A study of the brief but turbulent history of the New Panama Canal Company which replaced the bankrupt de Lesseps concern on the Isthmus in 1894. Unable to contemplate completion of the waterway because of a paucity of resources, the company's agents and adherents were nevertheless instrumental in attracting the interest of the United States' government which concluded a purchase of New Company assets in 1904. Though primarily a company history, the work examines the economic and political background against which the drama unfolded.