BoletiÌn mercantil de Puerto Rico. (San Juan, P.R.) 18??-1918, 1901-10-12
SAN JUAN, OCTOBER y
Editorial Comment.

ut was clear hat the bonds had now
achieved va'ue which they did not possess
before Fernald s. Company had made
their etass.. THE DEMAND HAD
ENHANCED THEIR VALUE" (El
Pals, yesierday.)
Andbecause the demand made for the
bonds has enhanced their value il the reason
why Ell Pals asks ycu to cut off all compel.
itioD, to close the loan ont to the lowest
bidder, to take $15 600 less than You have
been already offered, and also to prev
ent De Ford s. Go. and other bank
ers now on their way here from New
York, from making a bid. Of course
we all know that the time to throw
away your goods and sell them for song is
when the demand is greatesii That is What
El Pals would have US believe. II the Editor
of Ell Pals had burnt the midnight oil for
twenty days in search of good reason why
the Executive Council shonl1 not approve
of the contract made by the City, he could
not have found better one thar that above
given by himself. 1t is because these bonds
have enhanced in value that We want the bids
kept open, it is because of this competition
between the bankers that the City of San
Juan should be in position to get the beu
efit Of such competition, in the same manner
~ the general public secures the benefit
Of competition between store keepers. IL
we sk:u'd give De Ford s. Co., an oppor
tunity to make bid. 1t is for this very
reason that we should give the New York
bankers now on their way here an oppor
tunity to make a bid, and it is for this
very reason that the Executive Council
should hold this matter open aud call for
sealed proposals Messrs De Ford s.
Co., and the other American bankers
about to enter the competition are well
aware Of the Kleybolte offer of $4,000.
Would they demand the hight to make a
bid unless they soere willing to do better
than Kleyb0lte who has made better offer
than the one we are asked to approved
Tke opportunity to really comply with
the law, and h)aT the loan at par is
now before us. When the boat that leaves
New York to day arrives iE Porto Rico
there will be five concerns in the island com.
peting for this bond issue.~ And then El
Pals asks the Executive Council TO close the
matter at once, and accept the lowest offer
made. BOr the very reasons above given
by 81 Pals we ask the Executive Council to
disapprove this contract which the Municip-
ality has entered into, and allow the people
of this island to secure the benefit of an
open fight, and a,far competition.
.THE MUNICIPALITY ADMITTED
THATA Pc BLIO AUCTION WOULD
BE GOOD If 1T COULD BE SUO.
CESSFUELY CARRIED OUT AND
THE BONDS TAKEN Up" lei Pals,
yesterday.
Admitting the virtue Of, and the benefits
to be derived from a public auction, the
municipality goes to the Executive Council
and asks that body to approve the lowest
offer, and close the matter forever preclud-
ing the possibility Of public auction. Ad
mittiDg the good of q public auction thu
municipality accepts :he lowest offer without
calling for q free, open, composition and
puts lock on all negotiation and compet
ition because, ss they have Pu il, the integ
rity Of the Ayuntamient0 must be main
tanned. The members OF the Uity council
have CONS forward and stated with much
postivcness, That they. are as anxious as
anyone to save the city $4,000, bat as
gentlemen they are compelled to keep The
contract they have made with Mr.. Pettingill.
The BoLETlN asks would they be compe
ed to keep the contract iffha offer was for
3 60.OO0 or : 100000 No indeed, they
would tall Mr.. Pettingil that the fer was
too high and seek elsewhere. Tnen why
accept an offer which will cost twice as much
as another already made, and no one knows
how many times ss much, as those which
the others bankers now eager to enter the
field will make. The municipality can only
prove It's belief in the good OF public
auction BY calling for one, by giving every
BANKER that cares to enter the lists chance
70 compete, and BY giving the people the
benefit thereof
"THE Law FOR CONTRACTING
OF MUNICIPAL LOANS DOES NOT
PROVIDE FOR PUBLIC AUOTIONSn A
(El Pals, yesterday.
Nor does study Of that same lao disclose
any provision giving this municipality
authority to enter into . contract with any
man, transferring 70 him the only right to
negotiate the loan. Nor does the Law con q
tain any provision giving any man an option
% the bonds Of this city. Neither does the
Law contain any provision which. abIogatea
Or modifies an old precedent and Practice
carried On in Spain and the United States
fof yesIs, sad that i, The open competition
f5r public loans.
Common sense, justice and the puplio
good Is full Of provisions why tho
people Of this town should get the benefit
Of giving everybody chance II Il Is not
'n s'io.! dollar. .nd ssn's, il reputation