The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-21


OF said bonds or any ~ them would have
instinct unpala by the Maritime Cana.
Company 81 Nicaragua, and had not been
paid by the United States under their
guaranty. hgt until the expiration Of five
years aztec the said canal ssals be put
in operation. and 50 long as, during said
FIVE years. the canal shall be in opera
ton ard remain under the control Of the
Maritime Canal Company % Nicaragua.
this glbvogafed lien and right OK the
United States as aforesaid shall not be
enforced by foreclosure or sale; prosSd-
ed, that in case default shall be made by
the said company al any time before the
said canal shall be put into operation in
the payment OF interest as IL becomes
siae, or IL default shall be made IN any
other respect. the right OF foreclosure and
sale under said mortgage shall at once
attach In favor Of the United States.
without the necessity of Judicial proceed
iHgs, and f.aay DC executed upon the writ
ten orde. ~ the president Of the United
States, given 10 the attorney general.
Sec :. That after the passage CT this
act, and before any bonds indorsea under
is provisions are issued, and after the
surrender and return to the treasury OF
the company Of ali stock that may have
been issued. and after the surrender aud
cancellation OF all bonds. bond scrip. and
obligations 10 issue bonds. the satisfaction
OF ali liabilities OF said company ana the
cancellation and extinguishments of all
contracts and agreements of said COM
pany with individuals or corporations, ex-
cept the concessions from Nicaragua and
Costa Rgca, but including it's contract or
agreement with the Nicaragua Canal
Construction Company for the construc-
slon OF the said canal, as is provided for
In this act. and after the acceptance Of
the provisions OF this act by resolution
of the stockholders of said company at a
meeting duly called and held for this pur-
pose distribution and disposition of the
capital stock OF the said Maritime Canal
Company OF Nicaragua shall be made by
the officers Of the company. as follows.
10 wit:
First-Seventy million dollars of the
capital stock OF said company at the par
value thereof shall be issued to the United
States in consideration for lis guaranty OF
the bonds OF the company as provided in
SEtIiDH = GA THIS dIt. dk4Q SH< S0A4 SWIM
30 to be issued shall be full paid and
worcestershire and shall be deposited in
the treasury OF the United States.
secusd-That 100000 of the said cap
ital stock at the par value thereof shall
be issued TO the government OF the re-
public of Nicaragua. and si.5ooooo OF the
said stock at the par value thereof shall
be issued TO the government OF Costa
Rica, according TO the terms of their
respective concessions heretofore made.
Third-Ths remaining stock Of the COM
pany, to-wit. SO, go, az the par value
thereof. shall DO disposed Of as herein
after provided.
sec s. T'.at TO enable the Maritime
Canal company to take up. cancel and
ea cir gui N ali issues of its stock hereto
fore made. except those made to the
governments OF Nicaragua ana Costa
iiica, and all outstanding obligations for
stock. bonds. or bond scrip heretofore
entered into by said company, the stock
OF said company. with the approval OF
the secretary Of the treasury, shall be
issued To the persons or corporations TO
be designated by said company not to
exceed In tho aggregate the sum OF
100000 at it's par value, which stock
shall be worcestershire. The amount OF
stock so TO be- issued shall be finally de-
termined by the secretary Of the treas
ury, on principles OF justice and equity.
but shall not exceed 100000.
Sc fhA. the proceeds OF the re-
mainder OF the capital stock. IL sold. be
applied exclusively to the construction
of the said canal. and the company may
offer the said stock for subscription and
sale at such time or times and at such
price or prices as they shall. in their
discretion, determine, but in no case
shall the said stock or any part thereof
be issued or sold except for cash, nor at
any price less than it's par value.
Sec 10. That the working capital i'm
medlateiy available for continuing the
construction of the canal may be derived
from the proceeds OF sale of the COM
nany's treasury stock. as provided In
section 3 OF this act. but should the COM
pany not be able to dispose OF said stock
Mt par within a reasonable time the secre-
tary OF the treasury shall, upon the APP
plication of the board OF directors. de-
liver 20 the said Maritime Canal Com
pany bonds OF said company. guaranteed
as toresaid. amounting at the par value
thereof 10 the sum of s.. co., ga. said bonds
TO bear interest from the date OF the de-
livery; ARK. the pApceetts OF said bonds.
when sold by order OF the company, shall
be used as a working capital, and shah
be applied exclusively 10 the construction
of said canal and shall be accounted for
by said company In tho final settlement.
OF its accounts for construction and de-
agetet from the total amount OF bonds
which IL may become entitled To receive
under the provisions OF this act.
Sec II. That the secretary OF the treas
ury shall cause an account 10 be stated
with the Maritime Canal COMPANY Of
Nicaragua, as soon as practicable after
the passage Of this act, which shall in
clude all necessary and proper expenii-
lures male by said company since the 81
day 81 June. lSSa. in and about the con-
atraction ~ the said canal, OF fnelf!en.
thereto. i2cluding the railroad and tele.
graph lines built by said company. Far
the liquidation Of the amount Of such ex-
pentiitures 50 ascertain med and by him, an
proved. he shalt deliver To said Mart
time Canal Company the bonds OF said
eompAry in an equal sulount. bur not ~
exceed si,i@0eN. with the guaranty OF
the United States thereon. as provided
81 ssction OF this act
See. L. That the president OF The
United States IS hereby authorized and
directed 70 cause careful ana detailed es-
t3Sraies ard statements u he mad.