Stir the yeast into the water in a large mixer bowl; let stand until creamy, about 10 minutes. Add the oil, pitted olives, flour, and salt. Mix with the paddle for 2 minutes on low speed.

Change to the dough hook and mix 4 to 5 minutes until the olives are well broken down. The olives will exude their liquid, which will give the dought enough moisture. If necessary, add up to 1 1/2 tablespoons additional water.

Finish kneading briefly by hand on a lightly floured surface, adding the reserverd flour as needed, until the dough is firm. The dough will feel soft but never smooth.

Place the dough in an oiled bowl, cover with plastic wrap, and let rise until doubled, 1 1/2 to 2 hours.

Cut the dough in half. Flatten each half of the dough and fold into thirds, like a business letter. Roll the dough towards yourself, using your thumbs to guide the dough and create tension in the rolling process.

Roll with both hands to a cigar shape that is plumper in the middle and tapered at the ends. Place the loaves on oiled baking sheets or peels sprinkled with cornmeal.

Press the reserved olives hard into the tops. Cover with a towel and let rise in a warm spot for about 1 hour. The dough should relax and the skin should not be tight when it goes into the oven.

Heat the oven to 450 F. If you are using a baking stone, turn the oven on 30 minutes before baking and sprinkle the stone with cornmeal just before sliding the loaves onto it.

Place the loaves in the oven and reduce the heat to 400 F. Bake 35 to 40 minutes. Cool on racks.

This is a good bread without a strong olive taste.

Bread Machine: Follow manufacturer's directions, using dough setting, then shape and finish according to recipe.