The times. [volume] (Richmond, Va.) 1890-1903, 1894-01-20
NICARAGUA CANAL co.
Observation-Disclosures.
FULLY cAKBiLD OUT.
Enough Stockholders Have DE 'heir
Assent to Have the Plan "Per-
alive and in Full fnee''

Tho Committee Of Reorganization rep
resontinc The stoclholders Of the NiCara-
qua Canal Construction CoHpahy' II
which John Il. Bartlett ~ s"aitHlan,
has announced that enough oil inc stock
holders have agreed TO the pa" Vi re-
organization, and the agreement mas
been declared operative and IN vi erect.
In accordance with one OF the Sections
I'm the agreement which Was ISSUED
for signatures i'm December me 0o'i'iHitiee
Is authorized to act as the sOie jugs on
this point, provided that the aSse'!t u
stockh, lders TO the amount "a ieast
81 90 shares shall have been oD1tiii-u'
At the close OF business ycs'elNaF.
stockboidars renresenting about l5Op
out Of total of 1l1.Oo0 shares H"u SiS"ed
the agreement. .,,,
This plan OF reorganization proNiuts Ter
the creation CT a new COMPANY CO,
capital stock of $1,000. 900, OF wh,Dn SS''''-
600 IS to be retained for me po'.-"' vi
the treasury, and 100000 IS 10 ~ ms
tributed 10 stockholders Of the present
npany in exchange Tor theH oiu 800
or is to be sold for cash requirement a,'t
to protect and maintuin the pieSe'' i'''"'
and property OF the company -, g.
The new company VIII own IT, I'm
assets of the present company. ~ "n
bave in it's treasury stock Of the Mari
time Canal Company amountlhs - ati'-
SIC. 80 and obligations for first hioI'sas s,.
bonds OF the Maratime Canal OviiPiNy
amounting to $J,5J9e50. or rs own iul
paid stock, S6.cee o93 will be IN us 'reasui =
or will be held for the benefit Oh the
company. ,..
Chairman Bartlett. Of the keofsaiii1'-
ton Committee. said 10 n reporter III 'i,e
New York Times yesterday mat an az
tempt had been made on the Part oi " ~"
holders OF small amounts of stoch ~ uci"y
o. defeat the plan OF the Comnhttee' HiS'
however. had not dcne any serious dam
age. The opposition was told ABOUT III
the New York Times of January tn. *
was then said in n statement issued Dy
Frederic II. Hatch. &. ANGRY stevens
and Wilbur =. Hertert, Jr.. Il at the owner
or 20WD shares had ben persuaded 10
withdraw his assent, leaving the com
mttce without the requisite majority 10
make the new plan operative. rms sto-h'
IL was said, would not again be pledsed
until an alternate plan could be SID
mtted 70 the stockholders. 10 be fohoW-
ed by an investigation OF the company
affairs
Mr.. Bartlett said yesterday that Messrs.
Hatch. stevens and Hsrbcrt were small
hclders OF the compgny's stock. and the
circular must be due to a mlsundcrstand-
ing OF the facts
'The statement recently given out that
one owner of zJ.91O shares of the Nicaras n
Canal Construction Company, who had
signed the agreement with the KeOrgani-
zatlon Committee. had Withdrawn. IS with
out the slightest foundation in fact" said
Mr.. Bartlett. THE persons who made
this statement have been misinformed by
interested parties. whose object Is 10 de-
ceive the stockholders.
Not single shareholder asserting TO
the plan has expressed even a desire TO
withdraw. but, on the contrary. the num-
Der who have expressed their satisfaction
with the plan IS steadily increasing, and,
at the close Of business to-day. has reach
ed nearly 1900 shares which have as
scented to the agreement, assuring the sue
cess OF the plan for recognizing the COM
pany and saving its property for the
benefit of the stockholders.
''The parties who are circulating these
stories To the injury Of the stockholders
seem TO have forgotten that the Nlcara-
qua Canal Construction Company is un-
able TO pay its obligations, and that its
property of every kind is in the hands
Of a receiver under order of the court:
that the creditors are clamoring for their
pay, ana also iidt the Reorganization
Committee IS not dealing with the past.
or with the causes that are responsible
for the present condition. OF the company,
or with the grievances OF any stockhold-
er. The REORGANIZATION Committee is
dealing with present conditions and facts
only, arranging 10 pay off the debts OF
the company and TO prevent the property
from being sacrificed 20 pay creditors.
1.-THE plan Of the committee is plain and
equitable. 1t calls upon the stockholders
t. pay their own debts. and regain pos
session Of their own property, and go on
with the enterprise under a new corpora
ton, with a competent board OF directors
to be selected by themselves, TO build
the canal
1T would seem that the few parties
who object TO this plan have other objects
i'm view. and are evidently trying TO
wreck what remains Of the company
estate.
THE plan IS now legally operative and
In full force and it is believed from the
assurances given by all the> principal
stockholders that their assessment will
lac paid within the time named. the 9th
Of February next. Stockholders who have
not signed are urged TO do so. and partici-
pate IN the benefits Of the reorganization.
ana thus preserve their full interest in
the enterprise. New York Times, jan
uary lith.
r..