The New York herald., 1879-07-29
INTEROCEANIC CANAL.

THE NEW YORK BRANCH OF THE CREDIT LYON
NA1s SOLICITING SUBSCRIPTIONS FOR SHARES
FINANCIAL PREPARATIONS FOR THE ENrER-
PRISE.
On the first floor of the Equitable building. in
Broadway, is very handsome suit Of offices, in
scribed ovor the entrance with tho words "Credit
Lyonnais." 1t was from thence that circular was
issued yesterday calling the attention of those who
Company"
Mr.. p Maillard, who represents the New York
agency Of tho Credit Lyonnais. said to reporter
OF tho HERALD yesterday that NJ. de Lesseps had
lately designated several large banking establish
ments in Paris and elsewhere as places for the re-
cept of subscriptions to tho bonds of this company.
Among those 80 designated the Credit Lyonnais had
ten agencies, including that of New York. The
Credit Lyonnais. it may be remarked. is a French
banking concern having capital or lOO and
possessing agen les III al parts or the world.
The canal company had offered simultaneously to
the public of Europe and America for subscription.
100000 shares of 5U0f. each, on basis OF five per
cent payment on subscription and twenty per cent
allotment. Further calls would be an
nounccd at least three months before pay
lneut would be required. Subscriptions would DO
received in Europe only on the 9th and 7th ut Au-
gust. In New YORK, however, the Credit Lyonnais
would receive subscriptions for shares. provision.
ally, at once 1t believed that the twenty-five
per cent thus called for would suffice to carry out
rate of five per cent per annum was guaranteed by
the company - the shareholders during the time OF
the construction of the canal. II the subscribers
failed pay the second instalment OF twenty per
cent the five per cent deposit would be forfeited
and would go toward paying the initatory expenses
of the work.
PROSPECTS OF SUCCESS.
Mr.. 8Lailard said that he had very little doubt
that the public would readily subscribe to the prof.
ect. The Suez Canal had proved SO complete sue
cess that the shares were now sold ut premium Of
fifty per cent and the bonds ut nearly one hundred
per He pointed out to tho reporter the quota
tions the Paris official published list dated July
H. as coniirmatory of the statement The want ot
direct water way from the Atlantic to the Pacific
Ocean was he said felt moro and more every
year by tho mercantile world. Tho international
Congress had decided in favor Of the project Of
Lieutenant Wyso to. open waterway through tho
Isthmus Of Panama. That was. in Mr.. Maards
opinion, the plan which M. do Lesseps
regarded the best. Nj. dc Lesseps would
have urged upon the Congress tho Nicarasua
project Ii Le had thought 1t bettor
than that Of Lieutenant Wyse. But he did not
think SO, and, having only one motive-that OF
adding lustre to fame that was already world
renowned--he had made his decision Engineering
difficulties, of course there would be; but. as In tho
Suez Canal enterprise the ono man who could over
come them would be found. AS to the little disap-
pontment now and then manifested by the Amer
leans that their route was not selected that would
ultimately fade away when the great advantages to
the mercantile community that were obtainable by
the plan adopted realized. 1t would shorten
the way from the East to the West by 5000 miles.
Inc people of the United States were those who
would be most largely benefited by the canal as it
would create regular and more rapid intercourse by
between the States situated the shores OF the
fuyn