New-York tribune., 1894-06-25
THE NICARAGUA CANAL BILL
PROVISIONS OF A MEASURE TURNING THE PRO
ECT OVER TO THE GOVERNMENT.

ECT OVER TO THE GOVERNMENT
San Francisco. June PA dispatch from WASH
ington to The Examiner says Every section
of the new Nicaragua Canal bill has been COM
pleted. The biz in substance is follows:
The capital stock OF the Maritime Canal COM
pany OF Nicaragua. shall consist of $4,000 shares
Of the par value Of 500 each. which shall be non
assessable and no more than this number shau
ever be issued except by consent Of Congress-
II the Maritime Canal Company shall within
nine months from the passage Of this act snow 10
the satisfaction Of the Secretary Of the Treasury
that all the stock Of the Maritime company here
tofore issued except that issued 10 Nicaragua and
Costa Rica has been called in and cancelled, and
that all bonds and obligations 10 deliver bonds pave
been redeemed and cancelled. and all liabilities OF
company satisfied. the Secretary OF the Treas
ury shan. in behalf OF the United States, subscribe
fo- 10000 shares OF the capital stock OF said COM
pany and the company shall thereupon issue to
the Secretary OF the Treasury 100000 shares OF the
capital stock Of the company TO be deposited Win
the Treasurer Of the United States; and in addi-
ton thereto 1900 shares Of worcestershire capi-
tai stock Of the said company Is 10 be delivered
to such persons as may be designated by the stock
holders of the Maritime Canal Company whose
stock has been surrendered and cancelled
This bonus given to the company, the offices OF
directors the old company shall then be declared
vacant except such represent Nicaragua ana
Costa Rica. The new board will consist Of eleven
Rica one by the stockholders Of the Maritime
Canal Company and eight by the President OF the
United states Not more than four OF them named
hv the President shall be of the political party
Their compensation shall be 5000 a year Every
director appointed by the President Of the United
states shall make personal inspection OF the cana!
1T least once year ON the rcorganZatlon OF thls
boa rl the Secretary Of the Treasury shall nave an
accounting with the old stockholders and deliver 10
them capital stock equal To the amount they nave
already expended IN the construction OF the canai
This sum shall not exceed N.5DWO. Inc Onited
states reserves the right TO purchase tnis STOCK
af par at any time except that issued by Nicaragua
al, 'n,,,,iJorIs Ipon the stock must be made from
- ~ ,,4r value Of the stock. The Donds issued
to nrc: the expenses Of construction OF the canal
shsl ha in denominations Of not less than S5O nor
moe than $1,000 and the total amount issued snall
not exceed $,l00,Ol0 r'deemable IN ~ OF at any
lime aetor 1901 at the option Of the United states
,Thosa bonds vii be secured by first mortgage on
th,. property OF the company. This mortgage snaii
contain a provision for the payment OF the bonus
a. maturity I'D0n the failure or me company 10
Da = Interest on these bonds II becomes due, tne
Treasurer of the United states shan pay II ana
charge the amount against the company. In case
default shall be made by the company at any time
l4;9rs the completion Of the canal in the payment
% interest In any other respect the rgHt OF
foreclosure shall at once attach IN iavor, OF Ine
Inltal states without necessity OF judicial pro-
cnelings. ,.,.,.~
Provision is made for the creation OF sinking
sunl FOR me liquidation os the principal ana IN
crest OF the mortgage ont OF the earnings OF me
COMPANY All dividends upon the stock owned oy
the 'nitei States shall be- paid into this fund 70
he applied 10 the cxtingusnment OF the debt.
Tho act Kill be void II the company fans TO
comply with its requirements within nine months
after It's passage.