The Montgomery advertiser., 1909-01-17
CONTINENTAL HALL.

Extract from the report of Mrs. Don aId Mclean, President General. N.
 s. D. A. R.. made at the October meeting of the National Board of Management and repeated at Con tinental Hall Committee meeting, In the minutes of this morning. which you have heard. you win remember the joyful enthusiasm with which was re- ceived the report of your chairman. presented at the June Board. In re- gard to the negotiation of the ioan7f for Continental Hall. and the entire Board was in harmony. on this subject. This preset report relates to what has been accomplished since then. Up- on my return to- New York from that June meeting, continued in constant consultation with the American Secur- ity sand Trust Compay as to the nec- essary business procedures. From
 purely business standpoint, your chair man is glad to report that 1t is gencr- ally conceded we have made a most excellent business arrangement in our loan. The loan was authorized by the Continental Congress of 1908 to the ex- tent of s200,000 (two hundred thousand dolars); s60,000 tfiffy thousand doliarsl to be drawn by us in June. in order to bind the bargain and to defray any expense it might be necessary to incur during the summer: the remaining $150.o00 Gone hundred and fifty thous. and doliars) to be drawn latera Imme- diateiy after my return to New York these further details were arranged. At any time that the Society has S6,000 to pay over to the bank on account of the loan, 1t may do so by giving thirty days notice, Such payment would not only cut down the principal, but alsc the amount of interest to be paid on the loan. .Fivesper cent Is the interest we are paying. and upon the Sb0,0O0 (ffty thousand dollars)i we draw from
 the Trust companySto keep on deposit for ourselves. we are drawing per cent: so that in the interval of the full loan being drawn. we are really paying but a per cent. on s50,000 (hfty thousand dolars.) The American Se- curity and Trust Company informed us that the company prefers to have the loan made in notes ranging from $1,000 to s5,o00 and $1e.ooo per note. This does not increase our per cent. and 1t
 may expedite the payment The notes were properly signed, by myself as President General, and chairman fof the Continental Hall Committed; and our |lRecording Secretary General has sign
 cd all the necessary papers.
 The loan is made to our society for ten years. I win not go into the sub Eject Of the payment finally. As you
 know we have a large surplus from current income each year. and we hope for further gifts to the Hall fund. Now we arrive at an interesting
 matter and one which has been most
 successfully arranged; that is, the in-
 crease of the insurance.
 The Trust Company found that we
 held only $70.0o0 tseventy thousand
 doIIaAsl insurance. and decided the in-
 surance was not heavy enough Ga view
 which other members and your chair
 man had entertained for the last six
 .nonths.>
 It Is necessary, from a legal stand
 point, that tho American Security and
 Trust Company hold the insurance pol
 icies we have on the building (so that the company may be exempt from loss). and these were immediately sent to the company. We held $70.0O0 (sev-
 enty thousand dollars) for three years. and two of these years had elapsed, as
 has been stated. The bank did not
 think ts70.00o sufficient. so we raised
 our insurance to s2o0.o0O 1.-two hundred
 thousand dollars) to satisfy the bank. as well as ro- cover the possibility of
 any risk to our society. We found
 that we could retract the first insur-
 ance for one tto come) of the three