144 FIRST COUNTY PARK SYSTEM 
bonds, on a 3.65 basis, are worth 1061,”—a statement the 
correctness of which was not challenged or denied. A lively 
discussion ensued. 
The Finance Committee later retired and went into 
executive session. The bonds were there in secret awarded 
to the New York Life Insurance Company. The reasons for 
this action, as then given out for publication by Counsel 
Munn, were that, as the Park Commission might not want 
all the money “for five or six months,” the interest account 
would be quite an item, which would not result from the 
acceptance of the Seligman offer; and that the bid accepted 
would, out of the $1,572,900 proceeds, allow the $72,900 
premium to go to the sinking fund, for the subsequent re- 
demption of these same bonds. This disposition of the 
premium received was soon afterward made. 
An interesting incident in sequence of the action of the 
Finance Committee occurred in the payment for the bonds. 
Although the award was formally made to the life insurance 
company, the certified check received a few days later in 
payment for the bonds, bore the signature of J. & W. 
Seligman. 
After the requisition referred to had been made, the Park 
Commission took no farther formal or official action regard- 
ing this issue. Treasurer Murphy had a few weeks before 
been appointed one of the sinking fund commissioners of 
the Board of Freeholders, and as both he and Counsel Munn 
were at that time “close to” that board, the individual mem- 
bers of the Park Board did not deem it consistent to take 
up the subject farther than to express their convictions in 
an informal way as opportunity presented. This I did, 
both at the Park Board rooms and in conversations with the 
president, treasurer and counsel. 
BOND SALE RECOMMENDED. 
On May 1, 1896, I wrote Counsel Munn as follows: 
“Personally, I have for some time had the feeling that if 
handled rightly the remaining issue of bonds can be placed 
