THE FIEST $1,000,000 



95 



of the leading Xew 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 reconnnendations were approved 

 by the commission, and a circular letter was prepared in- 

 viting proposals for the bonds. On June 28, 1 895, the iSTew 

 York Bond Buyer announced that it had been "reported 

 June 17 that the Board of Freeholders of Essex County, 

 Xew Jersey, had decided to issue bonds at not exceeding 

 four per cent, to the amount of $2,500,000 f 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, $15-4,071,200; 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. 



x^bout 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 



