After it was determined to build a sea-level canal, the canal concession owned by Wyse and his associates was transferred to the Compagnie Universelle du Canal Interoceanique (The Universal Interoceanic Canal Company) of which de Lesseps was given control. The canal company was capitalized at $60,000,000. The preliminary budget of expenses amounted to $9,000,000, of which $2,000,000 went to Wyse and his associates for the concession. The organizers were entitled to certain cash payments and 15 per cent of the net profits. The canal company soon found it necessary to acquire a controlling interest in the Panama Railroad. That corporation insisted on charging regular rates on all canal business. In addition, it possessed such prior rights as made the Wyse concession worthless except there be agreement on all matters between the railroad company and the canal company. The result was that the canal company bought the railroad, and its rights, for the sum of about $18,000,000. The first visit of de Lesseps to the Isthmus was made in the early weeks of 1880. He arrived on the 30th day of December, 1879, and was met by a delegation appointed by the Government, and one nominated by the State Assembly. There was the usual reception, with its attendant champagne and conviviality, and a fine display of fire-works at night. The next day, with a chart before him, de Lesseps promptly decided where the breakwater to protect the mouth of the canal from the "northers" sweeping into Limon Bay should be located. He declared that in the construction of the canal there were only two great difficulties--the Chagres River and Culebra Cut. The first he proposed to overcome by sending its waters to the Pacific Ocean by another route--a project which it has since been estimated would have cost almost as much as building the canal. The second difficulty he thought would disappear with the use of explosives of sufficient force to remove vast quantities of material with each discharge. There was a great hurrah, and an international celebration during de Lesseps' stay. The flags of all nations were prominently displayed, with the single exception of that of the United States. Count de Lesseps was over 70 years old when he first visited the Isthmus, though he was still active and vigorous. Mr. Tracy Robinson described him as "a small man, French in detail, with winning manners and a magnetic presence. He would conclude almost every statement with, 'The Canal will be made,' just as a famous Roman always exclaimed, 'Delende est Carthago.' He was accompanied to the Isthmus by his wife and three of his seven children. Being a fine horseman, he delighted in mounting the wildest steeds that Panama could furnish. Riding over the rough country in which the canal was being located all day long, he would dance all night like a boy and be ready for the next day's work 'as fresh as a daisy.'"