Evening star., 1901-02-04
ATLAS STEAMSHIP COMPANY
MIsAPPREHENsION ABOUT ITS MICA
RAGUAN CONCESSION CORRECTED.
VIII in No Way Conflict With Build
ing of Canal-Talk With
Consul SOrsby.

EngliShman, heavily Interested IN the Atlas
Steamship Company, was interviewed In
New York in regard to the prospects for the
Nicaragua canal. He is quoted as saying
that the Atlas Steamship Company owned
certain exclusive concessions for the navi-
CATION of the San Juan river In Nicaragua,
which would have to be disposed of by the
United States before the canal could be
built w. b Sorsby, consul at Greytown,
Nicaragua. is now visiting in Washington,
and when asked as to the status of the
Atlas Steamship Company in Nicaragua,
said:
IF Sir William Forwood has been cor
rectly quoted, he is mistaken in regard to
the relations of the Atlas Steamship Com
panys concession to the building of a canal
by the United States. The steamship COM
pany has an exclusive concession for the
steam navigation of the San Juan river and
Lake Nicaragua and also has the exclusive
right to build railroads from SLIGO Lagoon
to The San Juan and around the rapius OF
that river wherever they find it desirable
to facilitate the movement OF freight at low
water.
Does Not Conflict.
This English concession does not conflict
with any canal building, however, for the
reason that it is expressly stipulated in
that concession that nothing therein shall
operate against any existing canal conces-
sion or against any canal concession which
may hereafter be granted The Atlas com
pany has built a railroad SIX and an eighth
miles long from the Silico Lagoon to the
San Juan river at a point above the Colo
RADIO. This enables them to handle freight
at low water from Grey own to the interior,
as by passing through the Silico and trans
ferring by rail to the San Juan above the
Colorado the shoal water which prevails in
the lower part of the river is thus avoided.
The company is in controversy now with
the Nicaraguan government as to this Sill
co railroad. 1t cost the company about
$125,O0O, and the concession provides that
for each mile of such railroad built the
Nicaraguan government should pay a bonus
of 1000 pesos. IS
1T is necessary, however. that the rail-
roads should be accepted by the govern
ment before the bonus is paid, and this ac-
ceptance has not yet been made the Mica
raguan government claiming non-compli
ance with certain clauses in the conces
SionS'
FriendIiness of Nicaragua.
When asked as to the attitude of the
Nicaraguan government toward the pro-
posed American canal, Mr.. Sorsby said:
THE government is very friendly to the
American enterprise, and is anxious for
the canal to be built. This is shown by
the protocol signed here by the Nicara-
guam minister, which allows the canal to be
constructed as the enterprise of d foreign
government, something which has hereto
fore been forbidden. l consider President
Zelaya a strong, capable man, fully aware
of the great advantages which will come
to his country from the building of the
canal and ready to forward the enterprise
in every way possible within the limits of
what he considers just to Nicaragua
Has any estimate been made or figures
set as to the amount of money which the
United States will have TO pay Nicaragua
for the necessary concession rights and
privileges?' Mr.. Sorsby was asked:
Nothing is known in regard to that
yet. and it is necessarily indefinite, there
have been no negotiations covering that
point. l have made an estimate allowing
that the United States is to secure a strip
of country ten miles wide from ocean to
ocean to the effect that there are involved
in this proposition 1,553 square miles of
land. or about one million acres. At the
maximum price of government land per
acre, which is about three pesos this would
be $3,oOo,Vo, but, of course this does not
consider the question of rights and privi-
leges which the Nicaraguan government
would naturally not base upon ordinary
land values While the matter is very in
definite, l do not think there will be any
trouble about making some acceptable ar
rangement.
Real Estate Held High.
THE building of the canal" continued
Mr.. Sorsby. will be a great thing for that
country, as there scme opportunities
for foreign capital and the Introduction of
American interests, canal and others, will
give unusual stability to political condi-
tions. There is some speculation already
| in anticipation of the canal and at Grey
town, for instance, 1t is almost impossible
to buy real estate at any figure. Just be-
fore leaving there for this trip I inquired
the price of one vacant lot 100 by 10 feet
and found it was held at s., 600 in gold
Greytown will, of course, be booming
place during the building Of the canal, and
may possibly return interest upon such
values as l have quoted. The commission
has laid out several terminals for the canal
and at this time it is impossible to say
which one will be adopted. One of these
is right at Greytown, and the others are
| more or less distant. We are all anxious
to see canal legislation, and if an extra
session Is called it will certainly look favor
able for this enterprise"