BoletiÌn mercantil de Puerto Rico. (San Juan, P.R.) 18??-1918, 1901-10-08
The San Juan Bond Issue.
Nessrs Kleybolte & Co, Asks
$4,000 Commission
Despite the Fact That They Ask
$4,000 just double Kleybolte's
offer n the n Contract Is
Awardeds To George
A. Fernald & Co.
MESSRS DE FORD & DEXTER ARE
REFUSED PERMISSION TO
MAKE BIDS.

meeting LASS night N the Acadia. MAYOR
Egozcue presided. The most important
bnsint ss transacted was the award made to
lieorge A. Fernald & Go, Of the bond issue
on the projected loan of $6O0,000 about to
he msde by tho City. Two propositions we're
made. one by Messrs Kleybolte s. Co., of
New York & Chicago, represented by Mr..
W. G Humphries, and the other by George
A. Fernald s. Go. represented by Mr. j w.
Zeedy. local Attorney. Messrs De Ford & |
DEXTER presented letters informing the Coun. |
Gil that they desired to make bid, and re |
questiDg an adjournment of the proceedings
until they could properly prepare their pro |
pcsition. This request was refused. The
offer of Messrs George A. FerDald was
taken up first. This I'm offered to take the
bonds up at par. and asked the sum of 5 &c..
900 for .Oomss on, Attorney fees and
lank bonds. After considerable argument
among the members, the Council final
" took up the bid, of Messrs Kleybolte &
Co., This firm offered TO taie the bonds at
par value, and accrued interest to date on
each delivery or payment of money made.
They asked only s 15,0 900 attorney fees and
commission, and offered to make their pay
ments as follows: 5 100000 ON December
lst, 1901 8 $4,000 on January 1st, 1902,
3 100000 February 1st, 1902 aid 100000
March lst, 1902; and offered to deposit with
the cuso Ian OF municipal funds any reason.
ab 9 cum as guarantee of good faith.
After the reading of Kleybolle & Cos.
bid, MIR. HUMPHREYS, representing that firm
stated. that immediately upon his arrival in
New YORK, Mr. Pettingill the representative
of the Oity Council of San J1sn had called
upou his firm and discussed the taxing up
of the bonds. Messrs Kleybolte 81 Co.,
eYprfssed their willingness to handle the
matter Lus Informed MIR. Pettingll that they
desired to handle the whole issue ard we're
prepared to make-as good an offer as any
concern in the country. No exact figures
we're mentioned.
MIR Humphres claimed that, Messrs KEY
bolte & Go we're always under the impres-
SION that Mr.. Petling.ll WIS working with
the oljsct in view cf awarding the contract
to Messrs Kleybolte & Co. He also stated
that his firm afterwards learned that Mr..
Pettingill had gone TO Boston and negotiat. d
the bonds with Messrs Fernald &c 90. In
answer to the statements made By Mr..
Humphries Mr.. Keedy representing the
Fernaid interests stated, that MIR. Pettingll
cqiled upon Kleybolte 81 Go, in New York
aud offered them the bonds, that th-y indicat.
ed their willingness to accept tue bonds,
hut thar 10 figures were made. That after
wards they seemed inclined to let the mat
ter drop. That subsequently Mr. Petnn-
gill went to Boston aud made the contract
with Fernald & 20. In answer to this state.
ment Mr.. Humphries declared that his finn
was now and at all times bad been desirnus
OF handling the loan, and that as an evidence
of their good faith in that behalf, stated
that as soon as the firm discovered that Mr..
Pettingill had negotiated with Messrs
Fernard & 20. they telegraphed for hun to-
go to Porto Rico, and make his bid as they
originally intended to make though Mr. Pet.
tingll. Mr.. Humphries was tEen in Oincin.
natl, and withouta moments delay he came
here. That his finn was ready to take the
b pnds for jast fifty per cent. less than Fern
aid s. Go and that as his bid would save
the municipality the sum of $4,000 he
ciaimed that he vas entl,led TO the award.
Mr.. Pettingil was not at present at
any time during the session; but MI. Keedy
his law partner represented him and spoke
In his behalf. Mr.. uumphrts stated after
The meeting that he would go before the
Executive Couucil with his offer and was
ready and wiling to stand by his proposition
He also stated that he was willing to
leave The Judgment OF the aEard 10 the
people or any ons they might constitute to-
represent them. But thai he did not con i
slder the action Of the Coumoilmen as final
by any means, and that since he had made
the loWest bid and complied With the terms
Of the law, be would insist Oh the natter
having full hearing before the Executive
Council.
After a full discussion in which most of
the Uouncilmen joined, Mr.. Litimer moved
that the proposluon of Messrs Fernald and
Go. be accepted.
No more attention was given to the
KIey bolte offsr than il it had never been
made
The motion to accept the propos-
ition that means a loss Of $4,000 to
the municipality was unanimously
carried.
There was much discussion before and
sfser the meeting as to the Legality Of the
proceedings The general trend that mat,
Iers would take during the session seemed
to be pretty well knoMn 10 advance, and the
many attorneys acho listened to the argu-
ments and tue proceedings acere all of thel
OPINION that the Council had absoIuteIy no
au hority to delegate Mr. PettiDgill to con
tract for loan. Tue general impression
0elDg that open BIDS or sealed proposals.
should have been called for. After the ses
sion Mr.. Dexter stated that he wanted 10 |
make bid and insisted upon being heard. |
That he would 70 before the Executive CUun
cii The aefinn N the f|ifv lonneil ,nnef ba |