New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-15
NICARAGUA CANAL AFFAIRS
THE OFFICERS BELIEVE THE PLAN FOR
RAISING MONEY WILL SUCCEED.
A STATEMENT FROM WARNER MrLLER-TIE
NEW SCHEME As GIVEN OUT By THE
CoMpANY-NO HELP FROM THE
GOVERNMENT WANTED.

GOVERNMENT WANTED.
The publication in The Tribune yesterday OF the
temporary stopping Of active work on the Nicir"e"a
Canal called forth statement on the part oi 'h'
Nicaragua Canal Construction Company, III "hich IL
outlines plan for raising funds ana gong OH WIN
the work The plan Is the one brichy ou'llheu u!
Captain Taylor In The Tribune article comhhl'ee
meeting of few Of the directors was held yesterday
and the plan for work was set forth IL speaks "a
The national and national character OF the enter
prise its importance to the commcrc" OF the "ofiu
TO the policies OF nations, to war strategy It's chor
nous profits, the numerous lucrative colia''r'iS
which will live by the canal and develop with IT,
To procur the money To build canal and to spend
that money properly II system is the prime necessity
The statement outlines the main features OF the
plan follows:
% The company tn Issue and market ss5,oo0ooo
In bonds. , ,,
To 500 900 900. present prices ana methods aHoW
GO The diforrrcr between th' newly e'tula'd cos'
ana The $50 coo 900 Of bonds be used for the pay
ment of interest during construction. a, ov.r
~ An active propag nda 10 be e>'ap i-l'u oNti
the country ii preliminary TO placing the bonds
upon the market. , , .,.,i ., y,
at once employed In active work on the llnc OF lhr
canal. a., ,
upou the tonnage estimates of 1900 and 1890 rs
sis 900 900 in 1900. \ list OF places for centres Of
movement and subscription Is appended At'r
short period devoted 10 inStruclng ne prop Oh r
subject, the bonds Will be placed on tn market
active work the canal and The results VIII ne SCI
forth In the second period devoted 90 bringing the en-
tcrprise before the public. AT the sec6nc H:'Ie OF
bonds they viii be offered ut 90 If the hr>t SUP,
scrpton Is satisfactory II unsatisfactory they VIII
be offered at 81.
The officers of the company spoke confidently oil
the PROSPECT YESTERDAY and they believe that the new
plan will be carried through successfully PRESIDENT
Warner Miller said that further funds were needi 10
carry on the enterprise atisfactorily ana th1t III"
way 10 raise the funds 10 acqualnt me peoPe
of the country with the nature OF the uhner'as,s,
Speaking OF the work In Central America Mr. Miller
said that the revolution there had lntcrkred WlVn
the labor some OF the cOmpanys boats haV.hS &c II
seized. We just beginning To sc' tihnsH
Strengthened out again. though ii l. true mat We
haven't the large force at work which We expcc! 10
have later. The statement was made that the MAI.
time Canal Company Of Nicaragua was incorporated
with an authorized capital OF $lroOco:oO. ana was
authorized TO sell bon!s Thu, far the bond issue
had been small.
In speaking OF the financial StrinGency, captain
Davis the general manager Of the compny. SAID that
capitalists In all The money centres were not DIVING
securities these days IL did not say Yesterday that
people weren't buying our securities: because that
would be untrue He said he had no doubt dat the
company would successfully carry ont lis plans after
the period Of financial depression.
II said al the colplny'> Office Yesterday tlat
heretofore some OF the members had differed as 10
Miller had favored the Governments undertaking tn,
work OF construction. Others wanted the company
exclusively do the work. The new plan. how
ever. Just detailed. will preclude the possibility OF
Government undertaking, and will have the company
do the work by itself