• The Short Term Bond of 1897

    Posted by Former BOE Trustee Edgar Santana, contributor on 4/8/2019

    In 1881 the schools were consolidated and came under the direction of one Board of Education, of which Duncan Smith was elected president. John A. Nichols was first Superintendent of schools, serving one year.

    This bond was for $22,000 with 5% interest used to raise money possibly to build Yonkers Public School No. 13 which is a historic school building located in the Park Hill neighborhood. It was built in 1900, with additions in 1905 and 1910. It is a 3½-story, asymmetrical, steel- and wood-frame building in a Neoclassical style.

    Picture of the 1897 Bond

    Bond Holder:
    The bond was owed to the Mutual Life Insurance Company of New York (MONY). MONY has been successful for most of its history. It played a key role in the development of the U.S. life insurance industry. MONY is the oldest continuous writer of insurance policies in the United States. In its early years, MONY followed a conservative investment policy, investing heavily in government securities, New York state bonds, and real estate mortgages. Read more here: https://www.encyclopedia.com/…/mutual-life-insurance-compan…

    1) John Pagan Jr. was employed with the #CityofYonkers - he served the city for 38 years. He was Yonkers city clerk from Aug. 26, 1890, to Dec. 15, 1901 and later he served as assistant auditor for 17 years in the Comptroller's office, until 1933. He was one of the oldest city employee in point of service as well as age, until he was forced to retire under the rules of the New York State Employees Retirement System. Read more 

    2) William F. Nisbet was the Yonkers Board of Education President at the time. Washington Park in Yonkers was the property of Mr. Nisbet until the City purchased it in 1899 for $90,000. He was a well known resident of Yonkers at the time. Read more 

    3) Charles E. Gorton Charles E. Gorton, one of the most fascinating people in Yonkers history. Gorton was appointed to Superintendent of Schools on November 1, 1883. He held this position for over 32 years. He was also the Clerk (Secretary, today, Janet Cabassa) of the Board, hence why he also signed the bond. Gorton was also the President of the People's Savings Bank of Yonkers.

    He served as President for over 22 years. He was educated in Michigan University (Class 1871). He was a member of the the New York Bar and public school teacher in Yonkers practically all his life. Gorton was also a Director in the Westchester Trust Company and was the President of the Underhill Improvement Company.

    He was also on the committee that lobbied for and built the Andrew Carnegie Library in Yonkers, now long gone.

    And, of course, the Charles E. Gorton High School was named in his honor

    Thank you to Mary Hoar and everyone at Historic Yonkers, NY. Early Photographs and Stories on Facebook for all the research help!

    Comments (-1)