 In 1904, Flagler began construction on the Oversea Railway to Key West, which many people thought was an impossible undertaking.The 128 mile-extension was opened on Jan. 22, 1912, just 16 months before Flagler's passing on May 20, 1913.FECR declared bankruptcy and was placed into receivership in September 1931 following financial difficulties caused by the Stock Market Crash of 1929 and onset of the Great Depression.