The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1898-03-05
Syndicate Now Being Organized in
Chicago for the Purpose.
ESTIMATED COST is SMALLER
Nes Syndicate Nnl TaEs the Concessions
Granted the Maritime Compipy
aad rssh the rroiset


A syndicate 70 take the concessions
granted the Maritime Company by the
republics Of Nicaragua and Costa Rica
for tho construction orthe canal Is In pro-
cess of organization by y. r. Cramin OF
this city. WHO is now In New YORK nego-
tiafing the contracts by which ths new
owners Of the concessions granted by
tho Central American republics and for
tho work already accomplished will come
iHto his possession.
T. +. Conley. WHO has been associated
Nith Mr.. cmmh In the cnterprise. Is
also m New York. gathering material
for thn specifications which will be with
IN the next ten Gays prescntei TO contrae-
tors Tor bids on the different sections OF
the work. The new syndicate for the
construction OF the Nicaragua canal will
soon know within few million dollars
just how much Il Is going TO cost. finished
and ready Tor the passage Of the FIRST
ship. rough estimate from the data at
hand on The return OF Mr. CramIn and Mr.
Csnley from their trip over the canal a
few weeks ago placed the cost within
F5ooO.oo Mr.. Coniey vas Of the opinion
tnat as further data was collected regard
,ng the nature Of the excavation over a
part Of TIE route the cost might be cut
down 90 7S.0o,0p. This is Gar inside the
estimates which have been presented TO
congress In the appeals Of the Maritime
Company FOR government aid.
The preparation Of the specifications of
the contractors has been as thorough as
the dRta In existenes permitted Mr.. Con-
ley secured all the material collected by
the engineers Tor the Maritime Company.
lie then took the reports Of the commits
sion from the United tates engineer ,orps
and To these he ADDED all the material to
be had during his thorough inspection OF
the canal and nj the capitals Of Nicara- |
qua Rnd Costa Rica Immediately upon
his return from his trip OF inspection a
force OF engineers was set to work under (
his direction, bringing into form this mass !
OF material Just prior to his departure
for New York he intlmated that the /
specifications WIRE so nearly completed |
that IN a shor1 time they would so into /
the hands OF the contractors for bids. \
Bonds will be required with all bids and
when the figures have been added for the
first time in all the years that men have
been trying TO Join the Atlantic and Pa
ciiie ey ship canals il viii be known some
where near the actual figures just how
work Is going 20 cost.
The Nicaragua canal" he said. lis be-
ing troIted as a business proposition ouri
peopse want TO know where The thing is
going when they begin putting in their
money. We arc going to tell them. There
Is not such a great mystery in canal
building that IL should not he determ-
med approximately what canal is gsing
10 cost 4 engineers are honest enough TO
estimate properly the work before them.
rhe construction Of the Illinois drainage
anal has educated the contractors who |
hi that work and they know just what {
o expect on the Nicaragua canal. Their
have been over the {
;round, they have stndied climatic oondi-
ions, learned what their labor would cost a
an estimate closely the cost OF transpor- ]
atioa to the canal OF their machinery t
nd material. With the specifications in I
heir hands they can bid as intelligently I
$ IL the work was IN an American v
tate" Il
The terms by which the control OF the a
rOperty and concessions Of the Maritime
ompany has into the hands of the new
indicate are not given oct Their ar
lngement was the work of several pl
onths before the trip to Nicaragua was d,
ade. 9,
Who is back of the syndicate is not W
ven out by the promoters, but 1t is ht
aimed that the contractors have been II
'tisied OF Its financial stability. How az
uch government aid and in what shape a
will be asked, are also matters which W
'ither Mr., Cramin nor Mr., Cooley gives cl
It for publication at the present juno m
re, Mr., Cramln and Mr.. Cooley ere dc
'pected to remain in New York about in
week longer In the settlement of the d'
ansfer of the canal from the Maritime
'mpany to the new syndicate
A ANN tU1NV, A