The San Francisco call., 1907-02-07
OLIVER IS READY.
To MAKE GOOD
Government Is Apprised Of
Financial Backing He Has
for the Panama Contract
AWAITS THE DECISION

WASHINGTON, I eD. O--Dy noon To-
morrow William J. oliver Jr. Of Knox
vile. Tenn, who was the lowest bid
der for digging the Panama canal by
contract and who has formed a COM
pany of contractors known as the Pan
anna Construction Company, will know
when he may expect final decision.
oliver called at the offices of the
Isthmian Canal Commission today and
submitted his bid, in accordance with
the requirements of the President. In
the absence of Chairman Shonts the
documents were delivered to Richard
r. Rogers, general counsel of the com
mission.
A number of papers were submitted,
including not only a list of those whom
oliver proposes to associate with him
in the actual work Of construction, but
also the names of the stockholders and
the amounts subscribed by each The
original figure submitted by Oliver 675
per cent of the estimated cost of con-
struction, was adhered to in the papers
filed today.
Secretary Taft said that he did not
wish it to be understood that oliver
would get his final answer tomorrow,
but that he would know at that time
when he may expect it.
After an interview with Secretary
Taft, oliver said that he had got to-
contractors in the world. While / am
not inclined to discuss the matter" he
said '-inasmuch as it is now before the
Secretary of War. yet I feel that L have
disappointed some people who thought
could not make good
Richard r. Rogers, general counsel
for the Isthmian Canal Commission.
made public tonight the names of those
constituting the board of directors and
q CT of "a cta Af
anna Construction Company The di-
rectors:
w ]. Oliver, Knoxville, Tenn; Charles Fl
Ackert, Washington d. G.: Patrick J. Walsh.
p. I. Brennan Washington, D. c.; John B. Nc
Donald New York; John Pierce. New York :
S@ New YGrh George ew g0sk xor
George Peirce, Frankfort Me-, and Robert
Chester, Washington. ID. G.
Each of the directors subscribed for
fifty shares and paid in $4,000 when the
company was Incorporated in Albany
The articles of incorporation call for
$4,000 shares of stock at par value of
500 each, making total of SIS ,OOO. 600.
AS required by the Government, $780,
600 of this amount will be represented
by the bond which the successful bid
der is required to give and the remain
ing $4,000, 600 is to be represented by
| actual cash or securities OF the
SO, 100000 cash capital, one-half of the
amount, $1,500,000 must be paid in
when the contract is signed, and the
second $1,500,000, must be payable upon
demand
The stockholders who have sub
scribed to the paid-up capital stock, in
addition to the 100000 paid in by the
twelve directors when the company was
incorporated and the amount of stock
taken by each, follow:
s,s R a; c Smith, s2lo 200; John B. Mcdonald,
Stevens ss62, 800. W. J. oliver. $4,000; total,
including the S60.o0O 81 .5o9. 600.
Stock payable upon demand has been sub
Johr J. Mcdonald, s2Os 800: John nipi Peiree sssS'
S9e; goo; zao H q Stevens, 1852 500; W. !. oliver
S50e0 G. l. Ackert, $1,000: r. J. Brennan n
$1,000, and Robert Russell $4,000; total. 81. 500,
The corporations S2,0000OO bond is
given in six surety companies. which
also assume an additional liability of
100000 to protect the Government
from loss in acase one of the bonding
companies should fail. The incorpora
tors offer to furnish additional bonds
men II the Government decides that any
of the companies have assumed larger
responsibility than they can well carry.
Oilyer has delivered to the officials
of the Canal Commission certificates
showing that deposits have been made
TO the credit of the Panama Construc
ton Company in the following New
York trust companies: Trust COMPANY
of America, S750,0O0; Knickerbocker
Trust Company, $250.00O; Colonial Trust
Company, $780, 900; Windsor Trust Com
pany, s250,000; total, S1,500,00O. This
amount Will me turned over to the
Government when the contract for con
structing the Panama canal is signed
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