National Research Council, condensed balance sheet as of June 30, 1927—Continued General maintenance fund-Continued. Northern States Power Co. (of Minnesota) 6 per cent first lien and general mortgage gold, series A, due Nov. 1, 1948; Nos. M695-M659, M3976, M6010, M7686, M11877, M11878; 10, at $1,000 each... Ohio Public Service Co. 5 per cent first mortgage and refunding gold, due New York, Sept. 1, 1954; Nos. M5582-M5591; 10, at $1,000 each.. Pennsylvania Power & Light Co. 5 per cent first and refunding mortgage, series D, due Sept. 1, 1953; Nos. M7000-M7004; 5, at $1,000 each... Oklahoma Gas & Electric Co. 5 per cent first mortgage gold, due New York, Mar 1, 1950, series A; Nos. M9039-M9043, M9339-M9342, M9348; 10, at $1,000 each.. M 10,000.00 Texas Power & Light Co. 5 per cent first mortgage due June 1, International Critical Tables: Due from Bank of New York & Trust Company.. Income receivable as shown under column "Budget balance, receipts" p. 87.. $224, 432.55 352.33 204, 460.98 Division appropriations as shown under column "Budget balance, disburse 486, 353.83 27, 274. 18 1,432.06 120, 811. 08 3,205.00 459, 079. 65 486, 353.83 The high efficiency of the bursar's office, under the direction of Mr. Yule, has been maintained and he has been particularly successful in solving correctly many of the highly technical problems which have arisen in the correspondence with the trustee of securities. July 30, 1927. GEORGE K. BURGESS, Treasurer. Dr. T. H. MORGAN, REPORT OF THE AUDITING COMMITTEE President National Academy of Sciences, SEPTEMBER 30, 1927. B and Twenty-first Streets, Washington, D. C. DEAR DOCTOR Morgan: Your committee (Messrs. Whitman Cross, Arthur L. Day (chairman), and David White) appointed to audit the accounts of the treasurer of the academy and of the National Research Council for the year ending June 30, 1927, has performed the duty intrusted to it and begs to report as follows: We have verified the record of receipts and disbursements maintained by the treasurer and the agreement of book and bank balances. We have examined all securities in the custody of the treasurer and the trustee of securities and found them to agree with the book records. We have compared the stated income of such securities with the receipts of record. We have examined all vouchers covering disbursements for account of the academy, including the National Research Council and the Tropical Plant Research Foundation, together with the authority therefor and have compared them with the treasurer's record of expenditures. We have examined and verified the account of the academy with each trust fund. We have examined the trust agreement made with the Bank of New York and Trust Co. especially in relation to the classification of securities. We found the books of account well and accurately kept and the securities in charge of the trustee conveniently filed as well as securely cared for. All information requested by your auditors was promptly and courteously furnished. We certify the schedules attached hereto in our opinion correctly present the financial condition of the academy (including the National Research Council and the Tropical Plant Research Foundation) and its operation for the fiscal year ending June 30, 1927. In accordance with the requirement of Rule V, section 5, this audit was performed between July 1 and August 1, 1927. Your committee has availed itself of the authorization contained in Rule V, section 5, and has employed the Capital Audit Co., certified public accountants, to aid the committee in the examination of the accounts of the treasurer, in the verification of bank balances and of the list of securities deposited in banks and trust companies. Very.respectfully yours, WHITMAN CROSS, DAVID WHITE, ARTHUR L. DAY, Chairman, APPENDIX B NATIONAL RESEARCH COUNCIL 1. EXECUTIVE ORDER ISSUED BY THE PRESIDENT OF THE UNITED STATES MAY 11, 1918 The National Research Council was organized in 1916 at the request of the President by the National Academy of Sciences, under its congressional charter, as a measure of national preparedness. The work accomplished by the council in organizing research and in securing cooperation of military and civilian agencies in the solution of military problems demonstrates its capacity for larger service. The National Academy of Sciences is therefore requested to perpetuate the National Research Council, the duties of which shall be as follows: 1. In general, to stimulate research in the mathematical, physical, and biological sciences, and in the application of these sciences to engineering, agriculture, medicine, and other useful arts, with the object of increasing knowledge, of strengthening the national defense, and of contributing in other ways to the public welfare. 2. To survey the larger possibilities of science, to formulate comprehensive projects of research, and to develop effective means of utilizing the scientific and technical resources of the country for dealing with these projects. 3. To promote cooperation in research, at home and abroad, in order to secure concentration of effort, minimize duplication, and stimulate progress; but in all cooperative undertakings to give encouragement to individual initiative, as undamentally important to the advancement of science. 4. To serve as a means of bringing American and foreign investigators into active cooperation with the scientific and technical services of the War and Navy Departments and with those of the civil branches of the Government. 5. To direct the attention of scientific and technical investigators to the present importance of military and industrial problems in connection with the war, and to aid in the solution of these problems by organizing specific researches. 6. To gather and collate scientific and technical information at home and abroad, in cooperation with governmental and other agencies and to render such information available to duly accredited persons. Effective prosecution of the council's work requires the cordial collaboration of the scientific and technical branches of the Government, both military and civil. To this end, representatives of the Government, upon the nomination of the National Academy of Sciences, will be designated by the President as members of the council, as heretofore, and the heads of the departments immediately concerned will continue to cooperate in every way, that may be required. WOODROW WILSON. The WHITE HOUSE, May 11, 1918. 2. ARTICLES OF ORGANIZATION, NATIONAL RESEARCH COUNCIL PREAMBLE The National Academy of Sciences, under the authority conferred upon it by its charter enacted by Congress, and approved by President Lincoln on March 3, 1863, and pursuant to the request expressed in an Executive Order made by President Wilson on May 11, 1918, adopts the following articles of organization for the National Research Council, to replace the temporary organization under which it has operated heretofore. |