CHAPTER IX. 



MOEE BOXDS AXD '^HIGH FIXAXCE. 



With the many and extended land acquirements by the 

 Park Commission during the latter part of 1896, and 

 with some of the single purchases running into the 

 thousands, money went fast. In February, 1896, a 

 requisition was made on the Board of Freeholders 

 for the remaining $1,500,000 of the authorized $2,500,- 

 000 appropriation. B}" June 1, 1906, the commit- 

 ments and assumed obligations were nearly a million of 

 dollars. Bids were advertised for and received for the new 

 additional bond issue under the same plan and method as 

 employed in the disposition of the first million of bonds 

 the year previous. Of the bids opened June 16, there were 

 four for the full amount, $1,500,000. The new York Life 

 Insurance Company offered 104.08 and D. A. Moran & Co. 

 101.68 for four per cent, bonds; Franklin Savings Insti- 

 tution, of Xewark, in series of bonds at four per cent., 

 101.40 to 102, and J. & W. Seligman "10028" for a 3.65 

 interest issue — the same as the $1,000,000 of bonds awarded 

 Vermilye & Co. in August, 1895. In comparing the bids, 

 a controversy between the representatives arose over the 

 omission of a period in the Seligman bid. This led to a 

 series of triangular protests and an attempted withdrawal 

 of some of the proposals; which, however, was not per- 

 mitted. It was admitted by members of the Finance Com- 

 mittee of the freeholders, in charge of the bond-letting, that 

 the bid in question, and all the bids, had been made in good 

 faith, and that the meaning and intent of the "10028,'' 

 minus the period, was "perfectly clear.'' It was there stated 

 that the Seligman bid was "upward of $20,000 better than 

 that of the Xew York Life," and that "the four per cent. 



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