"Over the Falls"

Nine years ago, an energetic, middle-aged spinster who had fought the good fight for women's votes, who was a lieutenant in an ambulance unit but did not get to France, who was a good friend and committee-mate of many of Manhattan's ablest socialites, took up the profession of helping other women make money. Daughter of a well-to-do Kentucky family, since girlhood she had speculated in the stockmarket, at the height of the boom was said to have piled up $6,000,000 profits. As an investment adviser, well-recommended by many a banker, she began speculating (successfully) for her clients. John P. Morgan's sister Anne, the late Elizabeth Marbury and Amelia Earhart Putnam were among them. Her big offices on Fifth Avenue were always busy. Just before the stockmarket crash, as a member of the Committee on the Financial Education of Women she headed a thrift exposition in Manhattan. Last week Edna V. O'Brien was arrested for grand larceny.

Miss O'Brien was charged with withholding $80,000 in securities given her by a client. She explained that all her operations for clients were conducted in her own name, that some of them were on margin. When the market slumped she suddenly found the securities frozen in her brokerage accounts and bank loans. No matter how loudly a client might demand, there was no way to get the securities out.

On the complaint of Dr. Mary Dunne Walsh last December Miss O'Brien was haled before the New York State Bureau of Securities. She refused to answer questions. The Bureau enjoined her from further activity and a receiver was appointed. Last week she said: "The charge came down on me like a ton of brick. I was overwhelmed."

Her socialite friends were shocked and grieved at her predicament. Most of them believed it was all a big mistake. On reports that Amelia Earhart Putnam had lost $150,000, George Palmer Putnam would only comment: "That's all dead and past and over the falls."

Meantime the receiver was preparing to subpoena Miss O'Brien's accounts with New York Stock Exchange firms. Miss O'Brien was trying to raise $15,000 to get out of jail.

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