The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-12-17
IN WASHINGTON CITY.

mNS1 prosperity 70 the RACINE CS@Str N9f-
| Ing the last session and IL was only BY
| the most strenuous eudeavors tfaat he sue
| ceeded. after the bearings were conpiet-
| ed. IN getting the blu reported 70 the
house. The committee OF rules blocked
| its way further. and viii continue 20 do
50 al this session. This committee, with
| the speaker. controls the entire legls@a-
/ ton OF congress. for no measure how-
| ever important, can get hearing without
| time Is given X by these legislative auto
| Gratis. In some ways this censorship Is a
| good thing. for there would be no end 10
/ the appropriations sought and gained
! were X not for this check, and the country
would very soon have a two-oillion IN
| s4ead Of bilnon-dollar congress on It's
| ha-as.
| The Maritime Canal Company, OF Mica
| rasua. was chartered by congress feora-
AIRY ~. lsss. Ito facilitate commercial IN
| fercourSe by water between the ALantic
| and Pacific states. as well as with foreign
| nations" The act provided. however. th.aS
/ nothing in this act contained shan De SO
| construed as TO commit the United States
! 10 any pecuniary liability whatever TOT or
/ on account OF said company. nor shall the
/ United States be held N any wise liable
/ or Responsible In any form or oy any I'M
/ piication for any debt or Liability III any
/ form which said company may incur, nor
/
/ or contract OF said company. OF as having
| assumed by virtue OF this act In any for
/ eign country, any contracts or engage
ments entered into IN the United States.
/ The act requires the company 10 make
report on the first Monday In Deem
/ Der IN each year 10 the secretary OF tne
| interior. 10 be verified on oath by its pres
| sdent and secretary. A preliminary STATE
| meat has been submitted by the cana4
/ company showing that no wogk mas been
| Done on the canal since August, 1873 he
/ corporation has he'd is regular annual
| meetings at its office in nae city or New
| York, and at its last annual election on
| May T. 1886, selected Messrs. Joseph Bry-
an. james Roosevelt, Hiram HITCHCOCK
and Thomas b. Atoms as directors 10
serve for three years and TO NIL the places
/ made vacant by the class whose term OF
/ office expired on that day.
| 1t appears from the statement that the
| Maritime Canal Company entered into q
| contract with the Nicaragua Canal Con-
| srruction Company for the construction
/ of the canal, but that the latter company
became financially embarrassed IN Au-
! gust, 1898, and subsequently, made an as
| sigument OF Its construction contract ana
all its assets 10 the Nicarag qua Canal Com
,sany a corporation chartered by tine
! state of Vermont. The latter company
/ mas not yet found itself IN a position TO
resume the work of construction under
| ITS contract" owing TO the disturbed con-
| ditson of the financial world.
The statement OF assets and Liabilities
| il not clear but il sets forth that the
/ Maritime Canal Company has since its or
ganizat!on had 10 rs shares OF its capital
! stock subscribed for at par El,0l4,oool. or
4 which 81 oo7, $40 has been paid into the
/ treasury in cash: that there has been
1 paid into the treasury from other sources
! sfl4 SIS. y, making total amount or cash
/ received sl.i22. 1871. OF which Nlzl,ASo.V.
4 has been paid out for property, work ana
labor done, materials furnished IN the ex-
/ ecution OF the work OF construction or
canal and in administration expenses.
+ For the purposes named the company has
/ also issued 81, 800 shares of its fun paid
capital stock, par value ss,l9s o00, and has
/ also entered into obligation 10 deliver
s. $50. coo os its fret mortgage bonds. 1t
has also issued s0ooo shares OF It's capital
stock, par value SIS. 900. 'in payment for
( concessionary rights. privileges, 1 fra'a-
I chises and other property"
I OF the cash paid out .225 900 appears to
have been an advance made 70 the Mica
I ragua Canal Construction Company on
+ account of purchase OF equipment TO Sc
cure such claims. or In liquidation there
Of the Maritime Canal Company appears
TO have received from the Nicaragua
Canal Construction Company obligations
representing" S5iS 800 OF the first mort
! gage bonds and 24a0 shares OF the capital
stock OF the Nicaragua Canal construe-
/ ton Company. The last named securities
were transferred and delivered 70 Thomas
/ B. Atkins in liquidation of the Maritime
( Canal Company's claim against the Mica
4 ragua Canal Construction Company for
cash advances made, and are now held
N-r = h. .~tff r.Ra
Canal Company.
| Tho preliminary statement gives the lia-
| hllities OF the company as consisting OF
! "the amount still due under the conces-
/ SONS granted to the company" but does
/ not name those amounts; the $ssS5, oo0
! of bonds which the Maritime Canal Com
| pany, as above mentioned, has obligated
! itself 20 deliver to the Nicaragua Canal
Construction Company, the latter COM
| pany having transferred that obligation
10 its assignee, and cash liabilities out
standing and unpaid TO an amount not
| exceeding $4,000.
The statement lists the assets OF tho
| company as CONSISTING OF: "1ts unissued
capital stock; $4,000 first mortgage bonds
end 40 shares of the capital stock OF
/ the Nicaragua Canal Construction Com
| pany: the concessions, rights. privileges
and franchises which IL now owns the
: plant, equipments materials, tatlus p1.lu-
( ings, structures, railways, steamboats,,
telephone and telegraph lines. bridges, To-
/ connective. cars. machinery, stores, ma
chine shops. supplies and other property
In Central America including the lands
| situated between the lake and the Pa
| e4ac, purchased from the government Of
Nicaragua for the route OF the canal, n
! accordance with the provisions or the
| Nicaragua concession"
| The foregoing. summed up In brief,
| means that all the property acquired by
| sas company amounts 70 nothing, and all
| the money expanded mas been wasted I'M
! fess the United States viii furnish enough
! 10 finish the work or guarantees 70 pay
| those who viii loan d. whether the canal
| becomes a success or not. Just az present
/ congress 80 In no mood 20 contract any
| more debxe. When Il again has a surplus
| ~ ere treasury & viii proba bly, take hold
| ard build gne canal Itself. In the mean
| tine a close watch mus; hs Kept on Eng
| land whoa Is trying its best 20 ma some
excuse TO set up q proEectorase over Nc
/ sraE7Ean affairs. A r. ,.
1