The record-union., 1898-03-05

CHICAGO, March 1.-The Tribune"
says
A syndicate to take the concessions
granted the Maritime Company by the
republics of Nicaragua and Costa Rica
for the construction of the canal is in
process of organization by +. F. Cra-
min if this city. who is now in New
York negotiating the contracts by
which the new owners of the conces-
! siQns granted by the Central American
republics and OF the work already ac-
complished will come into his possess
sion. r. T.. Cooley, the engineer who
has been associated with Mr.. Cramin in
the great enterprise. is also in New
York gathering the material for the
specifications, which will be within the
next ten days presented to contractors
for bids on the different sections of tho
work
The new syndicate for the construc-
ton of the Nicaragua Canal will soon
know within few million dollars just
how much it is going to cost, finished
and ready for tine passage of first ships.
a rough estimate from the data at hand
on the return of Mr., Cramin and Mr.
Cooley from their trip over the canal a
few weeks ago placed the cost within
S.o,oOo, 600. Mr.. Cooley was of the
opinion that, as further data was coll
lected regarding the nature OF the ex-
cavation over a part of the route, the
cost might be cut down to $65. 600. 900.
This is far inside of the estimates which
have been presented to Congress in the
appeals of the Maritime Company for
Government aid.
The preparation of the specification
for the contractors has been as thor
ough as the data in existence permitted.
Mr.. Cooley secured all the material col
lected by the engineers for the Maritime
Company. He then took the reports of
the commission from the United States
Engineer Corps, and to these he added
all the material to be had during his
thorough inspection of the route of the
canal and at the capitals of Nicaragua
and Costa Rica.
Immediately upon his return from his
trip Of inspection force of engineers
was sent to work under his direction,
bringing into form this mass of mate
rial. Just prior to his departure for
New York he intimated that the speci-
fications We're so nearly completed that
in a short time they would go into the
hands of the contractors for bids, ana
the first time in all the years that men
have been trying to join the Atlantic
and Pacific by ship canals it will be
known somewhere near the actual fig
ures just how much the work is going
to cost.
The Nicaragua Canal" he said. lis
being treated as a business proposition.
Our people want to know where the
thing is going to end and when they
begin putting in their money We are
going to tell them. There is no great
mysterious thing in canal building that
it should not be determined approx
mately what a caral is going TO cost II
engineers are honest enough to estimate
properly the work before them. The
canal has educated the contractors
who did that work. and they know just
what to expect on the Nicaragua Canal.
Their representatives have been over
the ground, every foot of it; they have
studied climatic conditions, learned
what their labor will cost, and can es-
innate closely the cost of transporta-
ton 10 the canal of their machinery
and material. With the specifications
in their hands they can bid as intelli-
gently aus if the work was in an Amer
lean State.
The terms by which the control of the
property and concessions of the Mari
time Company pass into the hands of
the new syndicate are not given out.
Their arrangement was the work Of
several months before the trip to Near
aqua was made.
Who are back of the syndicate is not
given out by the promoters, but it is
claimed that the contractors have been
satisfied of its financial ability. How
much Government aid and in what
shape it will be asked are also matters
which neither Mr.. Cramin nor Mr.. Coo
ley give out for publication at the
present juncture.
Mr.. Cramin and Mr.. Cooley are ex-
pected to remain in New York about a
week longer in the settlement of the
transfer of the canal from the Maritime
Company to the new syndicate.