New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-07
OLIVER SUBMITS BID.
CONFIDENT OF CONTRACT.
Original Price of 6.75 Per Cent of
Cost adhered To.
Iron The Tribune Bureau.1


sion this afternoon and formally presented his
! proposition.
Mr.. Oliver made his appearance within two
| hours of the expiration Of the ten days time
| limit allowed him by the administration for
| the perfectng Of his bid and the selection of
new business associates to replace Arson NJ.
Bangs, whose financial standing was not thought
by the President and Secretary of War suf-
| iciently substantial for connection with such
gigantic enterprise. Mr.. divers papers were
received by Richard Reed Rogers, general coun-
sci OF the Canal Commission, who later turned
them over to Secretary Taft for consideration
The submission of documents at the office Of
the Canal Commission closed a busy day for
Mt Oliver and his financial partners Mr.
| oliver arrived from New York early morn
ing train with John B. Mcdonald the contractor,
and at once pitched into the task of preparing
the papers. Ex-Judge Morgan J. O'Brien acted
as his adviser and during the five or six hours
that were consumed in whipping the documents
into shape. they received visits from a number
of bankers and held long distance telephone con-
versations with other moneyed men in the East.
When Mr.. Oliver left the Office OF the commits
sion he expressed the utmost confidence that his
latest showing would fulfil the requirements laid
down by the President
II have no reason to doubt that our bid Will
be accepted. and that we will get the canal con-
tract" said Mr. oliver we have met all the
requirements exacted by the administration, and.
I assume, the job will be awarded to US"
Mr.. Oliver declared that he had got to-
gether combination Of the greatest contractors
in the world
while I am not inclined to discuss the mat
ter" he said. "inasmuch it IS before the
Secretary Of War, yet feel that I have dIsap-
pointed some people who thought I could not
make good"
Asked TO how soon he would be able to
begin operations In case he received the con-
tract, Mr.. oliver said that he could not say. but
that he would act with all expedition.
Regarding the question of labor he felt no
uneasness he said. we will be able to get all
the men want. The sanitary conditions on
the isthmus are wellnigh perfect. and laborers
will not hesitate to go there on that account"
Incidentally Mr.. Oliver paid a high compliment
TO Colonel Gorgas chief sanitary officer of the
canal zone. for his work
A number OF papers wero submitted. including
not only the list Of those whom Mr. Oliver pro-
poses TO associate with him in the actual work
OF construction. but also the names OF the stock
holders and the amounts subscribed by each.
II was ascertained that the original figure sub
mitted by Mr.. Oliver, 6.75 per cent OF the estl-
mated cost Of construction, was adhered TO in
the papers filed o-day.
BY noon tomorrow Mr. Oliver will know when
he may expect a final decision Secretary Taft
was detained at the Capitol. where he went be-
fore a committee, and did not return 10 the War
Department until o'clock. He found Messrs.
Oliver O'Brien and Rogers awaiting him. and
the four held a short conference at the close OF
which Secretary Taft said that he would TO-
papers filed and that IN the morning he would
take the whole matter up with the President and
make the announcement as stated.
At the War Department tonight II was stated
that the closest investigation would bc made
regarding the stockholders, and. IN fact. regard
ing every body interested In the company
The incorporators are one thing" said one
Of the officials. and the stockholders are an
other. The question or the Skill experience
and financial interest and responsibility OF those
with whom Mr.. Oliver has associated himself
VIII be gone into"
Richard r. Rogers general counsel for the
IsthInian Canal Commission, tonight made pub
lie the names OF those constituting the board OF
directors and list OF the stockholders OF the
Panama Construction Company. The directors
are w. J. Oliver. Knoxville. Tenn; Charles II.
Ackert Washington: Patrick J: Walsh. Davea-
port, Iowa; Robert Russell. Lynchburg. Va; p.
T. Brennan, Washington; John 3. Mcdonald.
Hartman, New York; r. a. c. Smith New
York. George Sayre New York, and George
PIERCE Frankfort, Me, and Robert a. Chester.
Each OF the directors subscribed for fifty
shares and paid in $1,000 when the company was
incorporated in Albany; The articles of incor-
poration call for fifty thousand shares OF stock
II a par value Of 500 each making a total OF |
SJOOOOO0. As required by the government, 81
100000 OF this amount Will be represented by
the bond which the successful bidders are re-
ouired 10 give and the remaining So 100000 is |
to be represented by actual cash or securities.
or the S3OOOOOO cash capital. one-halr OF the
amount. S1.500000. must be paid in when the
contract Is signed, and the second Sl,OOOOOO
must be payable upon demand.
The stockholders who have subscribed 10 the
paid-up capital stock, in addition TO the S6OVO |
paid in by the twelve directors wheh the com
pany was incorporated and the amount OF stock |
taken by each. follows: r. A 9. Smith, S2lO2UO; !
John b. Mcdonald. S1963OO John Peirce' S322,-
500; Frederick c. Stevens 1862 800; w J. Oliver. |
1851 800 This. with the 100000. makes a total
Of 81 500 600.
stock payable upon demand has been sub
scribed for follows: r. A. c. Smith, S2OO,ZtD; |
John =. Mcdonald, S2O6,3OO; John Peirce, S33I.- |
800; r c. Stevens. $3f2JOO w J. Oliver. 500 |
800. p. j. Walsh 5000; r. A. Chester $1,000; !
A II. Ackert, $1,000: p. J. Brennan. $1,000 and |
Robert Russell $1,000. Total, $15OOOOO
The corporations $20OOOOO bond is given in |
the following surety companies: Keystone Bond |
ing Company Of Pennsylvania, S0OO,OOO; Title |
Guaranty and Security Company, OF Scranton |
Penn, $45OOO0; Fidelity Trust and Deposit |
Company Of Maryland, S4OOUO; Federal Union |
Surety Company, Of Indianapolis, Ind, S25O0OO |
Peoples Surety Company. OF New York. 5000, |
900 and Empire State Surety Company of New |
York, 100000. The bonding companies also as |
sumo an additional liability or SJOOOUD To pro- |
tect the government from loss in case one OF the |
bonding companies should fail The incOrpo- |
rators offer to furnish additional bondsmen II /
the government decides that any Of the com |
panies have assumed larger responsibility than |
they well carry.
NIr. Oliver has deUered TO the officials OF the |
canal commission certificates showing that de- |
posts have been made 10 the credit OF the Pan |
anna Construction Company in the following |
New York trust companies: Trust Company Of |
America, S750OO0: KnickerbOcker Trust Com |
pany. $3.50 900; Colonial Trust Company. $3.50 |
600 and Windsor Trust Company, $500 !
Total $1,6O0,OOO. This amount will be turned |
over to the government when the contract for |
constructing the Panama Canal is signed.
WOULD CUT CANAL WITH WATER.