEARING OF the line OF the canal.
etc. Some OF the bills payable OF the company
have been pressed and some oi them have been ex-
tended The appointment OF a receiver came
through the failure OF the company 10 meet bill
OF exchange - Tls ~ la favor Of Andrcas * CO..
What effect did the failure OF Horace l.. lIotch-
kiss & Co. have upon the Nicaragua company
Mr.. Miller asked
1t had considerable effect. This firm was
friendly TO the canal company and placed many OF
its securities
Judgment for &lO33 50 was entered Yesterday
against the Nicaragua Canal Construction COM
pany. OF No a. Wull-si.. in favor OF Andreas X
90 on bill 81 exchange dated AZ Gr"ytown.
Nicaragua. June l.. to the order OF T. J.. - SouZa
a. Bro, who delivered II to Andreas X co. EN"cu-
ton was issued ~ the sheriff