The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-11
POOL AFTER TOWN BONDS?
JUNE SALE OF WEsTFIELD's GOLD
5S DECLARED VOID.

II there Is a town officer any whore in tho
metropolitan community who can rejoice at tho
unhanipcrcd sway he may exercise In matters
relating to tho owns finances, that man surely
Is Hubbard Il, Yetman, Supervisor OF the town
O.; Wcstield, Station Island. The Board of
Supervisors OF Richmond county, In their wis
dom, in passing an net authorizing the town of
Westfold to issue bonds, provided as follows:
'Tho obligations herein authorized shall DO
delivered to the Supervisor of tho town of Wost-
Aeld, who shall dispose OF tho same at public or
private sale, MS he may deem to be for tho best
interest of tho town, provided, however, that
none OF said bonds shall DO sold for less than its
pnr value
1t will BIO seen that thore Is no stipulation
that the bonds shall be sold to tho highest bid
dor, or to tho highest responsible bidder. and
therefore the Supervisor may dispose Of them
o. he sees at, rejecting a high bid for a low ono,
Do long as tho low one Is at least at par, II for
any reason he desires 30 to do. No financial
officer could ask for moro discretionary power. |
No Supervisor of largo and liberal mind and
political aspirations could desire greater FREQ |
dom Of cotton No bond broker could seek O 4,
moro useful friend than such q Supervisor.
Mr.. Setman Is one Of Staten Islands popu- |
lnr men. Ho has been sent to tho Assembly. !
His friends are many. lie Is cautious by ma
tpre, as much 80 as a genial politician may be,
and no Is careful to take legal advice In his Of
fetal acts. II IL were otherwise some jealous
alter The last award Of Westhcld bonds, which
Vas made at the end OF last month. But Mr..
the as,% astec Il t1E'o OF his n bre eh | aHia and Do his has fe SRST
townsmcn, and no one of them murmured.
Jet somehow some difienlty crsepped up and the
bidders who were not successful last time IN
tend TO try again with high figures, and there
81 W %eiRs iTsIP.S VIII hfSt be- por 2a tied o BY th eGs g gePe'S
The bonds which arc to DO sold were author.
Jed at the end OF May and were offered In the
gSns l. 'f The 81 ISSUE SHH was t 70 g $4,000 SsSS @ IN Gse ewo asse
ave year 3 per cent, gold bonds md and the bonds
The bidders for them were r. /. Day q. Co. Of
Boston and New York, one OF tho large houses
a GsaiS NOT an h mTni EsPslde s9n she be orSd,n of sS s 1nsG
part Of Now York they decided, to bid for
lar provision to the effect that the town would
not be, responsible, for any legal defects dis
C. took coisnizanoe Of it. They addressed
Mr.. Setman as follows:
beg to make you q bid Of ells:os and interest. sub
81 westneld road bonds. bearing interest at . per
cent payable ssmiannnally, due twenty I'VE year.
described in your circular.
.s we s6 max, ss,d the abb above ,,h bid !, for Or a; Nj or ,.s none Of Of the The
issue being approved BY our attorneys, Messrs. horn
SUBJECT 70 this conaision. in View Of the unusual slip III:
rlation in your circular: We do not care to buy the
defects that cannot be remedied. and should presume
s y the an, t "Scb S OF %es sns ib ~egea D ssS anw cam a Ss NO no
objection TO having the bonds examined and passed
II this BID j: seoepsed our repssesen.a.ive will hand
you certified check for o.. 500 on the bank Of America
'f'"n 70 your f r. 1. DAY Z CO.. by ]. ". iKendr,or.
Tho messenger carrying the letter and bid was
Instructed under no circumstances to Withdraw
fha hid The hida were tn ha Onpnad at noon.
Some Of the bidders who were there endeavored
tSs Eeth l pay bS a S &c tol FsP 9Ss@ ss eo1l 10 n wite do so'
Frederick W: Kendrick, managing the New
York oficc of Of Day s Co. ,S,.t told S, TIE s 6T. reporter r.G
BID. These bidders, who admitted that they
/, S Mssi T 1:sS S Ssf5;c snsa an sfe shsir e ss RGssp ea@s up
to town and called lied upon Mr. Il, kep Tsnas,o. ..,a
pr mssssnser. or would not have talked with
way to induce Day & Co. to withdraw their
i Gla the h pr oasse Of P ths pool o. II This Ae ofreT w saHt Dc.
slined The pool bidder then went so far as to tel
out Of the way, they should not have the bonds
anyway. for the bonds would be aTarded to
ssInSGds es, he eia said. s %hS% q "a t asH Counsel an Who S'a ads
vised Mr.. Yetman.
This h conversation vavad n came to n tbn R;oha Day o. o.
seived. but ths bonds were not awarded to
hem. The bids were received on Monday,
June %. The Bond Buyer of June 80 quoted
Edward Shepard 4 e. and Leland, ToTlo 4
and said that Leland. Towle 4 Go. had been
be subject. to tho approval of Hoadly, Lauter-
bach & Johnson. which bid was accepted. This
matter of about $3.50, as there was a months
interest and Day 4 Co.'S bid had been with In
terest. MIR. Kendrick went down to see Mr..
Yetman tn ask him about the matter,
He was at q lodge meeting" MI; Kend irt Z
s ssslen na is1a 1 Eai'f som nU5 o ot hi ln f Gql%Rdnhss ol T'} him q
was there and he went out by another door;
We found him later at his house, but all he would
Of what the POOLS agent had told, me about one
Semarksed: That must Be true, then. But he
would only answer that he acted by counsefs
Il thought first that we must surely have some
redress IN the matter. but found that we had
payers Of Westheld have none. The act gives
The Supervisor absolute power and he can G &C.
Sisass = i0S Ne t Sa s2S Fs sSn stop { p'E Ei%. ono as nc
1t was announced, on Thursday night that
The bs1 Board ssHIdr Of sSSp p sSis =, Of 3bd RI banGs So GiS9u saS
provided for their resale, Mr.. Kendriek,
upon learning of the action Of the board,
him yesterday by registered mail, setting forth
the facts concerning tho former, bids and the
tunity to bid when tho bonds are offered again.
Il have not the slightest ide9 that the oPpor,
tunity will be given u.s." Mr.. kcndrick said to
the reporter, "but l told Mr.. Yetman that ]
thought it was our right to haze it.: There
TO the last award even after the high bid had
been made privately, and the actions OF the
pool representative In trying to get us to with
draw and his offer to our messenger seemed very
strange. The affair in respect to the poo
seemed TO resemble that at Nyack in the early
part Of June, when bids for water bonds were
opened and charges were made, as TIE Sun
told at tho time, that a pool had been formed
the purpose of which was supposed TO be. as
was stated in the despatch from there, to keep
down the price of the bonds.
Some OF the same bidders appear In each In
stance. 1t almost looks us though a business
was being made Of picking up tho bonds OF
At Syack some OF the bidders found fault
viii tho Water commissioners for not conduct
;Rg The opening q the bids as the bidder,
followed their own bent. Commissioners Com
isly said a%fterward: ~ know that tho repre-
t%entatives OF bond.buying firms are not aboyt
tfiekerl In the matter OF submitting bids. !