The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-02-10

CLAIMS OF THE CRAGIN-EYRE-
GRACE SYNDICATE OF PROMOTERS.
Its Members Say They Own the Con-
cession to Build n Canal, and Mica
ragua Cannot Give Another.

NEW YORK, Feb. 9-The Tribune to-
morrow viii publish the following: "The
progress which the Nicaragua canal bill IS
making in Congress. and the announce
ment of the terms of treaty which Secre-
tary Hay has negotiated with Great Brit
ain, have revived interest in the much-dis-
cussed claims OF tine Maritime Canal Com
pany and the Cragfn- Eyre-Grace syndicate.
and the concessions which they have OBJ
tanned from the Nicaraguan government.
1t Is asserted by the shareholders in these
companies that when the United States
comes to treat with Nicaragua for the
right to construct a canal across that re-
public Nicaragua will be found to have no
such rights TO concede, because she has al
ready disposed of them to these companies.
Report places the cash value at which
these concessions are now held by the
guarantees at $5.eOO.o00. Among the men
interested in the Cragin-E yre-Grace SYM
dicate, David Mcclure, lawyer, said to-day
are: Levi p. Morton, John Jacob Astor.
John A Mccall, George G.. Williams.
George Westinghouse, John ID. Crimmins.
James Stillman. Edward F. Cragin, +.
Eyre and William r. Grace.
Some of these men. notably Mr.. Eyre
and Mr.. Grace. also stockholders in
the Maritime Canal Company. Notwith-
standing the fact that certain men hold
stock in both companies, there seems to De
a well-defined difference of opinion as to
whether the Maritime Canal Company now
holds any concessions from Nicaragua or
not. The officials say 1t does. and pub
Hshed report that the Cragin-Eyre-Grace
syndicate had secured the rights OF the
Maritime Canal Company was declared by
Dari@ Mcclure, counsel for William r.
G TO be true. At the office of William
/ zee & CO., no information could be
OBJ I'd. h. E Eyre, who is vice presi-
dent OF that company. said that there was
nothing new in the situation, but L. +.
Cragin declared positively that the mari
time company had no rights at all because
IL had allowed them to lapse on Oct. last
by nonfulfillment of the conditions On
which they were based.
Mr.. Cragin says he is strongly opposed
to the building of the interoceanic canal by
the government and is earnest advocate
OF constructing IL by private capital. assert
Ing that private capital is able to complete
IL In about eight years, while IL would take
the government at least twenty years and
the cost, through delay and red tape, would
greatly exceed what was actually neces
sary. The question whether the Cragin-
Eyre-Grace syndicate has secured all the
rights OF the Maritime Canal Company or
whether the Maritime Canal Company has
D-ef SnuHcQ out W It's own neglect. anu all
the concessions have fallen into the lap of
the Cragin-Eyre-Grace syndicate is of more
Importance to the stockholders than to the
general public, which is only interested in
the fact that exclusive concessions TO con-
struct canal across Nicaragua are held
by syndicate under decree of the Nicara-
guam national legislative assembly dated
National Palace. Managua, Oct. 81. 1885,
and signed by Zelaya and Jose G. Munoz,
subsecretary or public works.
The decree grants to Edward Eyre and
Edward F.. Cragin exclusive rights to con-
etruct an interoceanic canal across Near
aqua provides that they may negotiate
with the Maritime Canal Company for its
concessions. permits them to carry on any
business enterprise In connection with the
canal and provides that they must deposit
in cash 100000 at once and 100000 within
four months with the government as Sc
curity The $500. coo has not been deposited
yet but Mr.. Mcclure says IL will be when
ever IL Is demanded and that Nicaragua or
some one for her must purchase those con-
cessions from the syndicate before The right
TO build canal across that country can be
granted 10 anyone else"