FINAL REPORT ON THE MAGAZINE. MRS. J. R. SCHERMERHORN, Chairman. GENERAL FEDERATION MAGAZINE, INCORPORATED. Members of the General Federation: A good bit of your time, thought and energy was consumed at the Des Moines Biennial in the discussion of our official organ, The General Federation Magazine. The drive for subscribers on the floor of the Convention met with a half-hearted and inadequate response from the states although a unanimity of opinion prevailed regarding the value of a news medium for the General Federation. At its organization meeting just following the Biennial the new Board took the matter up and tried most earnestly to find a way to "carry on," but the large majority of the states refused, through their Presidents and Directors, to longer try to support the magazine by securing subscriptions, and they also refused to vote any more money from the general treasury, as already nearly $20,000 had been requisitioned therefrom. The suggestion to divert the remaining War Victory Fund to the magazine met with strenuous opposition. It was finally voted to recommend to the Directors of the General Federation Magazine Incorporated, "that the publication of the magazine be suspended owing to the cost of publication." A temporary committee of five-Mrs. Stoughton (Connecticut), Mrs. Hewitt (New York), Miss Dibert (Pennsylvania), Mrs. Bissell (Rhode Island), and Mrs. Schermerhorn (New Jersey)-were appointed to "wind up" the affairs of the magazine and report to the September Board meeting. One thousand dollars was also appropriated to pay the expenses of such closing up. This Committee met opposition from the Magazine Directors as to the right of the General Federation Board to pass such a Resolution. At our September Board meeting, therefore, Articles. of Authorization were drawn up for the Second Vice-President and Mrs. Elmer Blair (both being near New York), giving them the power to vote the General Federation stock for dissolution of the Corporation. A meeting of all stockholders was called by the SecretaryTreasurer, Mrs. Wm. Pedrick, Jr., for November 5, 1920, at 51 Broadway, New York City, the office of Mr. C. W. Stockton, the lawyer who had so kindly and generously seen the magazine through previous legal vicissitudes. The Magazine Corporation was represented by Mrs. D. T. S. Denison, President, and Mrs. Pedrick, Secretary-Treasurer, the third member, Mrs. Rood, of Ohio, not being present but offering her resignation. Your Second Vice-President was elected to fill the vacancy, and the new group took up the dissolution proceedings. The General Federation, holding 2,093 shares of stock, was represented by Mrs. Elmer Blair and your Second Vice-President who voted for dissolution in accordance with instructions by the Board. One other stockholder having 10 shares was present, and the dissolution went through without opposition. According to the Corporation Laws of New York, officers of a Corporation at time of dissolution automatically become a liquidating committee thereof; therefore, the new Committee took up the business of liquidating the Corporation. It was agreed to refund in toto to all subscribers and donors who by reason of suspension had received nothing at the hands of the magazine but a receipt. These dated back to May 1, 1920; therefore, 680 refund checks varying from $1 to $4, for individuals and groups, totaling $1,331.57 were later sent out. A letter was drafted and mailed to unfulfilled subscribers whose subscriptions had still six to nine months to run. Of the 2,400 letters mailed but 113 financial claims against the magazine were received. These represented $127.26. Of this 113, 31, after a second letter suggesting the News in cases where the sums were small, desired to be reimbursed in money. Total of these, $47.98, making total refunds-claims and full refunds-$1,379.55. Of the 10,011 names on the subscription list, 711 were sent refund checks, 2,300 never responded, and 7,000 had lapsed, i. e., had less than six months to run and were considered lapsed. The work of tabulating, checking and counter-checking before drafts were drawn and later checked for errors, together with a letter written to each subscriber, then checks to refunds, 711, has been an exceedingly tedious amount of detail, cheerfully and carefully carried out by Mrs. Terwilliger, Subscription Clerk, to whom great credit is due for her disinterested loyalty and faithfulness. All office equipment, etc., had been disposed of prior to the end of the office lease on October 31, 1920. The financial report is as follows: On deposit December 1, 1920, Corn Exchange Bank, New Expenditures Efficient Letter Co. (circular letter to subscribers) $23.00 Postage $1,011.45 12.50 Expenditures Postage, expressage on books (check, etc., from Chairman to Treasurer and back again), stenographic help, circular letters, etc., to December 1, 1921. Balance on hand.......... To uncashed checks returned to bank... 79.70 $9.40 85.52 $94.92 The Chairman of the Liquidating Committee tried to sell the subscription list of 10,011 names, as she had been told by the former secretary that the list was worth fifty cents per name. Ten different publications were approached, but the best and only offer secured was from Good Housekeeping, $100. The Board of Directors of the General Federation, at its Salt Lake City meeting, empowered the Chairman to accept this offer, which she did. The total amount to the credit of the Liquidating Committee was $194.92, which was turned over to the General Treasurer just previous to the Board meeting in Chicago, in January. The Chairman recommended that this money be used for publicity purposes, a part to go to the General Federation News and the remainder to be used in other publicity work. This recommendation was accepted. Much credit and appreciation are due Miss Helen Louise Johnson and Mrs. Pedrick, who so bravely and diligently carried the magazine through its years of struggle for existence. Out of its grave has sprung the little, unpretentious News, a medium of publicity and information which the General Federation needs. REPORT OF THE CARILLON COMMITTEE. MRS. ROBERT BURDETTE, Chairman No meeting or conference of the Committee has been held since the report made at the Salt Lake Council meeting. Last November, when Mrs. Winter and I were in Washington together, a conference was held with the Carillon Committee of the Arts Club of Washington. The principal consideration was the papers of incorporation which, as Chairman, I had had carefully scrutinized by a corporation lawyer and fully satisfied myself that there were no obligations incurred by the signature of the paper other than those we were willing to assume. Mrs. Winter and I attached our signatures to the Articles of Incorporation, and since then others representing this group of women have done the same and the Incorporation in alphabetical order are: Mrs. Robert J. Burdette, Mrs. H. K. Bush-Brown, Capt. W. I. Chambers, U. S. N., Mr. Walter Damrosch, Mrs. J. W. Frizzell, Mr. Gilbert H. Grosvenor, Mrs. Marx E. Oberndorfer, J. Marion Shull, Mrs. L. McD. Sleeth, Dr. Erwin F. Smith, Mr. Wm. B. Westlake, and Mrs. Thos. G Winter. It is understood that Mrs. Floore will be on the Board of Directors, and Miss Violet Oakley has consented to join us. The National Carillon Association moves slowly, as the incorporation is scattered; but the enthusiasm is still strong in the hearts of those who have the vision. REPORT OF THE ENDOWMENT COMMITTEE MRS. ROBERT BURDETTE, In fulfillment of the Resolution passed by the Board at the Council Meeting held in Salt Lake City-the necessary action has been taken to transfer all securities held in trust by the St. Louis Union Trust Company of St. Louis, for the Endowment Fund of the General Federation, to the Northern Trust Company of Chicago-so that the entire Endowment Fund is now being administered by the Northern Trust Company as agents. The list of securities shows in a statement rendered as of June 1st, that the market value of that date has increased $7,847.31 over the market value as rendered two years ago. The par value of securities held is $105,793.30, being $14,596.06 more than the purchase price to us. Respectfully submitted for the Endowment Fund Committee, June 20th, 1922. |