The report of the Treasurer was read, as follows: HARROLD E. GILLINGHAM, Treasurer in account with PENNSYLVANIA SOCIETY OF SONS OF THE REVOLUTION April 3, 1917, to April 3, 1918 Twenty-six members delinquent. Total due, $114.00. Securities in hand of Treasurer. PERMANENT FUND April 3, 1918. $4000 First Mortgage, premises N. W. Cor. Wyoming Avenue and Oxford Turnpike, @ 5%. 1600 First Mortgage, premises 1310 S. Paxon Street, @ 5.4%. 1600 First Mortgage, premises 1312 S. Paxon Street, @ 5.4%. 56 Shares Capital Stock, Philadelphia Traction Co., par value $50.00 each, Certificates Nos. 9415-6 shares; 10366-40 shares; 11052— 5 shares; 11057-5 shares. 3000 Bonds Pennsylvania Railroad, General Mortgage 41⁄2%, due June 1, 1965, Nos. 12505, 29288, 50055 for $1000 each. 5000 Bonds Lehigh Valley Railroad Company, General Consolidated Mortgage, 4%, due May 1, 2003, Nos. 7664, 10363, 10365, 14161, 16847, for $1000 each. 5000 City of Philadelphia 3% Loan of 1904, due July 1, 1934, Certificate No. 95. 1000 First Liberty Loan 32% Bonds, No. 67641. 1500 Second Liberty Loan, No. 361657, $1000; No. 128553, $500, 4%. 2000 United States Certificate of Indebtedness 42%, due May 28, 1918, No. 407. WAYNE MONUMENT FUND $2000 City of Philadelphia 32% Loan of 1900, due July 1, 1931, Certificate No. 90. 2000 City of Philadelphia 3% Loan of 1904, due July 1, 1934, Certificate No. 73. 40 Shares Capital Stock Philadelphia Traction Co., par value $50.00 each. Certificates No. 9842-20 shares; No. 11065-10 shares, and No. 11972-10 shares. 4500 Electric & Peoples Traction, stock trust, Certificates @ 4%, Nos. A 415, A 416, A 417, A 418, $1000 each, and B 2284, $500. 1000 Bond, Lehigh & New England Railway Company General Mortgage Gold Bond @ 5%, due July 1, 1954. 3000 Reading Co. and P. & R. C. & I. Co. General Mortgage 4% Bonds, due July 1, 1997, Nos. 14729, 24124 and 14452-$1000 each. 500 First Liberty Loan 32% Bond, 72501. Pass Book Western Savings Fund Society. No. 222214. April 3, 1918 HARROLD E. GILLINGHAM, Treasurer. We, the undersigned committee, duly appointed to audit the accounts of Harrold E. Gillingham, Treasurer of the Pennsylvania Society of Sons of the Revolution, do hereby certify that we have examined the said account for the year beginning April 3, 1917, and ending April 3, 1918, have compared the vouchers and examined the assets and find the same to be correct as above set forth in all particulars. PAUL H. BARnes, Jr., Committee on Audit. On motion the report was accepted and ordered to be published. Mr. Hornor: I would like to say that it seems to me this Society ought to do better than $2,000 for the new loan. We are all requested to "do our bit," but it seems to me we can improve on that by doing our best. I would suggest that the Treasurer or Board of Managers take up this question and that this investment should be made so we could lend the government a larger sum of money than $2,000. The Treasurer: In explanation of this investment, we have $2,000 which we are preparing to put in the Third Liberty Loan, which are now temporarily invested in Treasury certificates, due May 28th, 1918. That was purposely done to prepare for the Third Liberty Loan. We have $474 cash in the Wayne Monument Fund, with $150 interest due this month in that fund, making over $600, which I am about to ask the Board's authority to invest in the Third Liberty Loan. These, with previous investments, will give us nearly $6,000 in Liberty Loans. There has been marked depreciation in Pennsylvania, Reading and Lehigh Valley Railroad bonds, Philadelphia Traction and Electric Peoples stocks. The Society's income from such investments is, however, the same as when the bonds and stock were purchased, but to sell these assets now would entail a considerable loss. For many years our assets have been reported at face value. Last year was, I think, the first year I changed it, and now they are carried at market value, although the income is the same as when we bought the bonds. Mr. Hornor: We have facing us now a condition that requires every one to do his best to help the government. A |