THE FIRST: $1,000,000 95 
of the leading New York bankers having resources for 
handling such a loan and as to the kind of bond that could 
to the best advantage be issued. Soon afterward several 
conferences were held with the United States Mortgage 
and Trust Company, Kuhn, Loeb & Co., and J. & W. Selig- 
man. All recommended a “four per cent. gold bond” for as 
long a time as practicable, and, if maturing at different 
periods, that the average date of maturity should be not less 
than thirty years. These recommendations were approved 
by the commission, and a circular letter was prepared in- 
viting proposals for the bonds. On June 28, 1895, the New 
York Bond Buyer announced that it had been “reported 
June 17 that the Board of Freeholders of Essex County, 
New Jersey, had decided to issue bonds at not exceeding 
four per cent. to the amount of $2,500,000 ;” and that “the 
Finance Committee, after consultation with the Essex 
County Park Commission, had decided to issue them in 
three lots” of four per cent. semi-annual twenty-year gold 
bonds, two issues of $750,000 each, and one of $1,000,000. 
The bonded debt of the county was given as “$780,197 ; as- 
sessed valuation, $154,071,200; tax rate, 6.22.” With the 
exception of the time stated for maturity of all the bonds, 
this announcement was substantially in accord with the plan 
as then agreed upon. 
About this time I brought the subject of the proposed 
bond issue to the attention of J. Pierpont Morgan. He had 
just returned from Europe. I had known for a number 
of years, as does every one having business relations with 
him or his firm, that he was the master spirit, exercising 
the deciding mind on all important matters there. For this 
reason we had awaited his return, while conferring with 
the other bankers mentioned. In calling upon Mr. Morgan, 
I stated briefly the situation. He replied that he would look 
into the matter, and that he thought it a favorable time to 
bring out such a bond issue. He was then accredited with 
having just closed in London some exceedingly large finan- 
cial transactions, and spoke of the low rates of interest 
prevailing both “there and here.” A few days later, June 
