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ANNUAL REPORT OF THE TREASURER.

JANUARY 1 TO DECEMBER 31, 1918.

To the PRESIDENT OF THE NATIONAL ACADEMY OF SCIENCES:

I have the honor to submit the following report as treasurer for the fiscal year January 1 to December 31, 1918. Some of the items of general interest will be mentioned before presenting details.

The volume of financial transactions, apart from investments, is indicated by the statement that the income of the academy from dues, interest on investments, subscriptions to the Proceedings, contributions to Proceedings fund, and the William Ellery Hale lectureship was $15,912.86, while the miscellaneous disbursements amounted to $9,596.74, and payments on grants from trust funds and for medals were $3,600.66.

The sum of investments held by the academy on December 31 was $257,761, yielding on that date at the rate of 5.27 per cent.

Changes in investments may be summarized as follows: Loans on real estate aggregating $7,250 were paid, and loans amounting to $16,000 were renewed at increased rates of interest; one new note was purchased at $1,500. Bonds of the face value of $21,200 were purchased for $19,727.50.

In accordance with the action of the academy in November, 1916, the capital of the Marsh fund was increased to $19,000 through the addition to it of interest on the deferred payments of the bequest. from Prof. O. C. Marsh, received in 1916, and by transfer of accumulated income. By the addition of further increments of $500 annually from income this fund will, on February 1, 1920, reach the total of $20,000 authorized by the academy.

A further payment of $2,500 was received from the executors of the estate of Mrs. Mary Anna Palmer Draper toward the total of $25,000 bequeathed to the academy by Mrs. Draper in 1915 to establish the Billings fund.

The sum of $3,000 was added to the Bache fund from accumulated income on February 1, 1918, in accordance with the directions of the directors.

The sum of $23,856.82 was received toward defraying expenses of the division of medicine and related sciences of the National Research Council from a total appropriation of $50,000 from the Rockefeller 105363°-S. Doc. 388, 65-3—8

113

Foundation, and $15,955.35 was expended for that purpose. This fund was handled through a special bank account.

The consolidated investment fund reached a total of $181,895.50 by the additions during the year to the Bache and Billings funds. Through Maj. W. W. Keen, M. C., of Philadelphia, a contribution was made to the National Research Council of $483.96 for the use of the division of medicine and related sciences, from the royalties on a book which he had published, entitled "Treatment of War Wounds."

TRUST FUNDS OF THE ACADEMY.

The trust funds of the academy, the income of which is administered for specific purposes, are enumerated below. The capital of certain funds has been increased beyond the amount of the original gift or bequest, by the transfer of accumulated income, at the request of the donors or by action of the academy.

Bache fund: Bequest of Alexander Dallas Bache, a member of the academy, 1870. To aid researches in physical and natural sciences.

Watson fund: Bequest of James C. Watson, a member of the academy, 1874. For the promotion of astronomical science through the award of the Watson gold medal and grants-of money in aid of research.

Draper fund: Gift of Mrs. Henry Draper, 1883. In memory of her husband, a former member of the academy. To found the Henry Draper gold medal, to be awarded for notable investigations in astronomical physics. The balance of income is applied to aid research in the same science____.

Smith fund: Gift of Mrs. J. Lawrence Smith, 1884, in memory of her husband, a former member of the academy. To found the J. Lawrence Smith gold medal, to be awarded for important investigations of meteoric bodies and to assist, by grants of money, researches concerning such objects----

$59, 000. 00

25, 000. 00

10, 000. 00

10, 000. 00

Gibbs fund: Established by gift of Wolcott Gibbs, a member of the
academy, 1892, and increased by a bequest of the late Morris Loeb,
1914. For the promotion of researches in chemistry__.
Gould fund: Gift of Miss Alice Bache Gould, 1897, in memory of her
father, a former member of the academy. For the promotion of
researches in astronomy

5, 545. 50

20,000.00

12, 406. 02

Comstock fund: Gift of Gen. Cyrus B. Comstock, a member of the academy, 1907. To promote researches in electricity, magnetism, or radiant energy, through the Comstock prize, of money, to be awarded once in five years for notable investigations. The fund is to be increased ultimately to $15,000.... Marsh fund: Bequest of Othniel Charles Marsh, a member of the academy, 1909. To promote original research in the natural sciences. To the original bequest of $10,000 the academy has added interest received from the estate and authorized the increase of the fund to $20,000 by annual additions from income___ 19, 000. 00

Murray fund: A gift from Sir John Murray, 1911, to found the
Alexander Agassiz gold medal, in honor of a former member and
president of the academy, to be awarded for original contribu-
tions to the science of oceanography__
Hartley fund: A gift from Mrs. Helen Hartley Jenkins, 1913-14,
in memory of her father, Marcellus Hartley, to found the medal of
the academy awarded for eminence in the application of science
to the public welfare_.

Billings fund: Established by the bequest of Mrs. Mary Anna
Palmer Draper (Mrs. Henry Draper) of $25,000, 1915. To sup-
port the publication of the Proceedings of the academy or for
other purpose to be determined by the academy. Three install-
ments----

$6,000.00

1,200.00

5,000.00

8, 000, 00

Elliot fund: Gift of Margaret Henderson Elliot to found the Daniel
Giraud Elliot gold medal and honorarium, for the most meritori-
ous work in zoology or palaeontology published in each year__
In addition to the above-named funds the academy holds the fol-
lowing:

Agassiz fund: Bequest of Alexander Agassiz, a member of the
academy, 1910, for the general uses of the academy---
Building fund: A gift from Alexander Agassiz and Theodore N. Gill,
former members of the academy, toward a building for the acad-
emy, together with accumulated income____

$50, 000. 00

9,400.00

STATEMENTS OF ASSETS AND LIABILITIES, DECEMBER 31, 1918.

ASSETS.

1. Mortgage notes, secured by first mortgages on real estate----- $80,000. 00 2. Bonds, giving name, face value, rate of interest, and cost:

5 American Telephone & Telegraph Co. 30-year,
5 per cent, gold collateral trust 5's, due Dec. 1,
1946. 5 at $1,000. Nos. 640, 4604, 29245, 29246,
41419_.

5 Asheville Power & Light Co., first mortgage 30-
year gold, 5 per cent, due Apr. 1, 1942, New
York. 5 at $1,000. Nos. 272, 490, 492, 508, 509_
12 Broadway Realty Co., purchase money, first 5
per cent gold, due Sept. 1, 1926. 12 at $1,000.
Nos. 38, 50, 796, 963-5, 1068, 1616-20_.
10 Bush Terminal Buildings Co., first mortgage 50-
year sinking fund, 5 per cent gold, due Apr. 1960.
10 at $1,000. Nos. 1383-1387 and 2805-2809_--_
5 Chesapeake & Ohio, general mortgage, 4.5's gold,
due New York, Mar. 1, 1992. 5 at $1,000. Nos.
15350, 15351, 15352, 15353, 15354

4 City of Tacoma, Green River special water fund
No. 2. 5 per cent, due Oct. 1, 1939. 4 at $1,000.
Nos. 1508, 1509, 1510, 1511----

12 Cleveland Electric & Illuminating Co., first mortgage, 5 per cent gold, due New York, Apr. 1, 1939. 4 at $500 and 8 at $1,000. Nos. M6060, M6096, M6097, M15094-15098, D261-264_

$4, 752.50

4,892. 50

12, 345. 00

9, 375.00

4, 600.00

4, 140. 00

9.597.50

2. Bonds, etc.-Continued.

18 Cosmos Club, 4.5 per cent, due July 1, 1949.
18 at $1,000. Nos. 286-7-8-9, 290-1-2-3-4, 296–7,
299, 301-2-3-4-5, 350-

$18,000.00

5, 005. 00

9 Detroit Edison Co., 5's, first mortgage, 30-year,
gold, due Jan. 1, 1933. 10 at $1,000. Nos. 557,
2442, 2443, 3024, 3252, 3253, 3639–3641, 8086----- 10, 072. 50
6 Detroit Edison Co., first and refunding mortgage,
gold, 5's, due Jan. 1, 1940. 4 at $1,000; 3 at
$500. Nos. 9657-8-9-60, D501, D502, D599_-_.
4 Dominion Coal Co. (Ltd.), first mortgage, sink-
ing-fund gold, 5 per cent, due New York, May
1, 1940. 4 at $1,000. Nos. A1037-A1040_---
8 Galveston, Harrisburg & San Antonio, Mexican &
Pacific Ex., 6 per cent second guaranteed re-
duced to 5 per cent due Jan. 1, 1931. 8 at $1,000.
Nos. 1044, 1048, 1248, 2112-2116_.

2 Georgia Ry. & Electric Co., first consolidated
mortgage, 5's, sinking-fund gold, due Jan. 1,
1932. 2 at $1,000. Nos. 1061, 1600___
13 Government of the Province of Alberta 4.5 per
cent, 10-year gold debenture, due New York, Dec.
1, 1923. 11 at $100, Nos. 1501-1511; 2 at $500,
Nos. 2031, 2032, $2,100___

6 Government of the Province of Alberta, 5 per
cent, 10-year gold debenture, due New York, May
1, 1925. 1 at $1,000, No. 2364; 5 at $500, Nos.
0189B-0193B; $3,500‒‒‒‒‒

1 Government of the Province of Alberta, 4.5 per
cent, 10-year gold debenture, due New York,
Feb. 1, 1924, 1 at $500. No. 2620_‒‒‒‒

4 Grand Rapids Gas Light Co., 5 per cent, first
mortgage, gold, due New York, Aug. 1, 1939.
4 at $1,000. Nos. A522, A523, A595, A596_.
1 Hydraulic Power Co. of Niagara Falls, 5 per
cent refunding and improvement mortgage, due
Oct. 1, 1951. 2 at $500. Nos. D457, D458_
35 Liberty, third loan, 41 per cent gold of 1928.
25 at $100. Nos. 1,049,788 to 1,049,800, 1,050,701
to 1,050,712; 10 at $50. Nos. 1,886,579 to 1,886,-
588

2 Liberty, fourth loan, 41 per cent gold of 1933-1938.
2 at $100. Nos. 2,566,501-2__.

9 Milwaukee Electric Railway & Light Co., 5 per cent general and refunding mortgage gold, series A, due New York, Dec. 1, 1951. 9 at $1,000. Nos. 2088, 2772, 3830, 3840, 3930, 3931, 5222, 5223, 5224

10 Minneapolis General Electric Co., 5 per cent, 30-year gold-mortgage, due New York, Dec. 1, 1934. 10 at $1,000. Nos. 1621, 1622, 1949, 2004, 2572, 2573, 2574, 2575, 7579, 7580--

4, 675.00

8, 030. 00

2,055.00

2,008. 50

3, 373. 75

480.00

4, 020. 00

890.00

3,000.00

200.00

8, 237.50

9, 880.00

2. Bonds, etc.-Continued.

4 Niagara Falls Power Co., first mortgage 5's,
gold coupon, due Jan. 1, 1932. 4 at $1,000. Nos.
5246, 5247, 6583, 8358-

14 Riggs Realty Co., 3/30-year coupon, first 5's due
Washington, D. C., Oct. 1, 1940. 14. at $1,000.
Nos. 92, 96, 100, 104, 108, 112, 116, 120, 124, 128,
132, 136, 140, 144_

10 Shawinigan Water & Power Co., 5 per cent
consol, mortgage 30-year, gold, due Jan. 1, 1934.
4 at $1,000. Nos. M0354, M0510, M2894, M2943;
2 at $500. Nos. D4647, D5337.

9 Southern Bell Telephone & Telegraph Co., 30-year first mortgage, 5's, sinking fund, gold, due Jan. 1, 1941. 9 at $1,000, Nos. M9739, M11576, M11577, M11578, M11579, M13965, M15568, M15569, M15570__

3 Union Electric Light & Power Co. of St. Louis, 5 per cent first mortgage, 30-year, gold, due New York, Sept. 1, 1932. 3 at $1,000. Nos. 1352, 4169, 8601

5 Vicksburg, Shreveport & Pacific R. R. Co., prior lien mortgage, at 6 per cent gold, renewed at 5 per cent due Nov. 1, 1915; extended to Nov. 1, 1940. 5 at $1,000. Nos. 561, 661, 794, 982, 1323__ 8 Virginian Ry. Co., first mortgage, 50-year gold 5 per cent due New York, Nov. 1, 1962. 8 at $1,000. Nos. M4290, M4291, M14151, M23372, M23821, M23822, M23823, M23824_

3. Bank balance, Dec. 31, 1918

$4, 100. 00

14, 532. 50

4, 752. 50

8, 942. 50

2,862. 50

5,050.00

7, 891. 25

[blocks in formation]

$177, 761.00

14, 187. 34

271, 948. 34

Capital.

$4, 176. 25
508. 81

$50,000.00

500.00

59, 000, 00

2,223.98

50.00

3,750.00

97.66

1,250.00

200.00

9, 400.00

199.63

12, 368.75

646. 04

37.27

1, 575. 33

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