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a ship canal 40 miles long across the Isthmus of Panama built by the United State (1904-1914)

a ship canal 40 miles long across the Isthmus of Panama built by the United States (1904-1914)

The Panama Canal Company (French) was organized by Count de Lesseps, March 3, 1880, and under the concession obtained from the Colombian Government, was to construct and open the canal by March 3, 1892. The face value of the shares issued was approximately $500,000,000, but after $266,000,000 had been expended, the company in 1889 became bankrupt. The total length of the proposed waterway is forty-five and one-half miles, and the work actually done is variously estimated at one-third, one-fifth and one-tenth of the whole. In 1891 Lieutenant Wyse obtained an extension of the concession for ten years, provided a company be formed for its completion; otherwise the Colombian Government will seize the property. In November, 1892, the French Government instituted criminal proceedings against the leading officials of the Canal Company.