Show NICARAGUA CANAL Tho Company Fails to 3Ieet Its msA Receiver Appointed NEW YORK Aug 30In the United States Circuit court today Judge Benedict Bene-dict appointed Thomas BAtkins of New York receiver for the Nicaragua Canal and Construction company on application applica-tion of Louis Chaple one of the stock ton holders Application for a receiver was acquiesced in by Warner Miller president presi-dent who says the company has no means to meet its obligations The company was organized under the laws ofthe State of Colorado June 10 1889 for the purposeof building a canal through the Republic of Nicaragua connecting con-necting the Atlantic and Pacific oceans The authorized capital stock was I2 000000 all of which is paid up After the organization it became associated with the Maritime Canal company com-pany with the same object The late scandals in France over the building of the Panama canal seriously affected the American company and in certain nature of the work projected pro-jected had the effect of making capitalists cautious about investing in the concern The present monetary stringency further embarassed the concern until finally the officers became unable to meet the demands de-mands and decided to apply to the courts for a receiver President Warner Miller said the fail ure of the Nicaragua Canal Construction company was due to inability to sell securities of the company The company was pressed for a settlement of its bills payable and the receivership was the direct di-rect outcome of the claim of Reas Co for an unpaid bill of exchange amounting to 4000 |