Jasper County Democrat, Volume 13, Number 26, Rensselaer, Jasper County, 9 July 1910 — PURTELLE FAILS TO COME UP [ARTICLE]

PURTELLE FAILS TO COME UP

With SI,OOO Cash Forfeit and $9,000 Bond at Hammond. SLOWSALE OF BONDS, HE SAYS ♦•■ 1 4 Delays Indiana Northwestern Traction Co., Tn Securing Necessary Cash.—Time Limit toSecure Franchise In Hammond Expired Wednesday, and Question of Securing Extension of Time Is In Doubt.’

paper of Wednesday evening issue says that Eugene Purtelle, president of the Northwestern Indiana Traction company, finally appeared before the board of public worky in the mayor’s office that day to for ■ an extension of ten days in which to file the..sl,ooo cash forfeit money and the $9,000 bond.M ■ Attorney J. K. Stinson, wlwis the Hammond representative of the company, explained that President Purtelle’s request was based on the fact that the company hoped to have disposed of sufficient bonds by this time, but that there had been an unavoidable delay in the easte/n market. The original time limit in the franchise for the filing of the bonds expired. Wednesday. ..Purtelle was tolhave put up the cash and bond last week, but failed to do so. \ { Thursday’s Hammond Times has the following mention of the matter: > “Councilman Fred Cotton’s negative vote at a special council meeting last night on the question of granting the Indiana Northwestern Traction company a ten-day extension of time for the filing of its securities as conditioned in the franchise, may result in an embarrassing delay for the company, if it is in good faith. "The special meeting was called primarily to pass a $1,500 appropriation ordinance to cover the cost of building the lake front refreshment stand and the painting of the bathhouse, and to adopt the ordinance granting, the Telepost company a franchise in Hammond.-. “The question on the extension of time for the Indiana Northwestern Traction company was incidental, having been raised only a few hours before the meeting, w’hen the officials of the company received a ten-day extension from the board of public works on the grounds that the company had been unable to close its negotiations with eastern capitalists for the sale of the "bonds. It was up to the council to ratify the board’s action and this will in all probability be done at the next meeting, but by the council’s own action 1 last' night it adjourns until the first Tuesday in August. t lt may be possible that a special meeting may be called, possibly this week, to adopt the ordinance of extension, for if the company means business it will want to begin work at once. It has no franchise until it has filed the SI,OOO cash forfeit money and the $9,000 bonds, and it, is only a question of financiering whether it can dispose of its bonds under the circumstances.”