The times., 1898-10-28

ing with the telegraph systems of the
country and the ocean cables. was one Of
the iirst works commenced. and II was
soon pushed through TO Castillo. covering.
with Its loops, a distance of sixty miles.
IN ADDITION to this telegraph service all
the ofIices and the more important camps
and stations were put In telephone COM
munication
railroad has been built along the line
OIL the canal from the western terminus
To a point within seven miles of the
Eastern Divide" The dredging of the
canal has been carried forward from San
Juan to point $3.50 feet inland
Interesting Correspondence.
Although it cannot be stated on the au-
thority OF the Commissioners, there are
indications that the commission will re-
port in favor of the route already chosen.
This lends Increased interest to corre-
spondence which passed between Secre-
tary Bliss and the President of the Mari
time Canal Company last Summer. The
Senate in May passed the following reso-
luton:
Resolved. That the Secretary OF the Interior be
directed to send to the Senate information
to the progress made in the survey. other
operations toward the cons; rt;ction Of the Ncara
qua Canal and that he furnish the Senate state
ment of tie outstanding debts obligations of
the Maritime Company OF Nicaragua and of any
proposition such company has submitted, or may
submit with reference TO clearing on said debts
and obligations with view to the transfer OF
any of the stock in said company to the United
States, and of any other proposition that said
company has Submitted may submit with refer
or m rh. hN ifrd nf
expended in the survey and construction of
said canal in any way connected with the
same, together with a statement OF such ex-
penditnres.
This resolution was transmitted to Mr..
Hitchcock, The reply of the president Of
the Maritime Canal Company follows:
Maritime Canal Company OF Nicaragua,
Ncs "a and 80 Broad Street.
New York. June :. 1885.
Sir: In view OF the resolution passed by the
Senate cf the Unte1 States the 10th day of
May, ls9s and in respon,- to the request receiv-
ed from the Secretary OF the Interior, bearing
date May n, 1895. the Maritime Canal Company
of Nicaragua hereby submits for the consideration
and acceptance of the Government of the United
States the following proposition with reference to
clearing OF the outstanding debts and obligations
Of the company and the payment of the sums ex-
pended in the survey and construction of the
Nicaragua Canal. or in any way connected with
the same with view to the transfer of por
tlon OF the stock In SAID company 10 Inc ,hitel
States, towit:
The company will agree TO issue to the Secre-
tsTy OF the Treasury of the United States .0o.eoo
shares of its capital stock, of TIE par value OF
$1,000. 600, providing the Government OF the
United States in consideration thsrefor VIII guar
antee the payment of both principal and interest
OF new issue OF coupon and registered bonds
of the Maritime Canal Company of Nicaragua 70
amount not exceeding sl9.0oo.oS; sa!d bonds
to be issued in denominations of not less than
$50 nor more than $1,000 each, TO be payable on
the lst day q July 1926, to bear interest at the
rate OF per centum per annuln, payable quarter
ly. and To be redeenable at the pleasure OF the
United States IT any time after the lst day OF
July 1905, al par and accrued interest. The IoD
600 shares of stock TO be issued, Aforesaid. in
confederation for such guarantee. shall be regard
ed as fully paid and assessable.
The Maritime Canal CCmpauy of Nicaragua Will
ais, agree that as soon after the acceptance of
this proposition is practicable twill call in and
cause to he returned and surrendered TO and can
crled by the treasurer OF the company all oil the
capitsl stock of the corporation heretofore SUD
sCribed Tor or issued and outstanding, except
that reserved to the Republic Of Nicaragua and
Costa Rica in their respective concessions, ana
win redeem and cause to be surrendered and can
calcd all bonds and scrip for bonds heretofore
issued by said company, and will satisfy and dis
charge all cash liabilities Of said corporation
and all existing construction contracts heretofore
made by said company, or VIII make anpie pro-
vision for such surrender. cancellation, receinp-
ton discharge and satisfaction. provided. and
upon the express condition that there shall be IS
sued and delivered TO such person or persons as
may be designated by those stockholders OF the
said company whose stock shall be surrendered
and Cancelled az hereinbeore provided 70.COo fully
Maid and non,assessable shares OF the new capital
stock of the company OF the par value OF SioO
each, and an amount Of the said bonds OF the
Maritime Canal Company OF Nicaragua bearing IN
trrcst at the rate OF per centun per nnnuIn
and guaranteed 10th as TO principal and interest,"
by tho United States as aforesaid, which snail
be equal at their par value to the sum Of -:
500, 900 said new stock and guaranteed bonds
TO be issued and received in full payment for the
surrender redemption, and cancellation oil the
s.o,ks bonds and scrip for bonds now out
Standing, Tor the satisfaction and discharge OF
all existing cash liabilities and construction con,
tracts az Aforesaid. and for the reimbursement OF
all expenditures heretofore made or incurred oy
+b ala cornuany in the construction OF the canal
or in any way incident thereto.