36 Chicago Bureau of Public Efficiency 



without any interest— $100,000 for two months, $100,000 for four 

 months, $100,000 for six months, and $200,000 for eight months. 

 This transaction, therefore, resulted in a net price to the Park 

 Board of $9,208.33 less than par. 



The West Park Board also sold $1,000,000 of 4 per cent 

 bonds in 1911 at par. Although there was no accrued interest 

 or deferred payment transaction incident to this sale, the park 

 books show that the purchaser was paid a legal fee of $9,933. 



The only other bond sales by the West Park Board since 

 1900 were one of $18,000 on which $50 accrued interest was al- 

 lowed the purchaser and one of $25,000 which was sold at a dis- 

 count of $281.25. 



The books containing the records of the sale by the Lincoln 

 Park Board of the Shore Protection bonds of 1891 are appar- 

 ently lost. The Lincoln Park issue of $1,000,000 in 1903 sold 

 at a slight premium and accrued interest and the $500,000 issue 

 of 1907 was sold at par and accrued interest. The issue of $250,- 

 000, dated July 1, 1909, was sold in several lots ranging from 

 97^/2 to par. Accrued interest, however, was collected on all of 

 the sales. The last issue of Lincoln Park bonds, dated May 1, 

 1911, for $875,000 was sold at 96, the bonds to be delivered and 

 paid for with accrued interest as the money is needed by the 

 Park Board. The fact that Lincoln Park bonds must be issued 

 by the town authorities of the Town of North Chicago or the 

 Town of Lake View respectively complicates the situation in the 

 eyes of the purchasers and affects the price. 



Legislation providing for a consolidation of the park dis- 

 tricts with the City government should readjust the debt limit 

 of the consolidated governments so that the present bonding 

 power allowed each Park Board would be added to the bonding 

 power allowed the City. 



TREASURERS' SURETIES 



It has been customary for each of the Park Boards to ap- 

 point as Treasurer a Chicago banker, usually the president of a 

 bank. The banker-treasurers have usually kept all of the park 

 funds in the banks with which they were connected. At the 



