Arizona republican., 1898-11-15
NICARAGUA CANAL The Relations Between the Maritime and
 Cragin Companies. CHICAGO MEN INSPIRED FAITH Because They Had Built Ditch EmbraCinu soAa!Ioa 1nf the Difficulties of the Inter- LIP. Aiges SSrrLp
 9'''S fs~ c5".s Canal, There by Proving
 the feasibility of The Lat
 ter Project.

tions which followed, MT. Chittenden
 secured a block Of stock of the par value of about S1,100,000
 The impression is that he expected to loat this stock in Great Britain. If he had such expectations he met with dis appointment. At all events, the stock was hypothecated with one of the Wall street trust companies for S100,000 It was not transaction that would have inspired the admiration of conservative bankers, for it was, after all, ill the na- ture of a speculation, depending chiefly on the action of the guarantee of the bonds of stock of the company.
 After awhile, as the loan of S1000 000 was not paid, the trust company called it and secured absolute title to the stock. This enabled the company to furnish a proxy to certain interests which were not in harmony with the plans of those who had desired above all things that he canal be built
 These transactions were under way when the proposition was made to the Chicago engineers and capitalists, Of whom Mir. Cragin is the representative. to come to New York for consultation with regard to the Nicaragua canal. The proposition was made to them that they select competent engineers, who were to go to Nicaragua, make esti- mates, report upon the cost, and to do all this at the expense of the company. They were to receive for their services certain commissions.
 It was felt that, with the report of men who had accomplished what these men had, of which the construction of the Chicago drainage canal furnished magnificent testimony, it would be easy to persuade congress to adopt those measures which were necessary in or der to put the company into condition to get the capital necessary to build the canal
 THE CRAGIN SYNDICATE.
 After some consultation MT. Cragin and those whom he represented agreed to make the preliminary Investigations and to report to the company. But when everything seemed in readiness for the consummation of this plan a majority of the Maritime company op- posed it.
 Mir Miller insisted that it were better for the interests of the United States if what may be called the Cragin syn dica.e received the authority, and per haps the concessions, of the Maritime company, and he declared that if these men were wiling to undertake the work on the terms proposed, their suc- cess in building and in financing the Chicago canal would entitle them to the confidence of congress.
 But the Maritime company would rot confirm the informal agreement, and Cragin and his friends were told that if Lhey went to Nicaragua they would have to go at their own expense They did go. and after thorough investiga- { +l,o l.A buils at q cost ro5 exceeding $100,000, O00. and probably for as small a sum as s90 000 000.
 When this report was made it was seen that in order to construct the ca nal q new and supplemental syndicate would have to be organized. It was proposed to the trusc company, which had loaned $1000 000 upon more than million stock, that it take S100,000 and interest and give up it's stock, and for ! time the officers of the crust com )any were disposed to ges their money pack in this way. They were, how ,ycr, persuaded that congress would certainly adopt Legislation which would ]ring the stock up to par, and that hey would therefore be the gainer by he transaction by not far from mill ion dollars. They therefore refused to accept the $100,000
 his and other dlSagreementS caused rupture in the board. MT. Miller for instance, declined to qualify as a di- SctOr, although he retained his stock Il the Maritime company.
 It was clear by this time that if tho Maritime company was to build a ca al or even progress so far in the work hat it would be enabled to secure re- ewal of it's concession in October, 1899, must obtain money and must do that trough supplemental syndicate.
 NEW SYNDICATE FORMED.
 One was organized. Charles H. lint, who is largely engaged in South merican trade, and John D. Crimmins, mith Weed, and other financiers, were lembers Of it. The public knew little this organization. It was in sym 9 thy with the purposes of MT. Cragin nd the Chicago capitalists and engi- CerS.
 h the summer the disposition of