The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-07-15
Progress on the Big Canal
1mpeded.
WARNER MILLER HOPEFUL.
When the Financial Furry Is Ended
Work Will Go Ahead With
Accelerated Speed.
Special to THE MORNING CALL.

NEW YORK, July 1.-THE report that
the Nicaragua Canal Construction Com
pany had stopped all work on the Nicara-
qua canal Oh account of lack of funds is
officially denied this morning by ex-senator
Warner Miller. president Of the company.
1--WE have not stopped work entirely"
said Miller. although. Of course, we have
had to lessen the amour, of work. 10
times Of financial stringency every one has
to cut his coat according to his cloth. Work
is now going on on the breakwater at the
entrance to Greytown harbor and on the
harbor Besides that, we have a large
number of men looking after our valuable
machinery. 1t is not true that the colnpa-
ny's securities are not bought. Persons
have been buying them all along and are
doing 20 yet. As for the report that there
were internal dissensions in the company,
that Is untrue. We had to stop work
to a considerable extent at the time of the
revolution in Nicaragua. Our boats weve
seized. These boats were the only means
OF transportation up the river. We expect
this soon 10 be settled in a satisfactory
manner. Then, when the money situation
becomes little easier, we expect to go
ahead with work at full blast
ut is true that we require further funds
with which to prosecute the enterprise.
Between S5.000,000 and S6.000,000 has been
expended. This has mainly been spent 10
preliminary construction. such as the
building of machine shops, setting up Of
machinery, building hospitals-in a word,
in getting the great enterprise started. In
addition We have done several miles of
preliminary cutting. Besides the small
amount of work we are still doing the ex-
pensiye plant requires men to look after it.
"As TO Governmental aid, those inter-
ested in the enterprise are divided. l think
the Government should control the canal,
aud either build 1t or assist in building it.
1t would be most profitable investment
on the part of the Government. But there
are others opposed to Government owner
ship or control, holding that the enter
prise will be more profitable to the pro-
moters il retained in their own hands
Alth ough there has been this difference OF
opinion among the promoters there has
been nothing which can be justly called
disseu sfon."
The board Of directors of the company
held meeting to-day to hear plans and to
devise means for raising money. General
Manager Taylor presented plan. among
the features Of which is the issue and
marketing of SS5, ,00O, 900 of bonds, the es-
timated cost IF the canal to be fixed at
$56. 900. 000 as present prices and methods
allow the difference between the newly
estimated cost and the SS5, 600, 900 in bond s
to be used for the payment Of interest dur
ing the period of construction. Under
this scheme an active propaganda is to be
made all over the country preliminary
to the placing of the bonds on the market,
the money obtained from the first
subscription to be at once employed in
active work on the line Of the canal. If
the amount of the first subscription is sat-
isfactory the bonds are to be offered at 95 !:
II unsatisfactory. at 80. The amount Of
bonds sold during the second three months
should not be less than $4,000 900 nor
more than $40. 100000
The committee will consider the plan
,rth