The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-11-02
HUNTINGTON IN 1T.
He is Said to Be Behind the Nicara-
qua Canal Company.

New York, Nov. 2.-William R. Grace
denied emphatically today that the
| Nicaraguan ship canal syndicate in
which he is interested, and which is
represented by Edward E. Cragin of
Chicago and Edward Eyre of New York,
had been or was going to be dissolved.
Mr. Grace authorized the statement
that a new company would be formed
for the purpose of building the canal
This company he said, would have
ample financial backing, but he did not
care to give the names of the stock
holders at present. Mr.. Grace will be
at the head of the new corporation He
said: Il believe that this concession
is liberal one. You may say that this
concession has not been obtained for
obstructive purposes, nor will COM
pany be formed to combat any otnec
interests. The main question is to build
the canal, not to engage in tedious dis
cussions or litigauOns with others"
In the new concession the Nicaraguan
government agrees to make no claim
for any portion of the profits of the
ship canal for a period of one hundred
and ninety-nine years. After that time
the government will be entitled to one
half of the receipts of the canal. The
holders of this concession are to be al
lowed to police and control the district
through which the canal is to be built.
The Nicaraguan government grants
the privilege of free Importation of all
kinds of supplies legitimately necessary
to the construction of the canal
The syndicate is required to open COM
munication between the Atlantic and
the Pacific oceans within three years.
If the water way does not then extend
across the isthmus the different sections
must be connected by railroads so as to
afford means of transportation from
ocean to ocean, The concession also
provides that the new company must
begin its work of construction within
six months after the expiration of the
Maritime Canal company's concession.
President Hiram Hitchcock of the
Maritime Canal company, of Nicaragua,
was asked if the concession held by his
company had been abrOgated or de-
clared forfeited for any cause by the
Nicaraguan government He replied;
I'VE have no information that the
Nicaragua government has done any
thing of the kind This company holds
concessions from Nicaragua and Costa
Rica. The Nicaragu concession runs
for ten years, from October, 1889, and it
contains provision for it's extension. The
concession from Costa Rica has about
three years longer to run. The charter
of the Maritime Canal company of
Nicaragua was granted by the congress
of the United States and it recognizes
the validity of these concessions. If
the present administration acts as the
facts seem to indicate, funds will be
provided for the construction of this
canal at an early date.
LAS to any negotiations now going on
either here or in Nicaragua which con-
fict with the rights of the Maritime
Canal company, have only to say that
I do not believe it POSSIBLE for any COM
bination to successfully oppose the gov
eminent and the people of the United
States in their determination that this
canal shall be constructed now and un-
der the present concession and charter.
Further than that, 1 may say that it
would be work of manifest injustice
for any combination of our citizens to
attempt directly or Indirectly to sup
plant this American company in the
rights and property of an enterprise
which it was so truly conserved until
all could see that the fullness of it's
time had come"
When Mr.. Grace's attention was call
ed to the foregoing statement of@Presi-
dent Hitchcock, he remarked that he
had nothing further to say than that
the Cragin- Eyre syndicate had obtained
a bona fide concession to build a Mica
raguan ship canal and they meant
business. Mr.. Grace declined to COM
ment on his previous statement that no
new company would be formed ito COM
bat any other interests"
Friends of the Maritime Canal COM
pany's project say that President Ze-
laya of Nicaragua is on record as de-
claring that the Cragin-Eyre concession
will not take effect until the rights of
the Maritime Canal company have been
disposed of.
The belief prevailed today that Coils
F. Huntington was one of the capitalists
back of the Cragin-Eyre syndicate Mr..
Huntington denied that such was the
fact and said: I am inclined to think
the parties who are proposing to build
the Nicaraguan canal will not build it
if they stop to count the cost of the
work and are careful first to get an
accurate idea of the amount of business
it would probably do if it should be
built"