reproducible libtool error in 1.5.14 on Mac OS X 10.3

[Benjamin Reed]

The error occurs when libtool is called with a subdirectory when
creating libraries and binaries linked against those libraries and a
wrapper script is created.

Attached is a script that reproduces the error, and the output is as
follows:

---(snip!)---
10-0-4-38:~/tmp ranger$ ./libtool-1.5.14-darwin-error.sh
 g++ -c foo/libtest.cpp  -fno-common -DPIC -o foo/.libs/libtest.o
 g++ -c foo/libtest.cpp -o foo/libtest.o >/dev/null 2>&1
rm -fr  foo/.libs/libtest.0.0.0.dylib foo/.libs/libtest.0.dylib
foo/.libs/libtest.a foo/.libs/libtest.dylib foo/.libs/libtest.la
foo/.libs/libtest.lai
g++ -dynamiclib -single_module ${wl}-undefined ${wl}dynamic_lookup -o
foo/.libs/libtest.0.0.0.dylib  foo/.libs/libtest.o   -install_name
/usr/lib/libtest.0.dylib -Wl,-compatibility_version -Wl,1
-Wl,-current_version -Wl,1.0
(cd foo/.libs && rm -f libtest.0.dylib && ln -s libtest.0.0.0.dylib
libtest.0.dylib)
(cd foo/.libs && rm -f libtest.dylib && ln -s libtest.0.0.0.dylib
libtest.dylib)
ar cru foo/.libs/libtest.a  foo/libtest.o
ranlib foo/.libs/libtest.a
creating foo/libtest.la
(cd foo/.libs && rm -f libtest.la && ln -s ../libtest.la libtest.la)
 g++ -c bar/main.cpp  -fno-common -DPIC -o bar/.libs/main.o
 g++ -c bar/main.cpp -o bar/main.o >/dev/null 2>&1
g++ -o bar/.libs/testprog bar/.libs/main.o -Wl,-bind_at_load
foo/.libs/libtest.dylib
creating bar/testprog
dyld: /Users/ranger/tmp/bar/.libs/testprog can't open library:
/usr/lib/libtest.0.dylib  (No such file or directory, errno = 2)
./libtool-1.5.14-darwin-error.sh: line 34:  8145 Trace/BPT trap
 bar/testprog
---(snip!)---

#!/bin/sh

export MACOSX_DEPLOYMENT_TARGET=10.3

mkdir -p foo bar

cat <<END >foo/libtest.cpp
#include <iostream>

using namespace std;

void test() {
        cout << "this is a test" << endl;
}
END

glibtool --mode=compile g++ -c -o foo/libtest.lo foo/libtest.cpp
glibtool --mode=link g++ -rpath /usr/lib -o foo/libtest.la foo/libtest.lo

cat <<END >bar/main.cpp
#include <iostream>

void test();

int main() {
        test();
        exit(0);
}
END

glibtool --mode=compile g++ -c -o bar/main.lo bar/main.cpp
glibtool --mode=link --tag=CXX g++ -o bar/testprog bar/main.lo foo/libtest.la

bar/testprog