The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-06-05
OAR. WILL BORROW
TO FINISH ITS HOME
Bonds for 100000 to Be Ne
gOtiated Next Week.
WILL THEN SIGN THE PAPERS
Mrs. Donald Mclean, President Cen
erHI OF National Organization of
Patriotic Women, VIII Put Her
Signature TO Instrument Which
Brings Dream Near Realization.

Ten-year bonds to the amount Of S2O0.0OC
will be placed Monday by the Daughters
Of the American Revolution with Charles
J. Bell president Of the American Securi-
ty and Trust Company, OF washington
for the purpose Of completing Continental
Hall. the handsome home Of the Daugh-
ters in Seventeenth street, this city.
Mrs. Donald Mclean. president general
Of the society, and Miss Elizabeth f.
/ Pierce, secretary general. viii sign the
necessary papers for the Daughters on
Monday morning
The bonds Will be issued for ten years
at per cent but it is said to be the in
tention OF the Daughters 20 take up
p per cent Of the principal each year.
Work viii commence on the building as
soon as the papers are fixed up The
contractors and architects have promised
to have the building completed in every
detail by the time the next congress Of
the society convenes. which will be some
time In April 1909
Hopes to Finish the Hall
It is said that Mrs. Mclean aspired 70
but one thing after she became the nresi-
dent general OF the society. and that was
10 see the completion OF the building dur
Ing her administration. and from all indi
cations her wish Will be gratifed.
Until the last session Of the Daughters
when the question Of raising money TO
complete the building was broached. a ma
jority of the members voted against such
measures, preferring. they said. to build
a little at time and pay for II with
money already on hand. rather than
mortgage their property and run chances
of losing It by failure to meet tho interest
and principal Of the bonds when dine
This was overcome at the seventeenth
congress, through the efforts Of Mrs. Nc
Lean. the president general Of the So
ciety. and Mrs. Mary S. Lockwood. one
Of the organizers Of the Daughters.
In the early part Of the last session.
held In Washington in April this year
Mrs. Mclean put her proposition of float
Ing bonds TO raise the money before the
society, and before the meeting had ad-
Journed. some local broker sent informa-
ton to the president general that he
would furnish the necessary money at
per cent. After a heated discussion. the
question Of bonding the building was mt
to a vote, and was carried, there being
but few dissenting votes The building
at present is free from membranes.
Based on Official EstImnte.
During the discussion of the question
the treasurer general Of the society was
called upon by the president general 70 |
furnish figures Of what it would cost 70
the building, and what amount
was then in the societys Golfers. The
report showed that the architect who
drew the plans Of the building and super
intended its erection estimated that the
cost of completion, for both the exterior
and interior, would be 5000 OOo-S17O ooo
for the building proper and $4,000 for tho
Interior. The report also showed that
800, 600 was already In the treasur,, for
quilting purposes. This amount the pres-
dent general suggested keeping on hand
,or the purpose of meeting the first oh
igation, which would amount 10 about
10000. or this amount, $4,000 would he
he 25 per cent of the principal and the
10000 the interest on the full amount Of
he loan for the first year.
Society Is Quite Prosperous.
In addition to the $4,000 in the building
und, the society has several hundred |,
thousand dollars invested in railroad
)onds.
Mrs. Mclean stated at the last Congress
hat with the revenue coming I'm as tt
loes from the many sources. It would
'e but little trouble for the Daughters
o finish the building in a year, and be
veil able 10 pay for it in ten.