The Topeka state journal., 1897-11-22
THE NICARAGUA CANAL.

It is not unlikely that the Nicaragua
canal Will occupy the attention of con-
gress to a considerable extent during
the approaching session. The work
of construction on the proposed inter-
ocean waterway has been at a stand
still since 1898 owing to a lack of funds
it is alleged In the meantime those
directly and pecuniarily interested in
the enterprise have been most indus-
trious in their efforts to secure, in some
form, aid from the government
The plan proposed is for the govern
ment to become a stockhOIder in the
canal company and guarantee its
bonds. This has been strongly and
so far successfully opposed by those
who favor construction, ownership and
operation by the government. OppOn-
ents of the partnership plan have
pointed to the Pacific railroad scheme
and its results as the strongest argu-
ment in support of their views. Now
that the government seems to be COM
ing out of that matter better than was
anticipated some time ago, it may be
easier for the canal company to secure
the desired legislation.
All agree that the canal should be
built and that the United States should
control it The differences are those
pertaining to method. In the mean
time, the Nicaragua government is be
coming impatient and European coun-
tries have come to regard the American
policy as being of the dOg-in-the-man
ger character
By act of congress approved F'ebru-
airy 20. 1SS9 a charter was granted to
the Maritime Canal company of Mica
ragua Ito facilitate commercial inter-
course by water between the Atlantic
and Pacific states as well as with for
eign nations'' Section of the act re-
quires the company to make a report
on the first Monday of December in
each year to the secretary of the inte-
rior, to be verified under oath by its
president and secretary.
The preliminary statement filed by
the canal company shows
That since the organization of the
Maritime Canal company of Nicaragua
10145 shares of the capital stock of
said company have been subscribed for
at par, amounting in the aggregate to
the sum of $1,O14,5OO, of which amount
S1,0O7, $40 has been paid into the treas
ury in cash; that there has been paid
into the treasury from other sources
$126,O52.92, making the total amount of
cash received 81, ,1S3, $685.
That since the organization of the
company it has paid for property,
work, and labor done. and material fur
nished in the execution of the work of
construction of canal and in admins
tration expenses the sum of 81 133, ,495. .O5
in cash, 1880 shares of the full-paid
capital stock of the company of the par
value of S3,199. .OO0 $3.50, 600 of its first
mortgage bonds, and it's obligations for
S6, 7950OO Of the said first-mortgage
bonds. It has also issued 1SO. 900
-F4u
value Of s1S,O0O,OOO in payment for
concessienary rights, privileges, fran
chises, and other property. Two hun
dred and twenty-five thousand dollars
Of the amount first named was repre-
sented by a claim against the Nicara-
qua Canal Construction company for
cash advances made on account of pur-
chase of equipment, and in liquidation
of which claim the Maritime Canal
company has received and now holds
in its treasury obligations representing
s618.5 500 of its f1rst-mortgage bonds. in
addition to 2,42O shares of its capital
stock which were transferred and de-
livered to Thomas B. Atkins. trustee
in liquidation of said account, to be
held by him as trustee for the benefit
of the company.
That the liabilities of the company
consist of the amounts stiH due under
the concessions granted to the COM
pany, of the Sc. 7O5, 900 of bonds before
mentioned, the said bonds being due to
the assignees of the Nicaragua Canal
Construction company for work and la
Dor done and materials furnished in the
execution of the work of constructing
the interoceanic canal. and of cash IL
abilities outstanding unpaid to an
amount not exceeding 800, 900.
That the assets of the company con-
sist of its unused capital stock, of the
s518, 500 first-mortgage bonds. and the
{ 400 shares of capital stock, received in
liquidation as aforesaid, the cOnces-
sions rights, privileges, and franchises
which it now owns, and of the plant,
equipments. materials, lands, buildings