Nicaragua Canal

The Maritime Canal Company of Nicaragua, capital $100,000,000, was incorporated under a charter granted by Congre in 1889, permi ion having been prev i on sly obtained from the Nicaragua Government for the exclusive right of constructing and operating an interoceanic ship canal. Excavations were begun October 8, 1891, at San Juan del Norte, or Grey town. The total length of the proposed waterway is 169% miles. The reservoirs of Lakes Nicaragua and Managua furnish an adequate high water level supply. In 1892 the canal had been opened one mile from Grey town. The sum then expended in plant and work amounted to $600,000. A bill was reported unanimously by the Senate Foreign Affairs Committee recommending a government guarantee of $100,000,000, but it was quickly withdrawn and no further attempt was made to revive the project until February 17, I900, when the House Committee on Interstate and Foreign Com-. merce reported a bill providing for the construction and ownership of; the Nicaragua Canal by the United States. By this bill the route was not described, but $10,000,000 was appropriated to begin the work of construction, which is limited in cost to $140,000,000.