The Washington herald., 1907-04-17

knowledge Of financial techniealities
and Of dealings in the railroad affairs OF
the country that would make even J.
Pierpont Morgan and Z. H. Hartman
take notice, was shown at yesterday af-
ternOon's session Of the National Society,
Daughters Of the American Revolution,
when the report OF the treasurer general,
which had been delayed. was eventually
brought before the congress.
The report Of the finance committee was
also read. It was adopted while the re-
port of the treasurer general. which has
been under discussion among the dele
gates since last week. was left in the
hands of a committee. A dramatic climax
was reached when Mrs. NJ. E. S. Davis,
the treasurer general, said that if Il
hadn't been for the feeling Of support of
the delegates she would have tainted dur
ing the ordeal
With the exception of the election OF
national officers. the report Of the treas
urer general has been looked forward to
with more interest than any other feature
Of the convention. AS a result many of
the delegates have taken sides in the mat
ter Criticism and discussion has arisen
because Of the investment Of money by
the national board In certain railroad
bonds. These recently declined in value.
Report Net Audited.
Mrs. Davis. the treasurer general. was
obliged 20 submit her report without nrst
having it audited. owing 10 the inability
Of the accountant to get the work done.
This brought out other points in the dis
cussion Of yesterday. The first tilt was
shortly before noon when Mrs. Mclean,
the president general, called for the re-
port OF Mrs. Davis, and it was not forth
coming.
And the report is not ready when
called forg' inquired Mrs Mclean.
1t has not come from the printer"
Mrs. Davis explained.
And is it possible that you have not a
Copy?' inquired the president general
u have not one with me-" answered
Mrs. Davis
Mrs. Murphy, of the Ohio delegation.
inquired of the president general if this
was not the first time in the history of
the society when a treasurers s report was
called for and not produced. Mrs. Nc
Lean said that she believed it was. Mrs
Davis then promised 10 haye the report
at the afternoons session
When Mrs Mclean called the meeting
to order nearly every seat IN the han
was occupied. The delegates We're sup
piled with the delayed printed reports, and
Mrs. Davis work was called for.
Gets Vote of Thanks.
Mrs. Mclean announced that, as the
report had not been audited. 1t could not
be accepted. Mrs. Davis was called TO
read the report. She explained in this
connection that the accountant who was
10 have done the work had not had the
time. At this instant there was a mur-
muir among the delegates that went from
one end Of the hail TO the other. Every
member had an open book Of the treas
urer.
Mrs Davis read the figures covering
the amounts in the bank, the total ex-
penses, and other affairs in detail con-
nected with the organization. She was
interrupted frequently by delegates who
wished further information on figures.
Mrs Davis said it was proper 10 call
attention TO the depreciation in the mar
ket price of the bonds. Her comment was
as follows:
Details of Bond Deal.
The Chicago and Alton Rairoad bonds. which
tie finance committee purchased at so, are now
fAprn II, 1901 76ia asked. recorded bid the Bal
ii moge and Ohio Railroad bonds. purchased Al
h0.A, are nov 100; and the Union Pacific Rail
road bonds purchased az 1855 are now 1913
To date S415 interesE for half year has been re-
CeiTed as interest these bonds. Two hundred and
torty-four dollars aud seyeuty-ssveu cents would
have been received the bank for half wear In
terest. or S2309 less than from the bonds hut hy
depreciation Of the market value Of these bonds
s5J-o has been lost. OF a net loss 70 April II OF
S21sl.
IN view Of the fact that the treasurer general
vas not a member Of the finance committee, and
was not consulted about the purchase of these
bonds. recommend that the treasurer general be
made member OF the finance committee
] further recommend that when there are sufficient
funds 20 be invested only Emitted States government
bonds be purchased.
''As this IS not considered as 2 report "
Mrs. Davis said to the audience at the
conclusion of her reading, 1T is not neces-
sary 10 say who submits it."
Mrs. Davis announced that the Cont
mental Hail contributions amounted 10
more than $4,000. Mrs. Mclean said she
was proud of that showing.
At different times during the reading
Of the report Mrs. Davis was interrupted
by questions and remarks Of the dele
gates.
Mrs. Talmadge. Of Ohio, expressed The
opinion that the investment was per-
fectly proper. All bond investments
fluctuated. She had bought ~ per cent
government bonds which paid only 8 Der
cent.
Approved by Expert.
Mrs. Charlotte Emerson Main. of Wash
ington, chairman Of the finance com
mittee, read to the convention a letter
which she said she had received from
prominent New York financier. whose
Judgment had been sought on the wis
dom of the Chicago and Alton bonds.
She read this Letter to the convention. It
said:
I regard the bond issue as absolutely
safe beyond all question"
The letter said that while the market
had been irregular, that the turning
point had come and the price Of the bonds
''Who is this New York finanicer?" a
delegate inquired.
I suppose tx must have been Mr.. Harri- /
man?' suggested another delegate.
DO you object 10 giving US the name
Of she dnaneier?' inquired a third dele
gate.
Certainly not" replied Mrs. Main.
His name is Mr. Canheld"
Mrs. Davis was voted a resolution of
thanks, and in responding she said that it
was sense of duty ana not thanks that
she had been working Tor.
Had Advice of Financiers.
This was followed by the report of Mrs.
Charlotte Emerson Main, of the finance
committee. She stated that the invest
ment in railroad bonds had only been
made after the consent OF the national
board Of managers. and several Of the
best known hnanciers OF New York. Mrs.
Ellen spencer Mussey. attorneY. ana the