Documents, papers, and letters. 1903-21.
Americanus Featherman, 1817-1910, born Abraham Federmann in Oettingen, Bavaria, emigrated to the USA in his late teens and later lived in London from time to time. In his will, Featherman left the RAI bonds in several US railway companies including $6000 bonds in the Atlanta & Charlotte Air Line Railway Co., and bonds in the Chicago & Eastern Illinois Railway Co. and the St Louis & San Francisco Railway Co. The Atlanta & Charlotte bonds were due for payment in 1906. However as Featherman had lost or mislaid these bonds in 1891, he entered into a joint bond of indemnity with Messrs J. & W. Seligman, New York to obtain payment. Featherman deposited his Chicago & Eastern Illinois bonds and those of the St Louis & San Francisco Railway Co. with Seligmans to cover the latter's liability. By 1917 the former railway company was bankrupt and in the hands of the receiver; the latter was still paying interest. Featherman also bequeathed all his manuscripts to the RAI including those on the social history of mankind which they were requested to publish. The interest from the railway bonds and the income from the sale of the volumes were to go towards publishing these volumes. The RAI Trustees were also authorized to publish a small volume of his cosmic and scientific essays, to award a gold medal to the author of the best essay on 'the criminality of offensive warfare [from] a social, moral, and political point of view', and to spend the balance of the income on an annual lecture on sociology. The RAI sought Counsel's opinion as to their liability to publish the 11 volumes on social history and the other stipulations in the will. Council drew Counsel's 'attention to the serious damage that would result to the Institute as a scientific body, if the MS volumes were published' (see Council minutes, 31 Oct. 1910, f. 252). The case came before the Court of Chancery in 1912 and continued there until 1917. The Attorney-General did not insist on publication (see Council minutes, 16 Jan. 1912, f. 259); this and the other requests, apart from the annual lecture, were not considered charitable trusts. Featherman was not a Fellow of the RAI. See Council minutes, 8 Mar. 1910 - 16 Jan. 1912 passim and later for decisions on the bequest and Report of the Council, 1918, JRAI, Vol. 49, 1919, pp. 8, 10-11 for reference to the bonds. Decisions are also reported in Executive Committee minutes from 15 Feb. 1910, f. 214 but in less detail than Council minutes.
Abbreviations
AF Americanus Featherman
TAJ T. Athol Joyce, OBE (1878-1942), Keeper of Ceramics & Ethnography, British Museum; Administrator of AF's will, RAI Hon. Sec. 1903-13, Vice President, 1913-17, President, 1913-1
Kimber Bull Kimber Bull, Howland, Clappé & Co., RAI Hon. Solicitors
Seligmans J. & W. Seligman & Co, New York, brokers
RWW Robert Wood Williamson (1856-1932), author of The Mafulu peoples of New Guinea, 1912; The social and political systems of Central Polynesia, 1924, etc.; RAI Hon. Treasurer, 1912-20
All papers and letters are typescripts unless stated otherwise.
1/ Legal Documents
1 Will of Americanus Featherman, dated 16 Dec. 1903, and codicil dated 15 Oct. 1907 (copy)
2 Opinion by G.W. Brabant, Welch & Co., RAI Hon. Solicitors, dated Jan. 1911 - considers the trust for publication of Featherman's unpublished work is not a charitable one; considers trust for 'delivery of lectures on sociology' is valid as a charitable trust; advises RAI to take out a summons to which the Attorney General should be a party 'asking whether they are bound to carry out the trust for the publication of the 11 volumes'
3 Court of Chancery, filed 13 Nov. 1912, between Thomas Athol Joyce (TAJ) and the RAI, plaintiffs and HM Attorney General and the Official Solicitor, defendants - affidavit of Jacob Fellheimer on behalf of Mrs C. Baumann and others - on the Federmann family history
4 Statement of facts and genealogical table of the family of Americanus Featherman, alias Abraham Federmann (incorporated in /3 above)
5 Order by Court of Chancery, 18 Oct. 1917, TAJ v. HM Attorney General - RAI free to distribute personal estate amongst the 4 surviving kin of AF; may pay to the RAI interest received on the retained bonds since the death of AF and to consent to the sale of the St Louis & San Francisco Railway Co. bonds (annotated by RWW)
6 Opinion by Cecil W. Turner, Kimber Bull, dated 15 Apr. 1918 (annotated by RWW) with the solicitor's covering letter to RWW, 15 Apr. 1918 - does not consider RAI restricted to investment in trustee securities; considers RAI may sell bonds
7 Ibid., dated 3 May 1918 - on points raised by RWW on RAI's financial liability
2/ Prospectuses for bonds
1 Chicago & Eastern Illinois Railroad Company, Refunding and improvement, mortgage bonds, agreement dated 25 Mar. 1914
2 St Louis & San Francisco Railroad 4% Refunding mortgage bonds of 1951, dated 29 June 1915
3 Reorganisation of St Louis & San Francisco Railroad Company, plan and agreement dated 1 Nov. 1915
4 Reorganisation of Chicago & Eastern Illinois Railroad Company, plan and agreement dated 31 Mar. 1921
3/ Correspondence and other papers
1910
1 Payment to RAI for AF's funeral expenses, 5 Feb. and advance, 13 May 1910 (autogr.)
2 Contents list of AF's box including manuscript of his social history with chapter headings, 7979 pp., his cosmic and scientific studies, 128 pp., proofs, and other items (autogr.)
1914
3 RWW to Welch & Co., 31 Oct. - on the payment of costs requested by the solicitors (tpc.)
4 Welch & Co. to RWW, 2 Nov. - explains reference was made to funds in AF's estate not RAI's private funds
1916
5 Ibid., to Seligmans, 20 Oct. - on bonds held as indemnity by the latter; inquires whether they may be released for sale and their market value
6 Seligmans to TAJ, 10 Nov. - on exchange of bonds
7 Ibid., to Welch & Co., 10 Nov. - replies to /5 above; matter referred to their attorneys; quotes market rate (annotated by RWW)
8 Ibid., 8 Dec. - unwilling to give up bonds held as indemnity; outlines circumstances in which the indemnity could be cancelled (annotated by RWW)
9 Ibid., to TAJ, 11 Dec. - advise selling of some bonds
1917
10 Welch & Co. to RAI, 23 July - Court of Chancery order for the distribution of the estate subject to outstanding assets held by Seligmans; outlines point raised by RAI's Counsel: by his will AF gave 6 bonds to the RAI; subsequent to the date of the will, AF deposited these bonds with Seligmans as security; RAI's Counsel argued that the trusts of the will and codicil failed and that the RAI are entitled to the bonds subject to Seligman's claim; the Judge directed that if the RAI wished to press their claim, any claim by the next of kin must be eliminated; asks for RAI's decision
1918
11 Kimber Bull to RAI, 7 Jan. - Order by Court of Chancery, 18 Oct. 1917 (see /1/5 above) that the bonds are not part of AF's estate but belong to the RAI subject to Seligman's claim; interest since AF's death to be paid to RAI; personal estate to be distributed to next of kin; costs and tax liabilities noted (annotated by RWW)
12 Miss K.M. Martindell (KMM), Assistant Secretary to RWW, 8 Jan. - on TAJ's behalf asks for his opinions on interest due from TAJ as administrator (RWW gives his opinion in annotation)
13 Ibid., 10 Jan. - on lunch meeting between TAJ and RWW
14 Notes by RWW for meeting with TAJ (autogr.)
15 Kimber Bull to RWW, 10 Jan. - confirms date for meeting with RWW
16 Notes by RWW for meeting with Kimber Bull (autogr.)
17 KMM to RWW, 23 Jan. - on signing tax certificates
18 Kimber Bull to TAJ, 24 Jan. - on costs and expenses for adjustment by the 'taxing master'
19 RWW to Kimber Bull, 7 Feb. - on interest on the bonds remitted by Seligmans and proposals to free the bonds and to sell them, sum to be remitted for investment in England (autogr. draft)
20 Kimber Bull to RWW, 8 Feb. - will write to Seligmans as instructed; asks for the return of certificates for US income tax on the bonds
21 KMM to RWW, 11 Feb. - encloses letter /20 above; tax certificates signed and returned to Seligmans
22 Copy of account with Seligmans, 11 Mar. (annotated by RWW)
23 Southern Railway Co., New York to Seligmans, 14 Mar. - prepared to substitute an approved indemnity bond for that held by the Atlanta & Charlotte Air Line Railway Co. (copy); (see also /19 above and /24-8)
24 Seligmans to Kimber Bull, 16 Mar. - on remittances made to TAJ and freeing securities held as indemnity; notes quotations on bonds (copy)
25 Ibid., 18 Mar. - asks whether the RAI is prepared to give the Southern Railway Co. a new indemnity bond (copy)
26 Ibid., 21 Mar. - National Surety Co. is prepared to act as surety on a bond with the RAI as principal (copy, annotated by RWW)
27 Kimber Bull to KMM, 3 Apr. - on remittances by Seligmans; quotes from Seligmans' letter of 16 Mar. (/24 above) (annotated by RWW)
28 Ibid., 5 Apr. - encloses copies of Seligmans' letters and of Southern Railway Co. (/23, 25-6 above); suggests the cost of the release of the bonds is too high at present
29 Ibid., to RWW, 6 Apr. - encloses copy of Seligmans' account (/22 above)
30 RWW to Kimber Bull, 9 Apr. - proposes to suggest Council follows Seligmans' advice to sell the St Louis & San Francisco Railroad bonds, and reinvest 'in 4% prior lien bonds' as they are not trustee securities (tpc.); see Council minutes, 16 Apr. 1918, f. 366
31 Kimber Bull to RWW, 9 Apr. - on sale of Exchequer bonds to meet payment of costs
32 RWW to Kimber Bull, 25 Apr. - outlines points discussed by Council on freeing the bonds from Seligmans' lien; considers present course should be to take no action except possibly to sell the St Louis & San Francisco Railroad bonds; wishes to have advice of Counsel (tpc.)
33 Kimber Bull to RWW, 27 Apr. - will place the papers before Counsel
34 Ibid., 30 Apr. - will forward Counsel's opinion when available
35 Ibid., 3 May - Counsel's opinion received (copy not present)
36 Seligmans to RAI, 3 May - coupons for St Louis & San Francisco Railroad bonds collected; sum ($120) deducted from company's 4% prior lien bonds; cheque enclosed
37 RWW to Kimber Bull, 20 May - gives Council's decision on bonds held by Seligmans as surety; had hoped to obtain release but cost far in excess of their value; asks for various points to be put to Seligmans (tpc.)
38 Kimber Bull to RWW, 22 May - acknowledges letter of 20 May; copy sent to Seligmans as requested
39 Seligmans to RAI, 17 June - St Louis & San Francisco Railroad bonds sold (enclosed in /41 below)
40 Ibid., 17 June - St Louis & San Francisco Railroad 4% prior lien bonds purchased (enclosed in /41 below)
41 Ibid., 20 June - on sale and purchase of bonds (/39-40 enclosed)
42 Ibid., to RWW, 20 June - reply to letter of 20 May (/37 above)
43 Ibid. - copy annotated by RWW
44 Ibid., to RAI, 30 June - note on securities held
45 'Notes made on text of Seligmans [letter] of 20 June 1918', 13 July by RWW (autogr.)
46 Notes on Seligmans' financial figures by RWW (autogr.)
47-54 Notes on Seligmans' letter of 20 June (/42 above) by RWW (autogr.)
55 RWW to Seligmans - draft reply to letter of 20 June (/42 above) by RWW (autogr.)
56 Ibid., to Messrs Coutts & Co., bankers - draft letter asking for advice on financier familiar with US railway securities (autogr.)
57 Seligmans to RAI, 27 Aug. - note on coupons due
58 Ibid., to RWW, 18 Sep. - on interest due on bonds; suggests RAI should give them power of attorney to sign tax certificates (annotated by RWW)
59 Ibid., to RAI, 7 Nov. - cheque enclosed for value of coupons (enclosed in /60 below)
60 Ibid., 8 Nov. - on enclosed cheque
61 Ibid., to RWW, 15 Nov. - on tax certificates and power of attorney
1919
62 Ibid., to RAI, 2 Jan. - cheque enclosed for value of coupons (enclosed with /64 below)
63 Ibid., 3 Jan. - note on exchange rate (enclosed with /64 below)
64 Ibid., 3 Jan. - on enclosed cheque and exchange rate
65 RWW to Seligmans, 11 Feb. - letter giving power of attorney
66 Seligmans to RAI, 30 June - note on securities held
1920
67 Ibid., to RWW, 9 Nov. - information supplied on reorganization of the Chicago & Eastern Illinois Railroad Co.
1921
68 Ibid., to RAI, 6 Apr. - sends copy of plan for the reorganization of the Railroad Co.
69 E.N. Fallaize (ENF)(RAI Hon. Secretary, 1920-31) to RWW, 27 Apr. - is dissatisfied with Council decision on Railroad Co.; suggests independent inquiry is necessary (autogr. pc. with autogr. notes by RWW; 1 penny stamp present); see Council minutes, 26 Apr. 1921, f. 416
70 RWW to ENF, 30 Apr. - replies to pc. Of 27 Apr. (/69 above); Seligmans have a high reputation; RAI advised of this and have trusted their service; sets out reasons for continuing to do so (tpc.)
71 ENF to RWW, 2 May - agrees Seligmans advice should be sought (autogr. pc.)
72 'Notes for Shrubsall - Featherman's Bonds' by RWW (autogr.); F.C. Shrubsall, MD was RAI Hon. Treasurer, 1921-7
73 'Return of Income Tax' by RWW (autogr.)
