New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-12
FORMER PANAMA CANAL
CHIEF IN BANKRUPTCY
John F. Stevens Co.'S Inter-
borough Contracts Had Been
Held Up by MCAneny.
$4,000 DUE FROM CITY
Assets Said To Be Only SIT, 900
Less than Liabilities-Re-
ceivers Named-Reor
ganization Predicted.

The John F. Stevens Construction Com
pany, of No. % Wall street. OF whlch
John f. Stevens. formerly chief engineer
OF the Panama Canai. Is the president
was declared bankrupt yesterday In the
federal District Court. and Frederick w
SIZZLING and Joel Rathborn were APP
pointed receivers by Judge Mayer
John r Stevens, president OF the bahh-
rupt concern. recently came into prom
nence when Borough President NC
Aneny attacked and succeeded in holding
I'D the plan OF the lnterborough haplu
Transit Company TO give stevens 'ne
contract 10 extend the elevated roaus
and third-track them on percentage
basis. without public letting at net
nroft estimated at from $2,5co.ON TO S'''o'-
600.
In the voluntary petition the corpora
tion filed Il gives liabilities as SSls''iS
and assets as 1901 .552. The concern owes
s1,s 84s 10 workmen for work on the sec
tion Of the subway above beth street 10
The BRONX. One-ninth of his work has
been done. and the city owes s'4'0VS lo'
work completed on this section
John F. Stevens alleges that he mas al
vanced the company $4,000 in cash ana
notes. According TO the petition the
corporation has only S6SS 10 In the oahh'
The Stevens company owes s5OoU 10
the National City Bank on notes lndorseu
by John T. Stevens, the American brluee
Company, Sc, 249 80; Blair Steel Cons'ruc-
tion Company, Of No los Broadway VIA
BIO: Johnston & Murray. OF Syracuse
s4oSb. Underwood Manufacturing Com
many. OF No. Sc Liberty street, S5.OSb 80
and the yellow Pine Company, Of No. 10
Beaver street. sS,6A.
AT the offices OF Norwood * Mardeh'
the attorneys representing the contract
ing company. It was said yesterday tha'
the corporation was only Temporarily III
need of funds and that these VIII be had
as soon as a reorganization Is erected
Three weeks ago Borough President Nc
Aneney. in securing delay in awardlhs
the Interborough contract. contende' tha'
I'm awarding the contract 10 Stevens WIN
ont public bidding the Public Service COM
mission was asked to approve contract
In which there is no possible doubt as TO
the profit of the contractor, which would
mean a direct payment Of $2.5cOV TO MT
Stevens, WIN lull IeiicA AiS-'' 49,
tractors risk" He condemned the ar
rangement as improper.
When John +. Stevens resigned as chief
engineer of the Panama Canal to enter
INTO private work il was said he was not
satisfied with the $4,000 year he was TO
receive from the government He esu-
mated. according 10 friends. that every
vear be remained In the government
service he was losing more than $4,000
and was depriving his family and him.
self of many Of the things in life worth
living for.
After resignlng. Mr.. Stevens severely
criticised the government for building the
canal. by prophesying its failure and
stating that as a defensive medium In
times of War 1t would be wholly i'm
practicable.
only few days after his appointment
as chief engineer Stevens expressed MS
dissatisfaction at reports that w. J. on
YER would get the contract for building
the canal, and wrote 10 President Roose-
Welt, warning him that unless his wishes
were complied with he would resign. The
President read the letter with amazement
and then sent this cable message:
stevens. Panama Canal Zone: Your let
ter received and resignation accepted"