The Park Governments of Chicago 61 



sold at 1 per cent, less than par, because a fee of $9,933 

 for legal services was allowed the purchaser. 



4. It has been customary for each Park Board to ap- 

 point as treasurer either a director or an officer of a Chicago 

 bank. The treasurers have usually kept all of the park 

 funds in the banks with which they were connected. Per- 

 sonal sureties have been accepted for the treasurers, and 

 these sureties have with few exceptions been officers of 

 the banks in which the funds were deposited. At the pres- 

 ent time the treasurer of the South Park Board is one of 

 the bondsmen for the treasurer of the West Park Board 

 and vice versa. The Bureau believes it is preferable for 

 the Park Boards to require surety companies for bonds- 

 men rather than to accept individuals as sureties. It surely 

 is impolitic for a Park Board to keep all of its funds in 

 one bank. 



5. The Bureau does not approve of the method used in 

 transmitting money from the County Treasurer (tax col- 

 lector) to the Park Boards. The County Treasurer re- 

 ceives most of the taxes from property owners during the 

 early part of each year, but does not transmit the money 

 to the Park Boards at that time. The South Park Board 

 draws a draft on the first of each month for a pro rata 

 monthly amount, and the West and Lincoln Park Boards 

 are given money only as they request it from time to time 

 during the year. This method enables the County Treas- 

 urer to secure interest for the county on the park funds 

 and to that extent prevents the Park Boards from receiv- 

 ing interest thereon. 



6. The South Park Board has had a much larger cash 

 balance on hand than the other Park Boards. During the 

 five years from April 1, 1906, to April 1, 1911, that Board 

 had on deposit in bank an amount never less than $1,000,- 

 000, and averaging nearly $2,000,000. Part of this 

 amount brought 3 per cent, interest, but the remaining 

 balance brought only 2 per cent. The average aggregate 

 monthly balance of the 3 per cent, accounts during the 



