Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-08-07
A Canal Project thas does not Boom
YeaferdaY the substitution hooks for stock n

n C0m0l kfOJeCt tn6t 0OeS not Boom.
Yesterday the subscription books for stock in
II. de Lesseps' Franco Universal Canal across
the Isthmus OF Darien) were opened In New
York city. Leading New York merchants
0rtnnel, Minturn Co, and others,-endorse
the canal project verbally, with great enthus-
tasm, but they do not subscribe for any shares
They profess TO see no danger TO American in
terests from its being In the hands Of foreign
engineers and capitalists. In case 1t proves q
failure, they say 1t will be better that the $780,
100000 or s150, &c., 600 required should come out
OF foreign pockets than that 1t should be with
drawn from the active trade OF this country.
II, on the other hand, the canal proves sue
cess. the United States are amply strong enough
10 compel respect for their interests on the part
OF any foreign government or combination of
governments. The talk about the Monroe doc
u1ne and American interests they say, comes
rom the politicians at Washington who are
arter reelection, and who care absolutely moth
ing Tor the american commerce." whose wei
fare they profess to have so much at heart. De
LexepS, they say, Is on the right track
He alone Of all those engineers who are making
such fuss over this matter has built an inter-
oceanic canal, and has made 1t magnificent
success. He had to contend against all sorts of
influences, stoppage OF work, lack of funds
hostility OF England and the Sultan. the sneer.
never dig his ditch through the sands, and
never keep 1t open after he had dug 1t. He
QUILT no complicated and costly locks and
attempted no SNOWY feats OF engineering, but
aug deep, broad channel straight through
from sea to sea. That is just what he intends
10 &c IN Central America. 1t Is plain, COM
mon problem to dig straight through
the summit something over two hundred feet
In its highest party and carry the dirt out
at both ends, using it to build his harbors
at either entrance, just as he did at Suez and
Port Said. By employing steam navvtes or
exeavators, with lines OF railroad to carry the
dirt away, the work will be greatly fastened.
And then they point out the advantages to be
derived to commerce from bringing teas and
spices across the Isthmus of Dar1en, thus
avoiding the Injurious effect of the terrible heat
these articles receive In crossing the Isthmus of
SueZ. But still with all these advantages In
view, the New York merchants do not show
their faith In the enterprise by subscribing for
any Of the stock. In fact, nobody subscrtbes.
The books were thrown open for subscriptions
yesterday In ga large, richly freseoed apart
ment," with furniture ''of the costliest and
most elaborate description" and tables groan-
Ing under piles OF advertisements and pros
pectuses OF the company printed On the finest
wnne paper and In clear, handsome type, SET
scheme and the almost absolute GER
tainty OF its ultimate success. But
Notwithstanding these allurements, there
was noticeable absence of investors. In fact.
1t Is said, not single dollar Of American capt.
tN was subscribed yesterday. The New York
managers OF the company now say they did not
expect much support In New York anyhow
that "in any case the bulk Of the capital viii
come from Europe" They say further, that
tne splendid reputation OF NJ de Lesseps, and
the triumphant success Of his first enterprise,
nave won the confidence of the continental
public and investors. Suez Canal stock. which
II us time was successfully decried by the
British government and sneered at by the Eng
lish investors. Is now worth IA cents on the
dollar. while its 3O0franc bonds are sold on the
Paris BOurse for 565 and 567 francs cash.
Books were opened In Paris yesterday at nine
different banking houses and associations, and
we shall probably soon hear whether the pro-
1ect booms any more hopefully there then In
New York.