Panama Canal

The Panama Canal Company (French) was organized by Count de Le eps, March 3, 1880, and under the conce ion obtained from the Colombian Government, was to construct and open the canal by March 3, 1892. The face value of the shares i ued 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 Licutenant Wyse obtained an extension of the conce ion 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, which resulted in the conviction of Ferdinand de Le eps and others.