New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-13
THE PANAMA CANAL
PRESENT CONDITION OF THE cos.m.
WORK ON THE IsrHMUs
THE NEW COMPANY AND ITS MEruops opv,.
TONS IN THE GREAT cULEBRA cr--
DREDGING AT THE ENDS or TN,
cANAt.-uNUsED MACHINERY -
ALONG THE LINE.
ALONG THE LINE.

since the scandal connected with the e,s,,
Panama Canal project was disclosed abou, e..
years ago. and il was shown that between Goo
100000 and $500 10000 had been eu,L
work without results in any degree nrono,,i,.'@
to the outlay and with no prospect Of uli,,.,
success. people in this and other countries t,.
rather lost Interest In what Was regarlo, =.
first as n magnificent engineering feat des,,,.,
10 be completed in triumph By It's proiec,o, "
Ferdinand de Lesseps. Il Is seventeen vs,
ago this spring since the first detach,nen, :.
workmen arrived at Colon and began the vo,,
on the canal AT that time ". de Lessons a.,
nounced that for the sum Of $l20oooO0G = IA.
level canal could be Constructed across the To-,
mus. The Panama Canal COMPANY was formal
people Of al classes IN France, from the ars.,
crat TO the peasant, were induced to inyes, ,b,,.
savings in the gigantic work. which Vac ;.
produce enormous revenues when cor1pla,ed ~,
money poured into the company's Golfers 4,
plenty. But little real progress appeared n 10
made in Panama. The company continued "a
borrow money untl I'm lSSS. finding il impossp.
to secure further loans. it vas forced into liqy.
dation. This involved thousands os persons !,
France in partial or total financial ruin. N
1890 a commission Of engineers went to the 18th.
mus to investigate, and their report was hghly
dlscourasinS. Valuable machinery. which had
cost millions Of dollars, was rusting useless,y
away, and the tide-leyel cut at Colon was flln,
in. rapidly undoins the early excavating at that
point In 1891 an extension Of ter years tin.
was granted TO the company by the Government,
of Colombia, provided that work should be re-
sumed before February, 1888 In 1892 charges
Of bribery and fraud were brought against De
Lesseps and the other directors. II vas proved
leyond a doubt that the company was a huge
swindling scheme. But the work had been I'd.
dertaken, and if there were any prospect, d.
carrying it through to success that end was De.
sired
In September, 1874, new issue Of three hun
bred thousand shares Of stock was made an.
the first meeting of the new Panama Canal
Company was held on october I. Work was
pushed forward once more on the canal. but The
plans were radically changed. The idea of con.
structing i, at tide level was abandoned and ~
was decided to build 2 lock canal, which .G
most OF its length should be a hundred iee'
above the sea level. II accomplish this three
locks would be required at each end Of the canal
The new Panama Canal Company now has
about two thousand five hundred men at WORK
1t has spent. since the affairs Of the canal have
been under its direction. about S9"1"", and
now has on hand about Sl,VOeoD By the tine
this is expended the company hopes TO have &C
enough work to show that the com
pletion of the canal is feasible with reason
able outlay of money
The entire length OF the canal as proposed Is
over forty miles. The work Of eXcavatlng has
been begun ard is being pursued Il both ehG
and at an interior point about twelve miles