The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-08-13

dredging will be required for the canal,
besides 2l,773,Sl0 cubic yards of earth ex-
cavation above the sea level, H. 4o2, s3S yards
of volcanic rock excavation, and 575,445 Gu
bic yards of rock excavation under water
The rock and earth taken from the excava-
tons can be used in constructing the en-
bankments weirs, outlets and locks. The
minimum depth of water i'll the canal is
to be thirty feet. The lake supply of water
alone il is estimated, will be ten times the
maximum needed for the operation of the
canal.
The present status of the enterprise can
be soon told. The Nicaragua Maritime
Company, which is an association of Amer
can business men and fnanciers, was in
corporated by an act of congress in 1889,
ana proposed 10 build the canal by virtue
of concessions granted by the republics OF
Nicaragua and Costa Rica in 1887 to Lieu
tenant A. G. Menocal, of the United States
navy, under the treaty of 1887 between
Nicaragua and the United States. That
company delegated the actual performance
OF the work TO the Nicaragua Canal Con-
stTuction Company. The latter concern fit
ted out an expedition from New York IN
May. 1889, for Greytown, on the east coast
of Nicaragua, and in June began prelimin-
airy operations on the ground, being FOL
lowed Immediately by numerous vessels
and transports laden with vast quantities
of machinery, locomotives, tools, dredSes,
eXcayators, cars, rails, creosoted tim
b-r, piles, tugs, steam launches, pipes ana
the like. In October the work of excavating
the harhor and mouth of the canal was got
under way, together with the building Of
whorves and railway for the transporta-
ton of h-avy machinery, ana a telegraph
line, the clearing of forests along the route,
and the erection of storehouses, hospitals
dwellings and administration offices. These
activities were pushed rapidly until the
Of In ha fnl q
year the disturbed state of the money mar
ket and the generally unsettled condition
of financial affairs all over the world, pro
ducing serious embarrassment to all enter
prises depending for their prosecution upoI
the sal, of securities, caused q SlCppa8e OF
the work. and it has remained suspended
since But up to the time of suspension
nineteen miles of the route had been cl ar
ed. sixty miles of telegraph had been erect
ed, a telephone system had been establish
ed, and six miles Of railroad had been
constructed through swamps toward me
Eastern Divide TIE net expenditures
were report d to have been $o,ace.GVo H.
consequence Of the stoppaSe there mas peer
some loss in the depreciation of the plant,
hut all tn dredges and machinery, houses
a I'd wharves are stated to be in good con
dition for an immediate resumption OF work
Pending this resumption, capitalists from
Europe have mace propositions to the Mar
thine Canal Company, which are yet pel,u-
ing to enter into an agreement iof th'
completion Of the canal on terms TAR nlot
liberal to It's present own~rs than any tina
have teen of red by the United states
Hence il action by congress IS delayed I'M
reasonably, ii is believed tie company WI
.Je compelled eith 10 aoandon tae %of'ceS
slons ana lose the money already investe,
in the canal, or to accept the offers mai,
to them BY the fer ism capitalists.
Nv ~ terms % Morgan Dbl in tAt
senate ana the Mallory bill II the house T..
is II opposed 10 amend the Incorporating &c
of 1889 50 as to enable the Iarlurl- t9n1.
Company to construct Inc canal Win t+tt
aid Of the government within seven years
to have the government guarantee tn boat.
OF the company and stand sponsor for the
proper execution am. completion Of the I'M
dertaniaa and above ali, to have the Unit c
States dominate and control the canal here
after ana prevent its going into the hands
of any foreign power.
The Morgan bill provides for tn reorgani-
cation of the Maritime Canal Company and
the calling in ana redemption of their bonds
and stocks; the issuance By the company OF
$l00,O000J0 of new stock, secured by mort
gaze bonds bearing the sol mn guarantee OF
the United States at 3 per cent interest, ana
to De dcposi+ ed in the United tSates treas
ury; tin transfer Of $70a00,e00 Of this cap
ital stock (SS5030,G00 in the MaE)ry BID BY
the company to the United States govern
rlent in consideration Tor It's guaranty Of
the company's bonds, also TO be deposited
in the treasury; the issuance OF $5,u9e50 OF
the stock to Nicaragua ana $l,5o'&0 TO
Costa Rica tn remaining $2!,yohO05 Of
stock to be used in the liquidation Of eN-
penditures heretofore incurred anG IN tEe
partial construction of the canal; ANA the
continuance Of construction from funds de-
rived .rcia the sal- of stock heid by the
treasury. and il necessary, from the safe OF
the guaranteed bonds which are TO De ae-
liz red BY the seer -tary Of the treasury 10
tba cououInv from time 10 time, under Ger
iain restrictions and limitations, as the
work progresses. Further, the oillceS o.
tba directors OF the old company are 70 DC
declared vacant, except those represeh 'ii-s
>-,..,,o aud Costa PfCa whereupon
new board shall be created. consisting OF
6fteen eleven in the Mallory bilD members,
one each to be named by Nicaragua anu
Costa Rica, and one by the MarltiIne "a