New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-05
CANAL COMPANY READY.
J. b. Mcdonald May GjUe Entire
Time to Panama Company.

As the articles Of incorporation with the sig
nature of the Secretary Of State did not get back
from Albany in time yesterday. there was no
formal meeting for organization of the Panama
Construction Company, formed by William J.
Oliver TO back him in the bid he has made for
building the Panama Canal, Such meeting
will be held to-day for the election of directors
and officers after which a statement viii be is
sued.
There is good reason to believe that John b.
Mcdonald will probably resign his recently
quired position as vice president Of the Inter
borough Metropolitan Company, in charge of
the construction Of Its future subways, and de-
vote his entire attention to pushing through the
work on the great canal. 1t is understood that
each one Of the in the company has prom
Used to devote his personal attention the vari-
Gus details of the work that viii be assigned TO
him.
The incorporators Of the company were to-
gether most Of yesterday perfectng the scheme
Of organization and operation Each branch Of
the work will be in charge of a special commit
tee at the head Of which will be the expert IN
that lire OF work.
Of course. all this is contingent on the award
ing of the contract 10 the company, but the eX-
tent to which they have gone in perfecting the
organization shows that they more than
hopeful of having the Oliver bid of 6,75 per
cent accepted.
When Mr.. Mcdonald was asked If his COnnec-
ton with the Panama Construction Company
would mean his withdrawal from the INTERIOR
ough- Metropolitan Company. lie hesitated for
moment. and then replied:
You see. we haven't perfected this organiza-
ton yet. When we do ] shall have statement
regarding that matter"
II is known that Mr.. Mcdonald had talk
yesterday with Theodore p. Shonts, the new
president of the Interborough- Metropolitan and
former chairman of the Panama Canal Commits
sion 1t was probably about Mr. McDonald's
possible withdrawal from the transit corpora
ton.
In reply to statements that Thomas F. Ryan
to be OF the powers in the background
of the construction company he said yesterday
II have never been consulted by, or asked to
Join with. any party individual in building
the Panama Canal financing the successful
bidders. While l believe that the completion of
this great work within the terms of the contract
would reflect credit any body Of men I do
not intend directly indirectly to be concerned
in the enterprise"
When this statement was shown to r. A C.
Smith. he said
That seems 20 cove" the point | think we
must believe Mr.. Ryan. He showed the state
ment to other incorporators OF the company. all
OF whom seemed particularly interested in it.
The articles OF incorporation, filed in Albany.
contain the usual blanket provisions and the
following specific purpose:
ITO do and perform every and thing
necessary to construct the proposed canal
across the isthmua of Panama. which a cor
poration organized under the business corpora
ton law OF the state Of New York may law
fully do cause 10 be done
The incorporators named were as follows: John
+. Mcdonald John PIERCE, Robert A c. Smith
William ii. Sayre. George f. Hartman. OF
New York City; William J. Oliver. of Knox
Vile Tenn; Charles H. Ackert Robert A. Ches-
ter Patrick J Brennan, Of Washington: George
Peirce OF Frankfort, Ne: Patrick Il. Walsh of
Davenport. Iowa, and Robeif Russell o. l.snch H.
burg. Va.
The name Of Frederick - Stevens. VINO is
The principal financial hacker Of the company,
does not appear In the Incorporation. This is
said to be because he does not wish TO appear to
have an active part in the company. which
might seem to interfere with his duties as State
Superintendent Of Public Works.
Commissioner stevens when asked about the
rhscnct of his name from the list of incorpora,-
C~s said
never intended 10 take amy active part ia
the mana cement Of The company My part was
TO arrange for the financial backing. to bring
these people together, that the government