144 FIRST COUNTY PAEK SYSTEM 



bonds^ on a 3.65 basis, are worth 106J/' — 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 indi^ddual 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 som.e time had the feeling that if 

 handled rightly the remaining issue of bonds can be placed 



