Show NICARAGUAN CAKAI The President of the Company Denies that Work las Stopped NEW YORK July 14 The report that I the Nicaragua canal construction company i com-pany had stopped all work on the Nicaragua I Nica-ragua canal on account of a lack of funds was officially denied this morning by ex Senator Warner Miller president of the company We have not stooped york iork entirely n said Mr Miller although of course we have had to lessen the amount work In times of financial stringency ryone has to cut his coat according t cloth Work is now going on on the akwater at the entrance to Greytown bar and on the harbor Besides that we have a large number of men looking after our valuable machinery uI is untrue that the companys securities se-curities have not been bought Persons have been buying them all along and are doing so yet As for the report that there is any internal dissensions in the company com-pany that is untrue We hud to stop work to consider the extent at the time of revolution in Nicaragua Our boats were seized These boats were the only means of transportatinn up the river We expect this soon to be settled in a satisfactory sat-isfactory manner Then when the money situation Lecomes a little easier we expect ex-pect to go ahead with the work at full blast Little more than 000000 has already been expended by the company The board of directors of the Nicaragua Canal company had a meeti g today to I hear plans t devise means to raise money General Manager Taylor presented n plan I among the features of which was to issue and market fS5000000 of bonds the es timute of the cost of the canal to be fixed at 5G000000 As the present prices and methods allow a difference between the newly estimated cost and the 585000000 bond to be used for the payment of interest in-terest during construction active propaganda propa-ganda is t be established all over the country as a preliminary to placing the bonds on the market All money to be obtained from the first subscription is t be at once employed inactive i in-active work on the line of the canal and I the amount of the first subscription is satisfactory the bonds will be offered at 9 if unsatisfactory at 92 The amount of bonds sold the second three months should not be less than 510000000 nor more than 20000OCO The committee will consider the plan further |