lOQ FIRST COUNTY PARK SYSTEM 



Of the responsible bids received, the United States Mort- 

 gage and Trust Company offered 101.25 for a million 

 bonds at four per cent, interest; J. & W. Sehgman, 100.34 

 for a million of the 3.65 bonds — $500,000 payable on 

 delivery of the bonds and $500,000 six months later; Xew 

 York Life Insurance Company, "par flat for a million," 

 $300,000 on delivery and $100,000 per month thereafter ; 

 Yermilye & Co., 100.77 for a million, averaging thirty 

 years' maturity; and the Howard Savings Institution, par 

 for $50,000 of the bonds as advertised. 



The award was made to Yermilye & Co. and the 

 $1,008,400 proceeds Yveie received by the freeholders in a 

 certified check for that amount on August 26, 1895; 

 $945,000 was paid over to the Park Coimnission five days 

 later, $55,000 having been previously received. And thus 

 was closed the first transaction whereby a 3.65 rate of 

 interest bond issued by a county at par had, so far as could 

 be ascertained up to that time, been sold. 



In commenting upon this sale. The Call said editorially : 

 "The sale of a million of county bonds bearing interest at 

 $3.65 per $100 at a slight premium showed that the Park 

 Commission and freeholders of the Finance Committee 

 who worked tog^ether in this matter had gauged the bond 

 market prett}^ accurately in fixing the interest." 



While this observation was no doubt correct, it was the 

 suggestion made by Mr. ]\Iorgan, in the interview as 

 stated, which resulted in a direct saving to the people of 

 Essex County in their taxes for the thirtj^ years' average 

 life of the bonds, of $3,500 per year in the interest charge 

 alone; and the particulars are here narrated, as having an 

 important bearing, as will be mentioned in a succeeding 

 chapter, at that juncture of park affairs. 



ACQUIRIl>fG PARK LAN'DS. 



With an abundance of cash in bank — ^these funds having 

 been promptly deposited in various county banks and 

 trust companies of accredited standing, subject to call and 

 with interest at two per cent. — the commission proceeded as 



