America has captured the forces of Nature, harnessed the floods and made the desert bloom, builded gigantic bridges and arrogant skyscrapers and bored roadways through solid rock and beneath water, but the most spectacular of all spectacular accomplishments is the Panama Canal.

Some four centuries ago, Balboa, the intrepid, the persevering, led his little band of adventurers across the Isthmus of Darien, as it was then called, and, leaving their protection, gave rein to his impatience by going on ahead and climbing alone, slowly and painfully, the continental divide, from which vantage point he discovered the world's largest ocean.

We are told that, later, gathering his followers, he walked out into the surf and with his sword in his right hand and the banner of Castile in his left gave the vast expanse of water its present name and claimed all the land washed by its waves the lawful property of the proud country to which he owed allegiance.

The narrowness of the Isthmus naturally suggested the cutting of a waterway through it. It interposed between Atlantic and Pacific a barrier in places less than fifty miles wide. To sail from Colon to Panama - forty-five miles as the bird flies - required a voyage around Cape Horn - some ten thousand miles. Yet it was nearly four centuries before any actual effort was made to construct such a canal.

In 1876 an organization was perfected in France for making surveys and collecting data on which to base the construction of a canal across the Isthmus of Panama, and in 1878, a concession for prosecuting the work was secured from the Colombian Government. In May, 1879, an international congress was convened, under the auspices of Ferdinand de Lesseps, to consider the question of the best location and plan of the canal.

The Panama Canal Company was organized, with Ferdinand de Lesseps as its president, and the stock of this company was successfully floated in December, 1880. The two years following were devoted largely to surveys, examinations and preliminary work. In 1889 the company went into bankruptcy and operations were suspended until the new Panama Canal Company was organized in 1894.