Arizona republican., 1898-11-15

Philadelphia, Nov 1.-The Press
 prints he following dispatch from its
 New York correspondent relative to the
 Nicaragua canal which will be read
 with interest on the Pacific coast
 whers the canal proposition is being
 watched closely: Pr sident Mckinley
 has within a few days learned from
 rhe president of the Maritime company,
 Mir. Hitchcock. and from the former
 president of that company, Warner
 Miller, what are the purposes of that
 company and of what is known as the
 Grace syndicata, with respect to the
 Nicaragua canal. The history must
 nave interested the president greatly,
 TOT 1t contains some things Of which neither he nor congress had the slight est knowledge and concerning which the United States and Nicaragua have
 been entirely in the dark.
 There was revealed to the president
 the story of the rupture in the Mari
 tlme companys management, of the creation Of a syndicate last summer ,of the disbandment of that syndicate, and Inc forming of the new enc of which MT. Grace is president, and it was ex- Dlalned that certain conditions would when they became known to congress, make it impossible to secure the pass age of bill appropriating money or guaranteeing bonds in the interest Cf the Maritime.
 When the president asked what, if any, recommendation was in the minds Of these gentlemen for him to make. he was told that their only purpose was to make him acquainted with the situ- ation as it is and with the history Of the complications that have arisen in the past year or two as well as with the facts associated with the creation of the Grace syndicate.
 The Maritime company obtained con- sessions from Nicaragua after Presi- dent Clevelands act in withdrawing from the senate the treaty entered into between representatives of this gov ernment and Nicaragua. In all prob ability had that treaty been left to the senate the canal would today have been practically completed and under the exclusive control of the United States government
 Behind the Maritime company was construction company, syndicate within the corporation which had the Of these companies War her Miller became president and after he retired from the United States sen ats he gave all of his time to the in- terests Of the canal company and in- vested a good deal of his money in the corporation
 Public interest could not be suffici- ently aroused 10 obtain popular sub scriptions, and capitalists were so doubtful about the successful solving Of the engineering problems that they could net be induced to come to the aid of the construction company with any large amount. That company, n cJ of tn edge it's practical insolvency. After it had dCno that the financial blight which continued from 1893 to 1896 made it impossible successfully to re- the company. A reorganiza- Lion of kind was effected. bat the Financial problems were tCO difficult for it to solve and at last MT. Miller decided to take a radical step.
 The cons nsruction of the Chicago irainage canal. an engineering feat which was in many respects as difficult If accomplishment as would be the Of the Nicaragua canal, rad attracted the attention of sc1en- ists and capitalists Cf this country and If Europe. MT. Miller was Of the opin- on that if the same mn who had dem nstrated the feasibility of the Chicago lrainage canal by building it were alled to the assistance of the Mari inc company they might be able to 10 wha5 nobody else had dared under ake.
 While he was considering the advisa- ility Of turning to these engineers and capitalists some remarkable transac- ions were characterizing the manage leut of the Maritime company. It was D a position where it needed money cry badly A hundred thousand dol [ lrs was the smallest amount which l r0uId serve its necessities at that time, nd it looked about for means of rais- ag the money and also getting upon $ feet financially again.
 CHITTENDEN TAKES A HAND
 While doing this, it was brought in- / ) association with Mr. Chit,enden of E rooklyn, son of the late s. B. Chitten- I en- who was a merchant of high ( landing in New York and who had r arved with distinguished success in : lngrcss. MT. Chittcnden's aid was I ought and there was firm faith that 2 would be able successfully to ref cnco the Maritime company CT ths